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UAE banking sector assets to record up to 10pc growth in 2022: UBF Chairman

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UAE Banks Federation (UBF) Chairman AbdulAziz Al Ghurair has projected that the UAE’s banking sector assets will surge in the range of 8 to 10 percent next year.

He said the banking sector will benefit from the economic revival as the country’s economy will also increase about 5 per cent in 2022.

AbdulAziz Al Ghurair said that the UAE’s economy will reap benefits from Expo 2020 for about nine years with more international investors attracting to the country.

He highlighted that banks are already seeing improvements in key performance matrixes such as asset quality, capitalisation, loans and deposit growth, profitability, loans to deposit ratio, costs, and liquidity.

Al Ghurair predicts that the non-performing loans ratio of the UAE’s banking sector will moderate from the current 8 per cent to 2 per cent in 2022.

Even before the third quarter 2021 results, figures show that the UAE banks are entering a period of healthy growth in assets and profits.

The UBF chairman said that the coronavirus pandemic has already expedited digitalisation, especially in the banking sector as most of the customers have been forced to try digital solutions of their banking problems. It is indeed a good development for banks, customers and all other stakeholders in the economy, he added.

Al Ghurair said that increased digitalisation is helping the banks reduce the number of branches and overall costs while offering a better customer experience.

Meanwhile, the latest data from the Central bank showed the digitalisation has resulted in a decline in the number of bank branches from 534 at the end of first quarter this year to 522 at the end of second quarter. Likewise, the number of bank employees fell by 414 to 32,623 at the end of June 2021.

Al Ghurair said the central bank’s support was timely and substantial but the banking sector in the country is ready for the phasing out of the support under the Targeted Economic Support Scheme (TESS) of the Central Bank of UAE.

As the Central Bank is set for a gradual withdrawal of its direct liquidity support, Al Ghurair said the banking sector no longer needs funding. He said that some 95 per cent of the banks have already surrendered their TESS quotas. He expected a decline in loan impairments over the next few quarters.

UBF Chairman Al Ghurair said the UAE’s healthy banking system is supportive of the economic growth momentum, while banks are also gaining benefit from the underlying strength of the operating environment. He said the post-COVID-19 recovery in the economy is going to benefit all sectors that were negatively impacted during the pandemic.

News

UAE Marks International Women’s Day with game-changing empowerment moves

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The UAE is marking International Women’s Day today (March 8) with a powerful statement – women’s empowerment is moving full speed ahead.

From smashing global gender rankings to securing top government roles, Emirati women are taking centre stage in the country’s unstoppable progress.

Breaking Barriers and Making History

The UAE has skyrocketed to 7th place globally in the 2024 Gender Inequality Index (GII), issued by the United Nations Development Programme (UNDP), securing its spot as the top performer in the region.

And that’s not all – the government is putting women in key leadership positions, with the recent appointment of Sana bint Mohammed Suhail as Minister of Family under the newly established Ministry of Family.

Women’s health is also getting a major boost with the launch of the National Policy for the Promotion of Women’s Health, ensuring top-quality healthcare for women across all stages of life.

Boardrooms, Business and Beyond

In a game-changing move for women in business, the Ministry of Economy now requires private joint-stock companies to have at least one woman on their board of directors – a huge win for gender equality in corporate leadership!

Meanwhile, the General Women’s Union has rolled out the Women’s Economic Empowerment Programme, giving young female entrepreneurs and business owners the tools they need to thrive in the UAE’s booming economy.

Women at the Forefront of Global Change

The UAE isn’t just focusing on local success – it’s shaping the global conversation on women’s rights.

Last year, the country co-authored a historic UN resolution with the UK, ensuring equal access to education for girls worldwide. It’s also one of the biggest donors to UN Women, contributing a whopping $46 million to support women’s initiatives across the globe.

When it comes to peace and security, the UAE is leading the charge. During its 2022-2023 tenure on the UN Security Council, the country pushed for greater female representation in peacekeeping and conflict resolution.

Plus, the Sheikha Fatima bint Mubarak Initiative for Women, Peace, and Security has already trained hundreds of female cadets from the Arab region, Africa, and Asia, ensuring women have a powerful role in global security.

A Future Powered by Women

Since its founding, the UAE has made huge strides in gender equality – from equal pay laws to women holding half of the seats in the Federal National Council. And with its unstoppable drive, the future is looking brighter than ever for Emirati women.

(Source: Wam)

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Sports

ICC Championship trophy final: What if weather plays spoilsport for New Zealand, India match?

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With rain disrupting multiple matches in the ICC Champions Trophy 2025, all eyes are on the weather as India and New Zealand prepare for the March 9 final in Dubai. While Pakistan saw three washouts, Dubai has remained dry so far—but could that change on the big day?

What’s the weather forecast?

According to the National Center of Meteorology (NCM), there will be a change in the weather, as temperatures are expected to decrease over some western coastal areas, on Sunday and Monday, March 9 and 10. Some coastal, western and island areas can expect light rainfall on Sunday and Monday.

What happens if rain interrupts play?

If bad weather halts play on March 9, the ICC has scheduled a Reserve Day (March 10). Any match stoppages will see play resume from where it left off.

What if the rain washes out both days?

Unlike the semifinals — where the higher-placed group team advanced—the final cannot be decided this way. If no play is possible on both days, India and New Zealand will share the trophy.

Fans, however, are hoping for clear skies. Team Indian and the Black Caps last clashed for the white-ball tournament final in 2000 when Champions Trophy was called the ICC Knockout Trophy. New Zealand claimed their first ICC title with a four-wicket win over India.

(Source: TOI, Mint)

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Crime

Major drug bust in UAE: 184kg of narcotics seized, smugglers caught red-handed

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Abu Dhabi Police have seized 184 kg of hashish and arrested two Asian individuals in a major anti-drug operation codenamed ‘Secret Hideouts’.

Brigadier Taher Gharib Al Dhaheri, Director of the Anti-Narcotics Directorate, revealed that the criminal network was being run by an individual based outside the UAE, using international phone numbers to promote illicit substances.

The suspects were caught red-handed in one of the emirates, with the drugs cleverly hidden inside marble cylinders to evade detection. They have now been handed over to judicial authorities for prosecution.

This latest crackdown underscores Abu Dhabi Police’s relentless efforts to combat drug trafficking and protect the community from illegal substances.

(Source: Wam)

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