UAE Central Bank Starts Gradual Curb of Stimulus Measures

Vehicles stop at a red light in front of the main branch of UAE Central Bank in Abu Dhabi, January 29, 2013. REUTERS/Ben Job
Vehicles stop at a red light in front of the main branch of UAE Central Bank in Abu Dhabi, January 29, 2013. REUTERS/Ben Job
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UAE Central Bank Starts Gradual Curb of Stimulus Measures

Vehicles stop at a red light in front of the main branch of UAE Central Bank in Abu Dhabi, January 29, 2013. REUTERS/Ben Job
Vehicles stop at a red light in front of the main branch of UAE Central Bank in Abu Dhabi, January 29, 2013. REUTERS/Ben Job

The United Arab Emirates central bank (CBUAE) said on Thursday it was starting to gradually withdraw stimulus measures introduced last year to mitigate the economic impact of the COVID-19 pandemic.

The bank launched a Targeted Economic Support Scheme (TESS) to help banks provide temporary relief to companies and individuals affected by the crisis and boost lending capacity through the relief of existing capital and liquidity buffers.

"In view of the gradual increase in economic activity, the CBUAE is starting a gradual and well-calibrated withdrawal of its Targeted Economic Support Scheme to avoid restricting credit supply and economic growth", it said in a statement.

It said 15% of UAE banks' loan portfolios had benefited from a loan deferral program that is part of the scheme.

The bank will leave unchanged temporarily lowered reserve requirements for banks and the level of the loan-to-value ratio applicable to mortgage loans for first-time home buyers.

It said it was considering extending beyond the end of this year regulatory relief measures that allow banks to maintain lower capital and liquidity buffers, depending on the pace of economic recovery and loan demand.

The UAE economy is expected to grow by 2.1% this year and 4.2% in 2022, the central bank said earlier this week, supported by a recovery in global travel, a pick-up in domestic and external demand, and a successful vaccination drive.



Saudi Arabia Calls for Global Water Cooperation to Advance Integrated Management

The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday. (11th World Water Forum 2027 | Riyadh 2027 on X)
The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday. (11th World Water Forum 2027 | Riyadh 2027 on X)
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Saudi Arabia Calls for Global Water Cooperation to Advance Integrated Management

The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday. (11th World Water Forum 2027 | Riyadh 2027 on X)
The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday. (11th World Water Forum 2027 | Riyadh 2027 on X)

The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday with the participation of top scientists, experts, decision-makers from around the world.

Saudi Minister of Environment, Water and Agriculture Abdulrahman Alfadley, with the participation of World Water Council President Loïc Fauchon, inaugurated the official logo of the World Water Forum 2027.

In his remarks, Alfadley emphasized Saudi Arabia’s call for strengthened international cooperation and joint efforts among countries and organizations to tackle global water challenges. He underscored the importance of ensuring universal access to water and sanitation services as a key pillar in achieving Sustainable Development Goal 6 (SDG 6).

“Saudi Arabia prioritizes the water sector through various measures, including the adoption of a national strategy encompassing water production, storage, transportation, distribution, treatment, and reuse, all within a comprehensive institutional framework,” Alfadley added.

He further stated that the Kingdom has implemented Integrated Water Resources Management and enhanced supply chain governance. This is supported by the release of a long-term supply and demand plan that extends to 2050, alongside a commitment to environmental, social, and economic considerations in alignment with Saudi Vision 2030.

Highlighting the Kingdom's leading role in supporting regional and international water issues, Alfadley pointed to the launching of the Global Water Organization, aimed at fostering international collaboration, and the establishment of an International Water Research Center focused on water economics, water security, advanced technologies, and digital transformation.

Fauchon said the council, in collaboration with Saudi authorities, has developed a comprehensive framework outlining the thematic, regional, and political components that will shape the roadmap for the 11th edition of the forum that is being held in the Middle East for the first time.

He stressed the need to make water a top global priority, adding that this gathering will lay the foundation for future water policies. “The way ahead is still long, but we are confident we’re on the right path toward real solutions—solutions that can change lives,” he said.

Deputy Minister for Water at the Ministry of Environment, Water, and Agriculture Dr. Abdulaziz Alshaibani underscored the urgency of the current moment, describing the preparatory meeting as a call for serious and immediate action. Alshaibani emphasized the need to build upon existing progress in the water sector and to move decisively towards solidifying priorities.

He stressed the importance of greater coherence and integration across all sectors, along with the unification of all efforts, to achieve tangible solutions to global water challenges and to meet SDG 6. Alshaibani further noted that effective solutions must be anchored in several key pillars, including financing, innovation, diplomacy, and environmental considerations.

The World Water Forum 2027, organized by the World Water Council in Saudi Arabia, is a significant international platform for exchanging ideas and experiences in water management.