The UAE's economic recovery is expected to strengthen further in 2022 and the country's banking system has the capacity to support the financial system and its growth, according to the Central Bank of the UAE.
The Emirates' banking sector also demonstrated resilience amid the Covid-19 pandemic, helped by the CBUAE’s Targeted Economic Support Scheme (Tess), the banking regulator said in a statement on Thursday following a meeting with chief executives of national and foreign banks based in the UAE.
The chief executives also welcomed the central bank's ongoing support of the local financial system through the Tess scheme.
“This month, the UAE celebrated the Golden Jubilee of the Union. Looking ahead, expectations on the role of the banking sector will increase further,” said Khaled Balama, governor of the CBUAE.
“The banks will be expected to contribute significantly to our nation’s far-reaching and ambitious agenda, and to become leaders not only in the region, but also in the global financial industry.”
The UAE economy is forecast to grow 2.1 per cent this year, driven by pandemic-mitigation measures such as a rapid Covid-19 vaccination programme and widespread testing, according to the central bank's second-quarter review. The economy is expected to grow 4.2 per cent in 2022, higher than the previous forecast of 3.8 per cent.
The Central Bank of the UAE also provided stimulus measures worth Dh100 billion ($27.2bn), which comprised a direct Dh50bn injection of funds through zero-cost collateralised loans. The Tess scheme has also helped the banks in managing liquidity during the crisis.
Although the central bank said in September it will start a “gradual and well-calibrated withdrawal” of Tess, parts of which were extended to July 2022, about “95 per cent of banks have surrendered the scheme because they no longer need it”, Abdulaziz Al Ghurair, chairman of the UAE Banks Federation, said in October.
The UAE’s banking assets are expected to grow by between 8 per cent and 10 per cent in 2022 as the UAE economy continues to recover from the pandemic-driven slowdown and reap the benefits of hosting Expo 2020 Dubai, Mr Al Ghurair also said at the time.
During the meeting, the CBUAE and banking chief executives also reviewed a range of supervisory and consumer protection measures, including new standards to improve oversight of bank's real estate financing exposures and changes to the CBUAE’s risk-based supervisory dashboard.
“UAE banks will also be required to work actively towards full compliance with Consumer Protection Regulations and Standards. These steps to enhance consumer trust in the banking sector would impact the UAE banking industry and the national economy positively,” the CBUAE said.
The UAE’s banking assets are expected to grow by between 8 per cent and 10 per cent in 2022 as the UAE economy continues to recover from the pandemic-driven slowdown and reap the benefits of hosting Expo 2020 Dubai, Abdulaziz Al Ghurair, chairman of UAE Banks Federation said in October.
UAE currency: the story behind the money in your pockets
The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
Gulf Men's League final
Dubai Hurricanes 24-12 Abu Dhabi Harlequins
UAE currency: the story behind the money in your pockets
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T20 WORLD CUP QUALIFIERS
Qualifier A, Muscat
(All matches to be streamed live on icc.tv)
Fixtures
Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain
Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain
Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines
Tuesday, February 22: 2pm Semi-finals
Thursday, February 24: 2pm Final
UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia
'The%20Alchemist's%20Euphoria'
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Results:
6.30pm: Maiden Dh 165,000 1,400m.
Winner: Walking Thunder, Connor Beasley (jockey), Ahmad bin Harmash (trainer).
7.05pm: Handicap (rated 72-87) Dh 165,000 1,600m.
Winner: Syncopation, George Buckell, Doug Watson.
7.40pm: Maiden Dh 165,000 1,400m.
Winner: Big Brown Bear, Pat Dobbs, Doug Watson.
8.15pm: Handicap (75-95) Dh 190,000 1,200m.
Winner: Stunned, Pat Dobbs, Doug Watson.
8.50pm: Handicap (85-105) Dh 210,000 2,000m.
Winner: New Trails, Connor Beasley, Ahmad bin Harmash.
9.25pm: Handicap (75-95) Dh 190,000 1,600m.
Winner: Pillar Of Society, Pat Dobbs, Doug Watson.
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Killing of Qassem Suleimani
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
HIV on the rise in the region
A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.
New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.
Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.
Access to HIV testing, treatment and care in the region is well below the global average.
Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
