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Saudi Arabia eases financial burden on citizens in royal decrees

Agencies
January 6, 2018

Jeddah, Jan 6: Saudi Arabia's King Salman made a series of royal decrees early Saturday easing the financial burden on the country’s citizens.

Saudi state workers and military personnel will see a rise of SR1,000 ($267) in salaries for the next 12 months, effective Jan. 1, 2018, while soldiers in combat on the Kingdom’s southern border will get a one time bonus of SR5,000.

To help with living expenses, welfare recipients and pensioners will get an extra SR500 monthly stipend for the rest of the year.

Government salaries will now be paid on the 27th of each month with all service bills to be issued a week later.

Students are also helped in the king’s decrees with a hike of 10 percent in allowances for the next 12 months.

The state will bear the impact of newly introduced VAT by absorbing it for citizens using private healthcare and education.

There is also good news for first-time home buyers with the state paying the VAT — not exceeding SR850,000 — on the purchase.

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News Network
April 2,2020

Dubai, Apr 2: A senior Saudi official urged more than 1 million Muslims intending to perform the hajj to delay making plans this year in comments suggesting the pilgrimage could be cancelled due to the new coronavirus pandemic.

In February, the kingdom took the extraordinary decision to close off the holy cities of Mecca and Medina to foreigners over the virus, a step which wasn’t taken even during the 1918 flu epidemic that killed tens of millions worldwide.

Restrictions have tightened in the kingdom as it grapples with over 1,500 confirmed cases of the new virus. The kingdom has reported 10 deaths so far. The Middle East has more than 71,000 confirmed cases of the virus, most of those in Iran, and over 3,300 deaths.

“The kingdom of Saudi Arabia is prepared to secure the safety of all Muslims and nationals,” Saudi Hajj and Umrah Minister Muhammad Saleh bin Taher Banten told state television. “That’s why we have requested from all Muslims around the world to hold onto signing any agreements (with tour operators) until we have a clear vision.”

Saudi Arabia has barred people from entering or exiting three major cities, including Mecca and Medina, and imposed a nighttime curfew across the country. Like other countries around the world and in the Middle East, Saudi Arabia has suspended all inbound and outbound commercial flights.

Each year, up to 2 million Muslims perform the hajj, a physically demanding and often costly pilgrimage that draws the faithful from around the world. The hajj, required of all able-bodied Muslims to perform once in their lifetime, is seen as a chance to wipe clean past sins and bring about greater humility and unity among Muslims.

Standing in Mecca in front of the cube-shaped Kaaba that Muslims pray toward five times daily, Banten also said the kingdom was already providing care for 1,200 pilgrims stuck in the holy city due to global travel restrictions. A number of them are being quarantined in hotels in Mecca, he said.

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Agencies
July 28,2020

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.

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News Network
April 18,2020

Dubai, Apr 18: Saudi Arabia has reported 1,132 new coronavirus cases, taking the total number of confirmed COVID-19 patients to 8,274, the Ministry of Health revealed on Saturday.

The ministry has also announced five more deaths from the virus, taking to 92 the Kingdom’s death toll.

Recoveries
As for recoveries, 280 new recoveries were reported, pushing the total number of patients recovered to 1,329.

The ministry revealed that 79 per cent of today’s cases are expatriates and that 65 per cent of the cases were detected through intensified and active COVID-19 screening in densely-populated areas.

A total of 201 patients of Saturday’s cases have contracted the disease due to being in contact with existing cases, the ministry added.

The new infected cases have been placed under complete isolation and they are receiving necessary medical care, an official from the ministry said.

He affirmed that medical teams are intensifying efforts and screening tests in workers' neighbourhoods and accommodations in order to limit the spread of the disease.

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