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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.

Crime

Thinking of buying cheap car insurance on social media? Here’s what Dubai Police advise

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Drivers in the UAE are being warned about a growing online scam involving fake car insurance offers advertised through social media.

Dubai Police has urged motorists to be particularly cautious of insurance deals promoted at unusually low prices, warning that such offers could be designed to trick people into handing over money or sensitive personal information.

Fraudsters may use social media advertisements and fake accounts to make their offers appear genuine, creating the impression that drivers are dealing with a legitimate insurer or authorised insurance broker.

How the fake insurance scam works

The scam typically starts with an attractive insurance offer that appears significantly cheaper than normal market rates.

Drivers looking for a cheaper policy may be directed to communicate with the advertiser or make a payment before receiving legitimate documentation.

In some cases, scammers may also attempt to obtain sensitive information such as identification documents, vehicle registration details or banking information.

Dubai Police is urging motorists not to let a low price override basic checks.

Warning signs drivers should look out for

Several red flags indicate an insurance offer is fraudulent.

Extremely cheap premiums

A price that is dramatically below what other insurers are offering should immediately raise suspicion.

Scammers often use unusually low prices to create a sense of urgency and persuade potential victims to act before checking the provider.

Fake social media accounts

Fraudsters can use social media profiles, advertisements and sponsored posts to impersonate established insurance companies or authorised brokers.

A professional-looking profile or advertisement does not necessarily mean the seller is legitimate.

Requests for immediate payment

Drivers should be wary if an advertiser asks them to transfer money quickly or provide financial information before the policy and company have been independently verified.

How to check if a car insurance offer is genuine

Dubai Police recommends taking precautions before making any payment or sharing personal information.

Verify the insurance provider.

Deal only with officially licensed insurance companies or authorised brokers operating in the UAE.

Check the offer independently.

Instead of relying on links or contact details supplied through a social media advertisement, contact the insurance company through its official website or verified customer-service channels.

Protect your personal and financial information.

Do not provide identification documents, vehicle registration details, bank card information or other sensitive data until the provider has been confirmed as legitimate.

Don’t let a cheap deal become an expensive mistake

A heavily discounted insurance offer may look tempting, particularly when motorists are trying to reduce their annual vehicle expenses.

But if an offer appears too good to be true, drivers should pause and verify it before paying.

A few minutes spent checking an insurer’s credentials could help prevent financial loss and the misuse of personal information.

Dubai Police’s latest warning forms part of wider efforts to raise awareness of online fraud and encourage residents to be more cautious when dealing with unsolicited offers on social media.

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Business

UAE cracks down on fake and unsafe goods: Suppliers given 24-hour deadline to clear items

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Businesses caught dealing in counterfeit, adulterated, or spoiled goods in the UAE now have just 24 hours to clear them off the shelves or face swift state intervention, under tough new commercial fraud regulations that have officially taken effect.

The new rules, outlined in Cabinet Resolution No. 107 of 2026 (the Executive Regulations of Federal Decree-Law No. 42 of 2023), significantly ramp up consumer protections. They grant authorities sweeping powers to raid premises, seize stock at the violator’s expense, issue public alerts, and order rapid product destruction.

The 24-hour countdown

Once the Ministry of Economy and Tourism or local authorities flag a non-compliant item, the clock starts ticking immediately. Suppliers must halt sales on the spot and execute four mandatory steps within 24 hours:

  • Clear shelves and warehouses: Remove every affected batch from inventory.
  • Alert supply chains: Notify downstream retailers and distributors to pull the products within the same 24-hour window.
  • Recall active stock: Initiate steps to recover items already in circulation.
  • Provide proof: Submit verified evidence to authorities confirming total withdrawal.

Miss the deadline? Expect the bill

Suppliers dragging their feet won’t stall enforcement.

Under Article 8, if a business fails to clear offending stock within 24 hours, government authorities will step in and clear markets and warehouses themselves within the following 48 hours, billing the non-compliant supplier for the entire operation.

Seizures, storage fees, and public name and shame

Authorities now hold expanded legal teeth to intervene early:

  • Impounding stock: Suspected goods can be seized, locked in designated storage facilities, and held during lab testing, with all warehousing fees charged directly to the offender.
  • Public consumer alerts: Regulators can publicly broadcast warnings naming the product type, description, and trademark to warn shoppers against dangerous goods.

Heavy penalties for violators

Ignorance is no longer an easy defence. Administrative penalties will hit anyone caught knowingly trading fraudulent goods, or anyone who should have reasonably known based on their industry expertise that the product posed a health and safety risk.

Regulators are paying particularly close attention to:

  • High-risk goods: Medicines, organic foods, and agricultural supplies.
  • Recycled hazards: Goods previously declared unfit for use that were reintroduced into the market.
  • Profiteering & tampering: Counterfeit items bought for alteration, repackaging, or unlawful resale.
  • Deceptive advertising: Products promoted with false claims regarding origin, ingredients, or quality standards.

Fast-track destruction: 15-day limit

Once a competent court or the Supreme Committee issues a formal ruling, authorities won’t let fake items linger in storage. Under Article 18, confiscated counterfeit and spoiled products must be destroyed within 15 working days, closing the door on unlawful resale.

For consumers, the revamped framework delivers stronger market surveillance and faster removal of hazardous goods. For traders, retailers, and distributors across the UAE, it sends a clear signal: compliance is non-negotiable, and slow reaction times will come with steep financial and legal costs.

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Education

Dubai launches first accredited Bachelor of Music degree for aspiring musicians

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For years, the UAE’s aspiring musicians, producers, and songwriters have had to look abroad to turn their creative spark into a formal qualification. That changes this year.

In a major boost to the country’s growing creative economy, SAE University College Dubai is set to launch the city’s first accredited, three-year Bachelor of Music programme this September, blending hands-on studio craft with rigorous academic and industry training. 

With admissions now open and scholarships worth up to Dh50,000 up for grabs, the move marks a pivotal moment for grassroots talent looking to make noise on the global stage.

What will the degree cover?

The full-time programme has been designed around the skills needed in today’s rapidly changing music industry.

Students will study a range of creative and technical subjects, including:

  • Songwriting and composition
  • Electronic music production
  • Studio recording and production
  • Live performance
  • Stagecraft
  • Creative musicianship
  • Music business
  • Entrepreneurship

Rather than focusing solely on classroom-based learning, the course will combine practical assignments with industry projects.

Students will also complete a major project before graduation, allowing them to develop a professional portfolio that can support their entry into the music industry.

Students will get access to professional studios

As part of the programme, students will have access to professional-standard recording facilities, music equipment and specialist software at SAE University College Dubai.

They will also work with academics and industry professionals throughout their studies.

The university has developed the programme alongside industry partners including Melody House, Muzikminds and Hungarian-American songwriter and music producer Miklos Malek.

What jobs can graduates pursue?

The degree is aimed at students who want to build careers across both the music business and the wider creative economy.

Potential career paths include:

  • Music producer
  • Songwriter or composer
  • Audio engineer
  • Performing artist
  • Artist development professional
  • Music supervisor
  • Entertainment professional
  • Content creator
  • Music entrepreneur

The programme also places significant emphasis on business and entrepreneurship, reflecting the growing need for musicians to understand both the creative and commercial sides of the industry.

Why Dubai is investing in music education

The launch comes as the UAE seeks to expand its creative industries and increase their contribution to the national economy.

Under the UAE National Strategy for Cultural and Creative Industries, the country has set a target for the sector to contribute 5 per cent of GDP by 2031.

The regional music market is also expanding. According to figures cited by SAE University College, recorded music revenues across the Middle East and North Africa grew by 15.2 per cent in 2025.

The new degree therefore arrives at a time when opportunities across music, entertainment, digital content and other creative fields are growing across the region.

Applications are open

Students interested in joining the new Bachelor of Music programme can apply for the September 2026 intake if they meet the university’s admission requirements.

Those unable to join in September will have further opportunities, with intakes scheduled for February and May 2027.

Scholarships of up to Dh50,000 are available to eligible applicants.

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