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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.

India

Indian passport fees increase in UAE: Here’s the new price list

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Indian nationals in the UAE will have to pay more for passport and related consular services from July 1, following a revision in fees announced by the Embassy of India in Abu Dhabi and the Consulate General of India in Dubai.

The new charges apply to passport applications submitted through the embassy, consulate and the new Indian Consular Application Centres (ICACs) across the UAE.

Why are the fees increasing?

The revised charges follow updated passport rules introduced by India’s Ministry of External Affairs on June 20. The new fee structure applies to Indian passport services worldwide, including in the UAE.

What are the new passport fees?

The revised fees are as follows:

  • 36-page passport (new or renewal): Dh450
  • 60-page passport (new or renewal): Dh630
  • 36-page Tatkal passport: Dh900
  • 60-page Tatkal passport: Dh1,080
  • Replacement of a lost or damaged 36-page passport: Dh900
  • Tatkal replacement of a lost or damaged 36-page passport: Dh1,350
  • Replacement of a lost or damaged 60-page passport: Dh1,080
  • Tatkal replacement of a lost or damaged 60-page passport: Dh1,530

Who will be affected?

The revised fees apply to all eligible passport applications submitted from July 1, including:

  • New passport applications.
  • Passport renewals.
  • Tatkal (urgent) applications.
  • Replacement of lost or damaged passports.

What should applicants do?

If you’re planning to apply for or renew your Indian passport in the UAE, check the revised fees before booking your appointment.

The updated charges will apply at:

  • Embassy of India, Abu Dhabi.
  • Consulate General of India, Dubai.
  • Indian Consular Application Centres (ICACs) across the UAE.

With around 4.5 million Indians living in the UAE, the revised fee structure will affect one of the country’s largest overseas communities.

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How DP World ILT20 helped UAE pacer Khuzaima Tanveer reach international cricket

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UAE fast bowler Khuzaima Tanveer has credited the DP World ILT20 with accelerating his rise to international cricket, saying the league gave him the confidence and experience needed to represent the UAE on the global stage.

The 26-year-old, who made his international debut earlier this year, believes competing alongside some of the world’s top cricketers helped prepare him for the demands of international cricket.

“Representing the UAE was a proud moment for me and it’s something every young cricketer dreams about. The DP World ILT20 helped prepare me because you’re constantly competing against high-quality players. It gives you confidence that you belong on the international stage,” he said.

Breakthrough performances

Khuzaima announced himself during DP World ILT20 Season 3 with impressive figures of 4/22 against Sharjah Warriorz.

Since joining the Desert Vipers, he has claimed 24 wickets in 18 matches across two seasons. During the Vipers’ title-winning campaign, he finished with 17 wickets, making him the second-highest UAE wicket-taker in the tournament and third overall. He was also shortlisted for the Blue Belt, awarded to the competition’s best UAE player.

Learning from the world’s best

Khuzaima said one of the league’s biggest advantages is the opportunity to learn from elite players and coaches.

“A lot of the learning happens during training sessions, team meetings and conversations. I was fortunate to share the dressing room with Sam Curran, Naseem Shah and Lockie Ferguson. Even small pieces of advice from players like them help you become a better cricketer.”

He also described interacting with legendary fast bowlers Waqar Younis and Wasim Akram as one of the highlights of his career.

Inspired, not compared

While fans have compared his bowling action to Pakistan legend Waqar Younis, Khuzaima insists he is focused on building his own identity.

“Waqar Younis is a legend of the game. If people see similarities, I take it as a compliment, but my focus is on becoming the best version of myself.”

Eyes on future

Now a UAE international, Khuzaima says wearing the national jersey comes with greater responsibility.

“Once you represent the UAE, people expect more from you and you expect more from yourself. My aim is to keep improving, perform consistently and contribute whenever I get the opportunity.”

He also praised UAE captain Muhammad Waseem for setting an example for local players, saying his performances in the DP World ILT20 have shown that Emirati cricketers can compete with the world’s best.

Looking ahead to DP World ILT20 Season 5, Khuzaima hopes to continue developing his game and make the most of every opportunity.

“Every season brings new challenges and new opportunities to learn. My goal is to keep improving, contribute to my team and continue making the most of the opportunities the DP World ILT20 provides.”

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Dubai churches fully reopen from July 1: What worshippers need to know

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Two of Dubai’s largest Catholic churches have resumed full operations, ending temporary restrictions introduced in April and allowing parishioners to return to normal church activities.

Here’s what has changed.

Which churches have reopened?

The following churches are now fully open from July 1:

  • St. Mary’s Catholic Church, Oud Metha
  • St. Francis of Assisi Catholic Church, Jebel Ali

Both churches confirmed they are resuming all parish activities following the latest directives from the authorities.

What restrictions have been lifted?

Parishioners can now:

  • Attend all Masses and services.
  • Participate in parish activities and community events.
  • Return to regular church life without the temporary attendance restrictions.

Why were restrictions introduced?

The measures, announced in April, were aimed at preventing overcrowding and included:

  • Suspension of outdoor church activities.
  • Weekend Masses limited to adults aged 18 and above.
  • Mandatory online registration.
  • No entry for children or unregistered visitors.
  • Livestreamed Masses for those unable to attend.

Are any guidelines still in place?

Yes. While churches have fully reopened, worshippers are encouraged to continue following any applicable guidelines and to be respectful and considerate of others during services.

What does this mean for parishioners?

The reopening restores normal parish life, allowing families and worshippers to once again take part in religious services, community events and other church activities without the temporary restrictions.

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