The banking sector in the UAE is well capitalised with adequate liquidity buffers and remained resilient last year against the risk of stagflation and market uncertainties in central bank’s stress-testing exercise.
The banks also benefitted from the UAE’s robust economic momentum last year, as aggregate credit growth rebounded and profitability jumped, the UAE Central Bank said in its Financial Stability Report 2022.
“The UAE financial system remained resilient during 2022, recovering across key financial metrics to pre-pandemic levels amidst a favourable domestic macroeconomic environment and strong funding and liquidity conditions,” said Khaled Balama, the central bank's governor.
Aggregate profitability of lenders in the Arab world’s second-largest economy rebounded strongly last year, driven by lower impairment charges and improved net interest income.
Net profit grew by 31.8 per cent from last year, while return on assets and return on equity – measures of gauging financial stability and profitability – increased to 1.4 per cent and 10.5 per cent, respectively.
The lenders also performed well in the regulator’s stress-test exercise, where financial institutions showed they obtained sufficient capital and liquidity to “withstand severe, adverse hypothetical scenarios whilst continuing to support the economy by maintaining credit supply to UAE borrowers”, the central bank said.
The UAE's economy has bounced back sharply from the Covid-19-induced slowdown on the back of higher oil prices and measures to mitigate the impact of the pandemic.
The government adopted an array of measures that enhanced the resilience of the economy, despite global headwinds, including continued geopolitical uncertainties, volatile commodity prices, inflation and rising interest rates.
The UAE gross domestic product expanded last year by 7.9 per cent, faster than 4.4 per cent recorded in 2021. The sharp growth was driven by a 7.2 per cent increase in the non-oil economy a 9.5 per cent expansion in oil-sector GDP
The central bank estimates UAE economic growth to soften to 3.9 per cent, mainly due to lower oil production and more moderate growth in the non-oil sector, with oil and non-oil GDP rising by 3 per cent and 4.2 per cent, respectively, the report said.
Average headline inflation in the UAE increased to 4.8 per cent in 2022, however, it remained significantly below the world average that was driven higher by rising interest rates and commodity price fluctuations.
“National economic output rebounded in 2022, even as global economic growth slowed down. On balance, the financial stability conditions in the UAE remained favourable during 2022 as the solid underlying macroeconomic conditions in the UAE offset the impact of a higher interest rate environment,” Mr Balama said.
The central bank, however, remains committed to addressing “potential vulnerabilities, given the global outlook for 2023 remains subject to downside risks", he added.
“Key risk drivers include tightening of financial conditions affecting debt service costs and demand for new credit; persistent inflationary pressures impacting disposable income; geopolitical tensions; and related uncertainty in global financial markets and some banking systems."
The aggregate lending in the UAE’s banking system increased by 4.8 per cent last year, as strong funding conditions and ample credit capacity boosted banks’ appetite for credit growth.
Growth in credit was driven mainly by lending to private corporates, government-related corporate entities and the retail sector.
Growth in deposits also continued last year, boosting liquidity and funding buffers.
Banking system deposits grew by 11.3 per cent, the highest growth rate recorded in seven years. Strong deposit growth was driven by “concurrent solid growth in retail deposits, private corporate deposits and government deposits”, the central bank said.
“Looking further ahead, digitalisation and sustainability of the financial sector will continue to play a pivotal role in maintaining longer-term competitiveness and resilience of the financial system and the national economy,” the governor said.
UAE SQUAD
Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani
Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Mohammed Al Attas
Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah
Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue
MATCH INFO
Uefa Champioons League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
Melville House
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Co%20Chocolat%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Iman%20and%20Luchie%20Suguitan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Food%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%241%20million-plus%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Fahad%20bin%20Juma%2C%20self-funding%2C%20family%20and%20friends%3C%2Fp%3E%0A
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
RESULTS
Manchester United 2
Anthony Martial 30'
Scott McTominay 90 6'
Manchester City 0
Courses%20at%20Istituto%20Marangoni%2C%20Dubai
%3Cp%3E%3Cstrong%3EUndergraduate%20courses%3C%2Fstrong%3E%3Cbr%3EInterior%20Design%3B%20Product%20Design%3B%20Visual%20Design%3B%20Fashion%20Design%20%26amp%3B%20Accessories%3B%20Fashion%20Styling%20%26amp%3B%20Creative%20Direction%3B%20Fashion%20Business%3B%20Foundation%20in%20Fashion%3B%20Foundation%20in%20Design%3Cbr%3E%3Cstrong%3EProfessional%20courses%3C%2Fstrong%3E%3Cbr%3EFashion%20e-Commerce%20%26amp%3B%20Digital%20Marketing%3B%20Fashion%20Entrepreneurship%3B%20Fashion%20Luxury%20Retail%20and%20Visual%20Merchandising%3Cbr%3E%3Cstrong%3EShort%20courses%3C%2Fstrong%3E%3Cbr%3EFashion%20design%3B%20Fashion%20Image%20%26amp%3B%20Styling%3B%20Fashion%20Trend%20Forecasting%3B%20Interior%20Design%3B%20Digital%20Art%20in%20Fashion%3Cbr%3EMore%20information%20is%20at%20%3Ca%20href%3D%22https%3A%2F%2Fwww.istitutomarangoni.com%2Fen%3Futm_source%3DLocal%26utm_medium%3Dorganic%26utm_campaign%3Dgmb%26utm_content%3Ddubai%22%20target%3D%22_self%22%3Ewww.istitutomarangoni.com%3C%2Fa%3E%3C%2Fp%3E%0A
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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WHAT%20IS%20'JUICE%20JACKING'%3F
%3Cp%3E%E2%80%A2%20Juice%20jacking%2C%20in%20the%20simplest%20terms%2C%20is%20using%20a%20rogue%20USB%20cable%20to%20access%20a%20device%20and%20compromise%20its%20contents%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20The%20exploit%20is%20taken%20advantage%20of%20by%20the%20fact%20that%20the%20data%20stream%20and%20power%20supply%20pass%20through%20the%20same%20cable.%20The%20most%20common%20example%20is%20connecting%20a%20smartphone%20to%20a%20PC%20to%20both%20transfer%20data%20and%20charge%20the%20former%20at%20the%20same%20time%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20The%20term%20was%20first%20coined%20in%202011%20after%20researchers%20created%20a%20compromised%20charging%20kiosk%20to%20bring%20awareness%20to%20the%20exploit%3B%20when%20users%20plugged%20in%20their%20devices%2C%20they%20received%20a%20security%20warning%20and%20discovered%20that%20their%20phones%20had%20paired%20to%20the%20kiosk%2C%20according%20to%20US%20cybersecurity%20company%20Norton%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20While%20juice%20jacking%20is%20a%20real%20threat%2C%20there%20have%20been%20no%20known%20widespread%20instances.%20Apple%20and%20Google%20have%20also%20added%20security%20layers%20to%20prevent%20this%20on%20the%20iOS%20and%20Android%20devices%2C%20respectively%3C%2Fp%3E%0A
FIGHT CARD
Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)
Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)
Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)
Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)
Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)
Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)
Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)
Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)
Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
England Test squad
Joe Root (captain), Moeen Ali, James Anderson, Jonny Bairstow (wicketkeeper), Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Dawid Malan, Jamie Porter, Adil Rashid, Ben Stokes.
What is Diwali?
The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.
According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.
In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
UAE currency: the story behind the money in your pockets
MATCH DETAILS
Chelsea 4
Jorginho (4 pen, 71 pen), Azpilicueta (63), James (74)
Ajax 4
Abraham (2 og), Promes (20). Kepa (35 og), van de Beek (55)
TV (UAE time);
OSN Sports: from 10am
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
