Abu Dhabi's ADC Bank likely to lay off hundreds of employees

Agencies
July 28, 2020

adcb.jpg

Dubai, Jul 28: Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is letting go hundreds of employees, sources said, the latest in a round of lay-offs by regional banks as pressure mounts to cut costs amid lower oil prices and the coronavirus crisis.

The UAE’s third-biggest lender is laying off 400 employees, two sources familiar with the matter said, after it had committed to not cutting staff because of the crisis.

In a statement, a spokesman said ADCB had pursued efficiency over the last decade by managing out its lowest underachievers after regular reviews, while ensuring talent was deployed in high-growth areas, such as digital banking.

“A certain number of redundancies are therefore expected every year in the normal course of business,” the bank spokesman added.

The sources said the cuts would involve ADCB’s consumer business and several in top management were among those being let go. One source said the bank was looking to close 20 branches.

In March, ADCB had declared, “No employee will be made redundant during 2020 as a result of the COVID-19 pandemic.”

UAE banks have been hit by government measures to rein in the spread of the virus, forcing many businesses to shut temporarily.

Last week, Dubai’s largest bank, Emirates NBD, reported a slump of 58% in profits. In June, sources told Reuters the bank started a new round of hundreds of lay-offs.

In May, ADCB reported a fall of 84% in first-quarter net profit as it took impairments of $292 million on debt exposure to troubled hospital operator NMC Health and payments group Finablr.

It was a major lender, with an exposure of about $981 million, to NMC Health, which went into administration this year after months of turmoil following questions over financial reporting.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
September 16,2020

saudi-hme.jpg

Tbilisi, Sept 16: The United Nations World Tourism Organization (UNWTO) has approved the setting up of a regional office in Riyadh to support the growth of the Middle East’s tourism sector as it recovers from the coronavirus pandemic.

Minister of Tourism Ahmed Al-Khateeb said the UNWTO’s Executive Council members have approved the move to establish the office during a session in Georgia. The office will cover 13 countries within the region, and will serve as a platform to build long-term growth in the travel and tourism sector of the Middle East.

“International cooperation and the role of the UNWTO are more important than ever. I am therefore very excited that Saudi Arabia will become home to the first ever UNWTO Regional Office, which aims to support growth at a national and regional level,” Al-Khateeb said.

“In Saudi Arabia, we are very aware of the transformative power of tourism on the economy and people. We may still be a young destination, but tourism is at the forefront of Saudi Arabia’s vision for the future,” he added.

Recently, Al-Khateeb revealed that the Council of Ministers has given the Ministry of Tourism the go ahead to open a regional office of the United Nations World Tourism Organization (UNWTO) in Riyadh as well as to establish a global academy for tourism training.

Al-Khateeb pointed out that the ministry, in cooperation with UNWTO, would work to lay the foundations and standards that enable the proposed academy to be among the best tourism academies in the world.

It is noteworthy that that the UNWTO secretary general praised the Saudi Summer season during a recent visit to the Kingdom during which he toured a number of Saudi summer destinations. Al-Khateeb hoped that the Kingdom, together with UNWTO, would launch a set of initiatives to develop the tourism sector in the region.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
September 23,2020

saudiflight.JPG

Riyadh, Sept 23: Saudi Arabia on Wednesday suspended air travel to and from India, Brazil and Argentina, in view of the COVID-19 pandemic.

According to the country's Civil Aviation Authority, people with travel history to any of the mentioned countries 14 days prior to their arrival to the Kingdom, have also been barred.

"Suspending travel to and from the following countries (India, Brazil, and Argentina) including any person who has been in any of the mentioned countries in the last (14) days prior to their arrival to the Kingdom," General Authority of Civil Aviation said in a statement.

However, those who have official government invitations are excluded.

Saudi Arabia to re-allow umrah pilgrimage

Meanwhile, Saudi Arabia has allowed pilgrims residing inside the country to undertake the umrah pilgrimage beginning on October 4, after a seven-month pause due to coronavirus concerns, state news agency SPA reported.

Umrah is an Islamic pilgrimage to Mecca and Medina undertaken any time of the year, attracting 19 million people last year.

Saudi Arabia had instituted a freeze on umrah in March.

It will now allow 6,000 citizens and residents inside the kingdom to perform umrah daily, representing 30% of a revised capacity of 20,000 that takes into account precautionary health measures, SPA added. That will expand to 75% of capacity on October 18.

Beginning November 1, Saudi Arabia will allow visitors from specific countries deemed safe to perform umrah at 100% of the revised capacity, until the end of the pandemic, SPA said.

This year, Saudi Arabia conducted a limited haj, the larger pilgrimage that usually attracts around 3 million people, for a few thousand citizens and residents.

Official data show haj and umrah earn the kingdom about 12 billion USD a year.

On Tuesday, Saudi Arabia reported 330,798 total cases of coronavirus and 4,542 deaths, as cases in the Gulf region topped 800,000.

Global COVID-19 cases

The overall number of global coronavirus cases has topped 31.5 million, while the deaths have increased to more than 969,000, according to Johns Hopkins University.

As of Wednesday morning, the total number of cases stood at 31,517,087 and the fatalities rose to 969,578, the University's Center for Systems Science and Engineering (CSSE) revealed in its latest update.

The US is the worst-hit country with the world's highest number of cases and deaths at 6,896,218 and 200,786, respectively, according to the CSSE.

India comes in second place in terms of cases at 5,562,663, while the country`s death toll soared to 90,020.

The other top 15 countries with the maximum amount of cases are:

             Brazil (4,591,364)

             Russia (1,111,157)

             Colombia (777,537)

             Peru (768,895)

             Mexico (705,263)

             Spain (682,267)

             South Africa (663,282)

             Argentina (652,174)

             France (507,150)

             Chile (448,523)

             Iran (429,193)

             UK (406,058)

             Bangladesh (352,178)

             Saudi Arabia (330,798)

             Iraq (327,580)

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
September 13,2020

isr.jpg

Muscat, Sept 13: The Sultanate of Oman on Sunday welcomed the initiative of the Kingdom of Bahrain in view of the joint tripartite declaration on relations with Israel.

Oman News Agency quoted a statement issued by the Sultanate as reading, "The Sultanate welcomed the initiative undertaken by the Kingdom of Bahrain, as part of the Kingdom's sovereign rights, in view of the joint tripartite declaration on relations with Israel.

"The Sultanate hopes that this new strategic approach espoused by some Arab countries will be a practical step towards establishing peace based on the termination of the Israeli occupation of Palestinian territories and the setting up of an independent Palestinian state, with East Jerusalem as its capital.

"This embodies the two-state solution as stipulated by UN charters and Arab decisions and, at the same time, reflects the expectations and demands of all Arab countries and peace-loving people aspiring for fair, final and comprehensive peace in the Middle East and the world at large."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.