Riyadh, Mar 25: A 46-year-old man died of coronavirus in Saudi Arabia, becoming the Kingdom’s second death, according to a health ministry’s spokesman.
The health ministry recorded 133 new infections, bringing the total to 900.
Of those newly confirmed cases, 18 are associated with recent travel, and were placed in quarantine upon their arrival in the Kingdom, the spokesman said.
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.
Beirut, Jul 23: The pandemic will exact a heavy toll on Arab countries, causing an economic contraction of 5.7% this year, pushing millions into poverty and compounding the suffering of those affected by armed conflict, a U.N. report said Thursday.
The U.N.'s Economic and Social Commission for Western Asia expects some Arab economies to shrink by up to 13%, amounting to an overall loss for the region of $152 billion.
Another 14.3 million people are expected to be pushed into poverty, raising the total number to 115 million — a quarter of the total Arab population, it said. More than 55 million people in the region relied on humanitarian aid before the COVID-19 crisis, including 26 million who were forcibly displaced.
Arab countries moved quickly to contain the virus in March by imposing stay-at-home orders, restricting travel and banning large gatherings, including religious pilgrimages.
Arab countries as a whole have reported more than 830,000 cases and at least 14,717 deaths. That equates to an infection rate of 1.9 per 1,000 people and 17.6 deaths per 1,000 cases, less than half the global average of 42.6 deaths, according to the U.N.
But the restrictions exacted a heavy economic toll, and authorities have been forced to ease them in recent weeks. That has led to a surge in cases in some countries, including Lebanon, Iraq and the Palestinian territories.
Wealthy Gulf countries were hit by the pandemic at a time of low oil prices, putting added strain on already overstretched budgets. Middle-income countries like Jordan and Egypt have seen tourism vanish overnight and a drop in remittances from citizens working abroad.
War-torn Libya and Syria have thus far reported relatively small outbreaks. But in Yemen, where five years of civil war had already generated the world's worst humanitarian crisis, the virus is running rampant in the government-controlled south while rebels in the north conceal its toll.
Rola Dashti, the head of the U.N. commission, said Arab countries need to “turn this crisis into an opportunity” and address longstanding issues, including weak public institutions, economic inequality and over-reliance on fossil fuels.
“We need to invest in survival, survival of people and survival of businesses,” she said.
Dubai, Mar 23: The United Arab Emirates announced on Monday it will temporarily suspend all passenger and transit flights amid the novel coronavirus outbreak.
The Emirati authorities "have decided to suspend all inbound and outbound passenger flights and the transit of airline passengers in the UAE for two weeks as part of the precautionary measures taken to curb the spread of the COVID-19", reported the official state news agency, WAM.
It said the decision -- which is subject to review in two weeks -- will take effect in 48 hours, adding: "Cargo and emergency evacuation flights would be exempt."
The UAE, whose international airports in Abu Dhabi and Dubai are major hubs, announced on Friday its first two deaths from the COVID-19 disease, having reported more than 150 cases so far.
Monday's announcement came hours after Dubai carrier Emirates announced it would suspend all passenger flights by March 25.
But the aviation giant then reversed its decision, saying it "received requests from governments and customers to support the repatriation of travellers" and will continue to operate passenger flights to 13 destinations.
Emirates had said it will continue to fly to the United Kingdom, Switzerland, Hong Kong, Thailand, Malaysia, the Philippines, Japan, Singapore, South Korea, Australia, South Africa, the United States and Canada.
"We continue to watch the situation closely, and as soon as things allow, we will reinstate our services," said the airline's chairman and CEO, Sheikh Ahmed bin Saeed Al-Maktoum.
Gulf countries have imposed various restrictions to combat the spread of the novel coronavirus pandemic, particularly in the air transport sector.
The UAE has stopped granting visas on arrival and forbidden foreigners who are legal residents but are outside the country from returning.
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