United Arab Emirates
UAE’s business loan demand grows over economic recovery
Published
3 years agoon
Business loan demand has surged in the United Arab Emirates during the third quarter, reflecting confidence of the corporate sector in the economic recovery, showed the data of Credit Sentiment Survey.
According to the survey of senior credit officers across the banking sector by the Central Bank of UAE (CBUAE), the demand is at its highest peak since 2014.
The survey shows that the UAE’s credit sentiment results for the September quarter points to increased demand for credit, from both businesses and households, coupled with a softening of credit standards for the household sector.
For the September quarter, survey results suggested that demand for business loans surged further with strongest increase since 2014.
According to survey results, 47.5 per cent of respondents reported no change, 42.5 per cent reported an increase in demand, while 10 per cent of respondents reported a decrease in demand.
Looking forward, expectations for business and personal loan demand along with changes in credit standards bode well for credit growth in the months ahead.
The UAE’s economic recovery is fuelling a positive outlook and higher expectations for business loan demand in the months ahead.
Data showed credit demand from corporates and small businesses reported solid increase in demand, which continued to strengthen across all emirates.
According to the report, increased demand was widespread among the different loan categories, comprising large firms, domestic firms, government-related entities, and small and medium enterprises, and was primarily driven by customers’ sales, the property market outlook, interest rates, customers’ fixed asset investments, and seasonal influences.
Looking ahead to the December quarter, business loan demand is expected to remain strong across all emirates, although survey respondents expect a minor net tightening of credit standards.
The survey found the main drivers of increased demand were the housing market outlook, change in income, financial market outlook, and interest rates. The outlook for the December quarter remains optimistic with survey respondents expecting a strong increase in credit demand and a net easing of credit standards.
The results of the third quarter credit sentiment survey revealed contrasting trends in credit standards applied by banks to business and consumer lending.
Data showed a tightening of terms and conditions for loans to businesses across all categories in the September quarter. Survey respondents reported the highest degree of tightening for collateralization requirements, as opposed to a lower degree of tightening for spread of loan rates over cost of funds. Over the next three months, survey respondents expect credit terms and conditions to tighten further, mainly with respect to premiums charged on riskier loans and collateralization requirements
Looking forward, survey respondents expect the factors driving the change in credit standards to remain the same as those reported in the September quarter.
In the consumer credit segment, survey respondents expect a continued net easing of credit standards for personal loans in the December quarter. Credit standards for personal loans are expected to ease across all categories, the survey found.
Sports
West Indies Legend Kieron Pollard Highlights Smart Cricket and Team Chemistry for Succes
Published
50 mins agoon
November 22, 2024Defending champions New York Strikers have kicked off their Abu Dhabi T10 campaign with high-intensity training sessions, demonstrating their unwavering commitment to retaining the coveted trophy. The team’s preparation began with a core group of players taking to the field, with more stars set to join in the coming days.
The Strikers’ coaching duo of Head Coach Carl Crowe and Assistant Coach Albie Morkel expressed confidence in their reinforced squad, which combines returning champions with exciting new additions. The team’s strengthened bowling lineup, featuring international stars like Reece Topley and Mohammad Amir, alongside a powerful batting order, positions them as strong contenders for back-to-back titles.
Speaking about the first training session and the squad composition, Head Coach Carl Crowe said, “We’ve got some guys who have been here the last couple of years, so it’s nice to keep the core of the group together. We’ve made some exciting new additions as well. A lot of our players have been performing excellently around the world – Evin Lewis was very well for the West Indies, and Reece Topley is a fantastic bowler. We’re really pleased with the additions while maintaining what worked well for us last year.”
Assistant Coach Albie Morkel, overseeing the bowling department, added, “We’ve got a fantastic bowling lineup, and I’m very excited to see if we can fit all those guys in the same team. With Mohammad Amir and Reece Topley now joining our spinning attack, we’ve got a serious attack. Despite the pressure of being defending champions, with the personnel we have in the squad, there’s no reason why we can’t put up a good show again.”
West Indies legend Kieron Pollard another important member of the New York Strikers squad also joined in emphasizing on the importance of team attitude and smart cricket, he shared, “We want to play an exciting brand of cricket. I especially want to see unity in the field – that’s where you see the true testament of a team. If we can maintain high energy and excitement for those 45 minutes, coupled with smart cricket, that will help us achieve our goals.”
The initial training session focused on individual player requirements, allowing new arrivals to acclimate and shake off jet lag. The coaching staff plans to intensify specific skill-based training in subsequent sessions for all members of the New York Strikers squad.
The New York Strikers begin their title defense in two days, carrying the weight of expectation but armed with a formidable combination of experience and fresh talent.
Announcements
Sheikh Mohammed approves Dh3.7bn five-year plan for Dubai’s internal roads
Published
2 weeks agoon
November 10, 2024His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has approved the five-year plan for internal roads (2025-2029). The plan encompasses 21 projects spreading across 12 residential, commercial, and industrial areas, with a total of 634 km of new roads costing Dh 3.7 billion. This plan reflects His Highness’s keenness to uplift the infrastructure in residential and industrial areas, aligning with Dubai’s population growth and urban expansion, and fostering the well-being and happiness of residents.
His Excellency Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors, Roads and Transport Authority, stated, “The Five-Year Internal Roads Development Plan covers 12 areas with urbanisation rates ranging from 30% to 80%. In 2025, internal roads will be constructed in Nad El Sheba 3 and Al Amardi, serving Mohammed bin Rashid Housing Establishment project, which includes 482 housing units. Additional internal roads will be developed in Hatta, also serving a Mohammed bin Rashid Housing Establishment project with 100 housing units. In 2026, RTA will construct 92 km of internal roads in Nadd Hessa, and Al Awir 1. The year 2027 will see the development of 45 km of roads in Al Athbah, Mushrif, and Hatta, along with 14 km of roads in Warsan 3 (Industrial Area).
“In 2028, one of the longest internal road projects, extending over 284 km, will be constructed across three communities: Al Awir 1, Wadi Al Amardi, and Hind 3. This includes 221 km of roads in Al Awir 1, 22 km of roads in Wadi Al Amardi, and 41 km of roads in Hind 3. The project construction momentum will continue in 2029, with 200 km of internal roads to be constructed in Hind 4 and Al Yalayis 5, comprising 39 km in Hind 4 and 161 km in Al Yalayis 5,” explained Al Tayer.
Al Tayer further added, “RTA is committed to ensuring smooth and safe access for residents and visitors to their respective areas. By the end of last year, the total length of roads completed in residential and industrial areas reached 6000 km. Between 2011 and the end of last year, internal roads in 28 residential and industrial areas had been paved. In 2023 and 2024, RTA constructed internal roads totalling 83 km in 17 areas, completing road projects in Al Warqa 4, Al Qusais Industrial, Margham, Lehbab, Al Lisaili, and Hatta (Suhaila, Saeir, and Al Salami). Road works are ongoing in Jebel Ali Industrial, Nazwa, the Tolerance District in Al Khawaneej 2, Al Warqa, Nad Al Sheba 1, and Al Awir.”
Event
Magic Torque fires MRM, Al Mazrouei in season-opening DIEC ride
Published
2 weeks agoon
November 10, 2024The 2024/25 Dubai Endurance Season got underway at Dubai International Endurance City with a healthy dose of excitement as MRM Stables became the first unit to strike when claiming the campaignopening Seeh Al Salam Endurance Challenge by a mere second courtesy of star rider Saif Ahmed Al Mazrouei, who delivered aboard Magic Glenn Torque.
Organised by Dubai Equestrian Club, the 119km four loop ride witnessed stiff competition from all the major stables involved in endurance riding in the UAE, with a total of 119 rider-horse pairings venturing into the sands of the Al Marmoom Conservation Reserve.
And it was Al Mazrouei and his 13yearold companion who won with a consistent approach that witnessed them stay close to the top of an evolving leaderboard. The pair posted a time of four hours, 12 minutes and 16 seconds (4:12:16), which was a mere second quicker than the 4:12:17 recorded by F3-1 Stables pair of Hamad Humaid Al Tamimi and 765 Sargon, even as third placed F3 Stables pair of Rashed Mohammed
Al Mehairi and A’Bandom’s Rockabilly cantered in third a further 26 seconds behind in 4:12:43. Al Mazrouei started the day in seventh, 20 seconds off the pace set by Al Tamimi, who was quickest over the 40-km first loop, but was dethroned from the summit during the course of the 32km second loop by his MRM teammate Mansour Al Faresi, riding Tatarinu, the latter erasing a massive 2min21sec deficit and climbing into top spot from 25th. Al Faresi seemed to have control going into the 20km final loop after holding on to the summit at the end of the third spanning 27km. However, with plenty of reserve left in Magic Glenn Torque’s tank, Al Mazrouei, third at the end of the penultimate loop, was able to rev up his mount significantly and went from 26.99kph over the third to 34.4kph over the fourth, which guaranteed him success despite a hard push from Al Tamimi, who made his bid for success from fourth. Al Mehairi finished a comfortable third.
Meanwhile, Zabeel 2 Stables clinched victory in the Al Wasl Endurance Cup for Private Stables after Ebrahim Fayed Al Shamsi’s nervewracking success in the 101km contest aboard Bobang Al Andalus. The pair completed the four loop ride in a time of 3:30:46, denying Al Ain Endurance Stables’, represented by Uruguayan Federico Ferber and his mount HC Nael, by fractions of a second. Zabeel 3’s Saeed Ghanim Al Marri took third aboard Woodbourne Wednesday. Board Member and General Manager of Dubai Equestrian Club, Major General Dr. Mohammed Essa Al Adhab, presented the winners with their trophies. “It was a very good effort from all of the stables to have their horses and riders ready for a very exciting finish on the opening day of the season,” commented Dr Al Adhab.
“We have a long season ahead of us, but that finish to the first ride shows, it is going to be a very exciting season and we wish all of those involved all the very best for what lies ahead.”
The season at Dubai International Endurance City includes a series of top rides with its worldrenowned HH Sheikh Mohammed bin Rashid Al Maktoum Endurance Festival and the Crown Prince of Dubai Endurance Festival, the two showpiece events on its calendar.
West Indies Legend Kieron Pollard Highlights Smart Cricket and Team Chemistry for Succes
What’s this WhatsApp feature everyone is talking about? Find out now
Pathirana and Bracewell express excitement about joining Champion New York Strikers for Abu Dhabi T10
Popular
- Announcements7 months ago
RTA announces reopening date of 4 Metro stations closed after storm
- Announcements6 months ago
World League of Fighters announces grand launch in Bangkok: Winners to secure golden tickets to UAE’s inaugural season
- Announcements6 months ago
Sheikh Hamdan launches ‘Dubai Quality of Life Strategy’ 2033