The Central Bank of the United Arab Emirates is committed to supporting the country's continued economic recovery and said the withdrawal of support measures put in place to mitigate the effects of the Covid-19 pandemic will be gradual and well timed.
In a statement on Thursday, the CBUAE said it had assessed the UAE’s financial system as stable and that liquidity in the banking system and banks’ capital buffers were adequate.
After a meeting on September 21 with chief executives of selected national and foreign banks operating in the UAE, which was attended by Abdul Aziz Al Ghurair, the chairman of the UAE Banks Federation, CBUAE governor Khaled Balama said the central bank will continue to closely supervise banks’ asset quality and the adequacy of provisioning.
The regulator said in view of the gradual increase in economic activity, it will start a "gradual and well-calibrated withdrawal" of its targeted economic support scheme (Tess) to avoid restricting credit supply and economic growth".
The UAE introduced economic stimulus worth Dh388 billion ($105.72bn) since the pandemic tipped the world economy into its worst recession since the 1930s. These packages include Dh50bn under the central bank's Tess programme to boost liquidity in the financial and banking sector, parts of which have been extended to June 2022.
The central bank said bank chief executives agreed that the Tess programme had been effective and met its objective of cushioning the effects of the pandemic on the UAE’s economy. Fifteen per cent of the UAE banks’ loan portfolios had benefited from the Tess deferral programme, it said.
The UAE economy, which contracted 6.1 per cent in 2020 on the back of the global economic slowdown, has bounced back strongly, boosted by fiscal support and other measures from the government.
The UAE economy is now forecast to grow 2.1 per cent this year, driven by pandemic-mitigation measures that boosted recovery from the coronavirus-driven slowdown, according to the CBUAE's second quarter review. The Arab world’s second-largest economy is expected to grow at 4.2 per cent in 2022, higher than the 3.8 per cent previously forecast.
"Our assessment, confirmed by recent economic data, affirms the UAE economy’s gradual recovery," Mr Balama said in the statement on Thursday.
"As we enter the next phase of the post-Covid recovery, there will be less need for extraordinary relief measures. We expect that banks will do their part in supporting our economic recovery and ensure the continued flow of funds to creditworthy retail and corporate borrowers.”
On Wednesday, US Federal Reserve chair Jerome Powell said the central bank, whose monetary policy is mirrored by most countries in the GCC, could begin scaling back asset purchases as soon as November and also indicated the Fed would aim to finish its bond buying by the middle of 2022. Since July 2021, the Fed was buying $80bn of Treasury securities and $40bn of agency mortgage-backed securities each month.
In the short term, the CBUAE said it will leave unchanged the temporarily lowered reserve requirements for banks, and the level of the loan-to-value ratio applicable to mortgage loans for first-time home buyers.
The CBUAE had already said the loan deferral component of the Tess programme will expire by the end of 2021, but its zero-cost lending facility may be used to grant new loans until mid-2022.
Regulatory relief measures that allowed banks to maintain lower capital and liquidity buffers will expire by the end of 2021, as previously communicated by the CBUAE.
The central bank said it is closely monitoring the economic recovery in parallel with loan demand and may extend these measures for a limited period to "facilitate a smooth economic recovery".
Neymar's bio
Total club appearances 411
Total goals scored 241
Appearances for Barca 186
Goals scored for Barca 105
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
if you go
Getting there
Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.
Staying there
On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.
More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr
SQUADS
UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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UAE currency: the story behind the money in your pockets
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
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Read more about the coronavirus
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
TEST SQUADS
Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.
Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
UAE currency: the story behind the money in your pockets
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
