Arab News, Monday, Oct 25, 2021 | Rabi Al-Awwal 18, 1443
UAE banks' assets to grow 8% in 2022, says banking official
Emirates: Emirati banks' assets
are expected to grow 8 percent in 2022, the head of the UAE Banks Federation
Abdul Aziz Al Ghurair told Al Arabiya on Sunday.
The UAE's economy will grow next year by 5 percent
and the return of tourism activity will support the growth of assets to this
level, he said.
The UAE economy will reap benefits from the world
fair Expo 2020 for about eight years, he said. "Expo 2020 restored trust in
UAE's economy," he said.
Expo 2020 opened its doors in Dubai this month.
The Central Bank of Emirates's support of 250
billion dirhams ($68 billion) had a significant impact in mitigating the impact
of the Corona pandemic on the economic sector and individuals, and overcoming
that phase, Al Ghurair said.
He added that the UAE economy and banks are
currently reaping the fruits of the support of the UAE Central Bank.
Al Ghurair revealed that 95 percent of the UAE
banks have refunded the support amounts and have the ability to support the
economy and individuals without the need for support from the Central Bank.
The banking sector dealt with doubtful loans
during the past two years and in 2021, noting that the levels of allocations for
these loans will return to their normal levels next year, between 1.5 and 2
percent.
The demand for the real estate sector has
increased significantly now, after the UAE has proven that it can be relied upon
in times of crisis, Al Ghurair said, expecting real estate prices in the country
to return to acceptable levels.