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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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Flying taxis are here: Archer Aviation completes first test flights in UAE

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Flying taxis are one step closer to becoming a reality in the UAE. Archer Aviation, a leading developer of electric vertical take-off and landing (eVTOL) aircraft, has completed its first test flights in Abu Dhabi. The milestone flight took place at Al Bateen Executive Airport and marks a significant step in the company’s efforts to introduce air taxi services to the region.

The aircraft, called Midnight, was put through its paces in real UAE summer conditions, including high temperatures, humidity, and dust, to evaluate how well it performs in a local environment. The test was observed by senior officials from the UAE’s General Civil Aviation Authority (GCAA), Abu Dhabi Airports, and Archer’s key regional partners.

“This flight marks a significant step towards realising Abu Dhabi’s ambition to lead the world in advanced urban air mobility,” said Badr Al Olama, Director-General of the Abu Dhabi Investment Office. 

“We are enabling companies like Archer to test and scale next-gen mobility through the SAVI Cluster.”

Archer’s CEO and founder, Adam Goldstein, called the UAE test a “critical milestone” for the company’s commercial plans. “Testing our aircraft in the middle of summer gives us vital data to move forward in both the UAE and the US,” he added.

The test flight is part of Archer’s Launch Edition programme in partnership with Abu Dhabi Aviation, which aims to bring electric air taxi services to the capital. The initiative builds on recent progress, including regulatory design approval for the UAE’s first hybrid heliport at Zayed Port’s Abu Dhabi Cruise Terminal.

Abu Dhabi is the first market in Archer’s global rollout plan, reflecting the city’s ambitions to be a pioneer in futuristic and sustainable urban transport.

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Lost in Dubai, found in Pakistan: YouTuber reclaims AirPods after one-year hunt

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In one of the more bizarre tales of tech tracking and international travel, British YouTuber Miles Routledge, better known online as Lord Miles, has finally recovered a pair of stolen AirPods, a full year after losing them in a Dubai hotel.

The 24-year-old content creator, who’s known for his offbeat adventures, announced on social media that he had travelled to Pakistan to reclaim the missing earbuds, which he first misplaced during a 2023 stay in Dubai.

From Dubai to Jhelum

It all started when Routledge took to social media to share his frustrating experience; his AirPods were stolen while he was waiting for a visa in Dubai. According to him, the earbuds vanished shortly after housekeeping staff entered his hotel room. Using Apple’s “Find My” app, he began tracking the missing device, which eventually led him to a rather unexpected location: near the “2nd Wife Restaurant” in Jhelum, Pakistan.

“They got stolen from my hotel in Dubai and made their way to Pakistan,” he posted on social media. 

“I enabled Lost Mode and kept playing the ‘Find Me’ sound whenever they were in use. I’m going to get a police officer, storm the area, get back my AirPods, and film it all.”

Police Get Involved

After his post went viral, Pakistan’s Jhelum Police took notice. A team was assembled to trace the AirPods, eventually leading to a local man who admitted to having them, but claimed he bought the device in Dubai, unaware they were stolen.

Routledge eventually landed in Pakistan and worked with local authorities to retrieve the AirPods. “An announcement from the Pakistan Jhelum Police Chief, the Inspector General and Lord Miles regarding the stolen AirPods. I have my AirPods back after 1 year,” he wrote on X (formerly Twitter), alongside photos of the retrieval.

Social Media Buzz

The saga has captivated social media users across platforms, with many amused by the lengths the YouTuber went to recover a gadget that retails for less than Dh1,000. Still, for Routledge, it was about the principle more than the price tag.

Routledge thanked the local police for their efforts. He was also treated to lunch at a restaurant, where he was surrounded by media. “There were 20 cameramen and journalists from every Pakistani news channel, turns out this is a national news story. I’ve been recognised several times by strangers,” he wrote in another tweet. 

(Inputs: NDTV, HT)

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UAE Central Bank issues gold and silver coins to honour founding fathers

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The Central Bank of the UAE (CBUAE) has released limited-edition commemorative gold and silver coins to mark the “Zayed and Rashid” campaign, celebrating the enduring legacy of the late Sheikh Zayed bin Sultan Al Nahyan and Sheikh Rashid bin Saeed Al Maktoum, the visionary leaders who laid the foundation of the UAE.

This special issuance aims to honour the founding fathers, reinforce national identity, and instill a sense of loyalty and pride in future generations.

Coin Details:

Gold Coin

  • Weight: 40 grams
  • Diameter: 40 mm
  • Obverse: Portrait of Sheikh Zayed and Sheikh Rashid
  • Reverse: UAE national emblem with “Central Bank of the UAE” in Arabic and English
  • Availability: Exclusively at the Central Bank headquarters in Abu Dhabi

Silver Coin

  • Weight: 50 grams
  • Diameter: 50 mm
  • Obverse: Portrait of the two leaders
  • Reverse: UAE national emblem, name of the Central Bank in Arabic and English, and the phrase “Commemorative Coin” in Arabic
  • Availability: Online via the Central Bank’s website

Honouring a national legacy

Khaled Mohamed Balama, Governor of the CBUAE, said: “We proudly announce the issuance of these commemorative coins, which embody the meanings of loyalty and belonging to the national legacy left by the founding leaders.

This issuance marks the Zayed and Rashid campaign, aiming to solidify the values of unity and development upon which our nation was founded, and to highlight inspiring milestones in their journeys.”

Balama added that the initiative underscores the Central Bank’s commitment to preserving UAE history and ensuring that the values of the nation’s founders are passed on to future generations.

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