ABU DHABI, 30th April, 2024 (WAM) — The Central Bank of the UAE (CBUAE) revealed in a report issued today an increase in cash deposits to AED725.8 billion in February 2024, with an annual increase of 11 percent or the equivalent of AED71.2 billion, compared to AED654.6 billion in February 2023.

The Central Bank’s cash aggregates statistics explained that cash deposits increased on a monthly basis by 1.92 percent or the equivalent of AED13.7 billion, compared to about AED712.1 billion in January 2024.

The Central Bank stated that quasi-cash deposits rose to AED1.258 trillion in February of 2024, with an annual increase of 27.4 percent, compared to AED987.4 billion in February 2023, an increase equivalent to AED270.3 billion.

The Central Bank pointed out that quasi-cash deposits increased on a monthly basis by about 5 percent or the equivalent of AED59.4 billion, compared to about AED1.198 trillion in January of 2024.

According to the Central Bank, quasi-cash deposits are term deposits and savings deposits in dirhams for residents in addition to deposits by residents in foreign currency. Cash deposits, on the other hand, are defined as all short-term deposits that a bank customer can withdraw without prior notice.

Central Bank statistics showed that government deposits increased to AED430.3 billion in February of 2024, with a year-on-year growth of 11.1 percent, compared to AED387.3 billion in February 2023, an increase equivalent to AED43 billion.

The statistics also highlighted an increase in the money supply to approximately AED139.4 billion at the end of February 2024, with a year-on-year increase of 12.8 percent, compared to about AED123.6 billion in February 2023. Moreover, it increased by 3.1 percent on a monthly basis, compared to AED135.2 billion in January 2024.

The money supply is distributed as AED18.2 billion for cash in banks and AED121.2 billion for circulating cash outside banks by the end of February 2024.

In a related context, Central Bank statistics showed an increase in the monetary base on an annual basis by 28.3 percent to reach AED689.5 billion in February 2024, compared to about AED537.4 billion in February 2023, an increase equivalent to AED152.1 billion. Additionally, it increased by about 3 percent on a monthly basis compared to AED670.9 billion in January 2024.

The monetary base includes approximately AED257 billion for cash certificates and Islamic deposit certificates, AED111 billion for current accounts for banks and other financial institutions at the Central Bank, as well as overnight deposits for banks at the Central Bank, and AED139.4 billion for the money supply. This includes circulating cash outside banks in addition to cash in banks and a reserve account of AED182.1 billion.

The Central Bank attributed the main reason for the monthly increases in reserve accounts, current accounts, and overnight deposits for banks at the Central Bank, starting from April 2023, to the increase in the banks’ reserve requirements for demand deposits from 7 percent to 11 percent.

• SHARJAH, 30th April, 2024 (WAM) — H.H. Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Deputy Chairman of the Sharjah Executive Council (SEC), chaired the council meeting held in the office of the Ruler on Tuesday.
• During the meeting, the council discussed general government topics as part of its weekly monitoring of various affairs in the emirate of Sharjah. SEC reviewed the work progress in government departments and entities, and discussed plans and proposals that contribute to supporting all sectors and enhancing societal stability.
• The council issued a decision on Home Nursing Service in the emirate of Sharjah. The decision includes several amendments, such as increasing the total family income for beneficiaries of the home nursing service as Sharjah Social Services Department will contribute to covering a percentage of the service costs for families whose income exceeds AED 17,500 in order to provide opportunities for more beneficiaries and support the stability of Emirati families.
• The decision also states the establishment of a permanent medical committee in the emirate called the “Medical Committee for Home Nursing Service,” which will be under the supervision of Sharjah Social Services Department.
• The council will issue a decision to form the committee, appoint its chairman, name its members, determine their allowances, and establish its working system.
• The committee is responsible for the following:
• 1- Developing the conditions, regulations, categories, standards, and organised procedures for the home nursing service and determining the beneficiaries of the service in the emirate.
• 2- Approving medical reports issued by licensed and accredited hospitals and healthcare institutions in the country, determining the applicant’s need for temporary or permanent home nursing, specifying the coverage duration, and the required nursing services based on the approved conditions and requirements.
• 3- Evaluating the continuity of home nursing service for beneficiaries every six months from the start of the service, based on the reports submitted to the committee.
• 4- Establishing the conditions and regulations for suspending and cancelling the home nursing service for beneficiaries.
• 5- Investigating on medical and technical complaints on the home nursing service, and addressing violations committed by service providers.
• 6- Undertaking any other tasks assigned by the council.

ABU DHABI, 30th April, 2024 (WAM) — UAE banks’ investments exceeded the AED650 billion mark by the end of February 2024, reaching its highest level in history, according to the latest statistics from the Central Bank of the UAE (CBUAE).

Statistics from the Central Bank, released in today’s Banking Indicators Report, showed a 20.6 percent year-on-year increase in investments of banks operating in the country, reaching AED652.7 billion by the end of February 2024, compared to about AED541.4 billion in February 2023, an increase equivalent to AED111.3 billion over 12 months.

According to the Central Bank, bank investments increased by 2 percent on a monthly basis compared to AED640.1 billion in January 2024, an increase equivalent to AED12.6 billion in one month. Additionally, they increased by about 2.9 percent since the beginning of the current year, or the equivalent of AED18.3 billion, compared to about AED634.4 billion at the end of the previous year.

As of the maturity date, held-to-maturity bonds accounted for the largest share of bank investments, reaching approximately 49.1 percent with a value of AED320.6 billion by the end of February 2024. This represented a monthly increase of 3.02 percent and a yearly increase of about 39.2 percent.

Banks’ investments in securities representing debts to others, specifically “debt bonds,” constituted around 40.9 percent of total investments, reaching AED267 billion by the end of February 2024. This marked a monthly increase of about 1.3 percent and a yearly increase of 7.3 percent.

Bank investments in stocks reached AED15.8 billion in February 2024, indicating a yearly increase of approximately 31.7 percent compared to AED12 billion in February 2023. However, there was a monthly decrease of 1.25 percent compared to around AED16 billion in January 2024.

Other investments for banks amounted to approximately AED49.3 billion at the end of February 2024, which is the same figure recorded in the previous month of January.

ABU DHABI, 30th April, 2024 (WAM) – The Joint Weather and Tropical Assessment Team have met to discuss recent weather developments and their potential impact on the country.

The National Emergency Crisis and Disaster Management Authority (NCEMA) led the meeting, which included representatives from the Ministry of Interior (MoI) and the National Center for Meteorology (NCM) and other competent government departments.

They emphasised the importance of maintaining business continuity plans and closely monitoring the ongoing weather situation to ensure public safety and minimise disruptions.

The NCM reported that the current weather event is less severe than the previous one, expecting country to experience local convective rain clouds during the day from today, Tuesday, until tomorrow, Wednesday. There is a possibility of small hail falling in the eastern regions and extending to some internal and western regions. From Wednesday night to Thursday, the NCM expects moderate to heavy rain to fall in scattered areas, accompanied by occasional lightning and thunder. There is also a possibility of small hail, concentrated in the western regions, on the coasts, and in some eastern areas.

On Friday and Saturday, cloud quantities will decrease, with the possibility of continuing light to medium rain, which may be heavy in some southern and eastern regions.

For their part, the MoI affirmed that the Supreme Committee for Internal Security, headed by the Undersecretary of the Ministry, is maintaining full coordination with the Joint Weather and Tropical Assessment Team, continuously monitoring the developments and updates of the weather situation, to assess all expected impacts of the situation and its consequences on the areas that may be affected by the country, especially since the country is passing through the recovery phase from the previous weather situation.

The Ministry pointed out that it has taken all proactive measures to support response operations, with the necessary resources and capabilities in the areas that are likely to be affected by the weather situation, which is expected to have a moderate to high impact on different parts of the country, in addition to the readiness of response plans and business continuity plans for vital sectors.

Prioritising the safety of the community and protecting lives and property, the MoI urges the public to exercise caution, adhere to safety standards and guidelines, comply with the directives of the competent authorities, refrain from circulating rumours, and rely on official sources for information.

In preparation for the weather conditions, the Ministry of Energy and Infrastructure has taken all necessary measures to ensure the safety of infrastructure, notably roads, as well as the safety of dams, while enhancing their efficiency in water storage. These measures include draining water to reduce pressure and accommodate new rainfall, and cleaning water drains. The Ministry affirmed that the advanced systems and modern technologies used in dam management play a vital role in enhancing their efficiency and enabling rapid decision-making during the monitoring of rainwater flows, floods, and flash floods in valleys.

The Ministry further emphasised the utilisation of modern technology in the process of analysing and calculating water flow rates, quantities, and depths with high accuracy. This data is then transmitted to the Ministry’s control and monitoring unit for processing and analysis.