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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.

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First look at Etihad Rail’s first passenger station with VIP lounges and high-speed Wi-Fi

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The UAE’s long-awaited passenger rail network has taken another major step forward after Etihad Rail confirmed the completion of its first passenger station in Fujairah ahead of operations launching later this year.

Located in the Madinat Al Hilal area, the new station spans more than 51,900 square metres and is expected to become a key transport hub linking Fujairah with Dubai and Abu Dhabi.

A new way to travel across the UAE

Officials say the launch of passenger rail services could significantly reshape travel between emirates, offering faster and more comfortable journeys while reducing pressure on roads.

Travel at 200km/h

  • Travel time between Fujairah and Abu Dhabi will take around 105 minutes
  • Trains will reach speeds of up to 200km/h
  • Each train will accommodate up to 400 passengers

The first operational phase is expected to launch simultaneously across routes connecting Abu Dhabi, Dubai and Fujairah.

Strategically located near key landmarks

The new station sits close to several major destinations in Fujairah, including:

  • Fujairah International Airport — approximately 12 minutes away
  • Umbrella Beach Corniche — around six minutes away
  • Sakamkam Fort — roughly five minutes away

Officials believe the railway connection will help boost tourism, investment and economic activity across the emirate.

VIP lounges, Wi-Fi and dining onboard

The passenger experience is also expected to feel far more modern than traditional regional rail travel.

Station and trains will include:

  • Retail areas
  • VIP lounges
  • High-speed Wi-Fi
  • Dining carriages
  • Automated payment machines
  • Passenger service offices
  • Modern waiting areas and digital signage

Built with strong local contribution

Etihad Rail also revealed that around 70 per cent of materials used across the national railway network were sourced locally through 97 UAE suppliers, highlighting the project’s broader economic impact.

While official schedules and ticketing details are still expected to be announced closer to the launch date, the completion of Fujairah Passenger Station is a major step towards rail travel in the UAE.

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How the UAE is preparing for potential Ebola and health emergencies

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Authorities in the UAE have reaffirmed the country’s readiness to respond to any emerging health developments, including situations linked to Ebola, as officials reviewed national preparedness systems and precautionary measures already in place.

The update came during a high-level meeting chaired by Ahmed Ali Al Sayegh under the supervision of the National Emergency Crisis and Disaster Management Authority alongside the Ministry of Health and Prevention and strategic partners.

Focus on preparedness and monitoring

Officials reviewed:

  • The latest developments related to Ebola
  • The UAE’s national surveillance systems
  • Existing precautionary health measures
  • Coordination between local and international authorities

Authorities stressed that the UAE’s health monitoring and emergency response systems are continuously reviewed and updated in line with international standards and global best practices.

Hospitals and medical teams remain ready

NCEMA and MoHAP said precautionary monitoring measures continue to be implemented across the country as part of the UAE’s proactive public health strategy.

They added that healthcare facilities and medical teams remain fully prepared to respond efficiently to any health developments if required.

The UAE has consistently invested in strengthening:

  • Communicable disease response systems
  • Emergency preparedness plans
  • Integrated healthcare coordination
  • Public health awareness initiatives

Authorities urge residents to rely on official information

Officials also called on the public to avoid sharing unverified information online, stressing the importance of relying only on official sources for updates related to public health matters.

The authorities said community awareness and responsible information sharing remain essential components in protecting public health and preventing unnecessary panic.

While no emergency has been announced, the meeting reflects the UAE’s ongoing approach of preparing early, monitoring developments closely and maintaining readiness for a wide range of public health scenarios.

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From 104 minutes to 16: How new Dubai tunnel is set to change your daily commute

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Drivers in Dubai could soon experience dramatically shorter journeys as the Roads and Transport Authority (RTA) announced that the huge Al Khaleej Street Tunnel Project is now 80 per cent complete.

Part of the wider Al Shindagha Corridor Improvement Project, the development is expected to reduce travel times from 104 minutes to just 16 minutes by 2030.

One of Dubai’s biggest road projects

The giant tunnel project stretches approximately 1,650 metres, extending from the end of the Infinity Bridge ramp in Deira to the intersection of Al Khaleej Street and Al Wuheida Street.

Once completed, the project is expected to serve around one million people across several rapidly growing districts.

The tunnel includes:

  • Three lanes in each direction
  • Capacity for up to 12,000 vehicles per hour, both ways
  • Development of 15 major intersections

Areas set to benefit

The upgraded road network will improve connectivity to several key areas, including:

  • Dubai Islands
  • Waterfront Market
  • Dubai Maritime City
  • Port Rashid

Officials say the project is designed to support population growth and keep pace with rapid urban expansion across the emirate.

Round-the-clock construction

To meet the planned completion schedule in the fourth quarter of this year:

  • 14 teams are working continuously on excavation support
  • Four additional teams are handling tunnel excavation works 24/7

Current excavation output stands at:

  • 5,000 to 6,000 cubic metres daily
  • Expected to increase to 8,500 cubic metres in the next phase

Massive safety milestone reached

The RTA also revealed the project has been completed nearly:

  • Eight million work hours
  • With zero lost-time injuries reported

The workforce currently includes:

  • 1,591 engineers, technicians and workers
  • 221 machines and heavy equipment across sites

Tunnel inspired by Dubai’s skyline

Adding a creative touch to the infrastructure project, the inside of the tunnel will feature a mosaic mural designed by Emirati artist Maryam Hathboor.

The artwork is inspired by banknote-style illustrations showcasing Dubai’s skyline, blending public art with urban engineering.

For commuters frustrated by heavy traffic, this project could eventually become one of the city’s most game-changing transport upgrades yet.

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