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

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.

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
June 24,2020

New Delhi, June 24: The United Arab Emirates (UAE) has asked Air India to not carry any passengers aboard the repatriation flights to UAE being operated under the Vande Bharat Mission.

As per the Guidelines issued by the General Civil Aviation Authority of United Arab Emirates (UAE)- Safety Decision 2020-01 (Issue 17) Q and A Guidance For Foreign Operators, on June 23, 2020 - transportation of passengers ( UAE Nationals and Non - UAE Nationals) to the United Arab Emirates on the repatriation flights is not allowed.

In view of the foregoing, all passengers including the Indian Nationals who are holding valid Residency Permit / Work Permit of United Arab Emirates and have procured approval of the UAEs Federal Authority for Identity and Citizenship- UAE (ICA) of United Arab Emirates or an approval from the General Directorate of Residency and Foreigners Affairs (GDRFA) applicable to Dubai would need to have specific approval from the Embassy of the United Arab Emirates in New Delhi and their UAE Ministry of Foreign Affairs and International Cooperation (MOFAIC) to travel from India to United Arab Emirates (UAE) on these repatriation flights.

All passengers need to comply with the quarantine and COVID-19 test requirements as per the preventive and the precautionary measures required by the appropriate health authorities, as notified from time to time.

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
May 25,2020

May 25: A total of 241 Indians including 136 people who were jailed in Kuwait would return to the country soon, a senior minister said on Sunday.

The other 105 people were stranded in Bangladesh, Law Minister Ratan Lal Nath said.

"Altogether 136 people from Tripura and Assam, who are at present in jail in Kuwait for violating that country's laws, would be deported. They will reach Guwahati between May 27 and June 4 in a special flight," Nath told reporters.

He said the matter has been officially informed by the Kuwaiti government, but the reason for their imprisonment is not known.

"We had requested the Kuwaiti authorities to drop the Tripura residents here. However, they informed us that the flight would land in a single airport," the minister added.

Nath said 105 residents of Tripura, who are stranded in different places of Bangladesh will return to the state through the Agartala-Akhaura integrated check post on May 28.

"They would be taken to institutional quarantine and swabs of all the passengers would be collected for COVID-19 test," Nath said.

If the report of their samples tests negative, they would be allowed to leave the facility and remain under 14 days of home quarantine. And those who test positive would be hospitalized, he said.

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
May 7,2020

A patient in hospital with Covid-19 has given birth to a healthy baby boy in Dubai.

The 25-year-old Indian was admitted to Al Zahra Hospital after testing positive on May 2.

Although the baby was not due to arrive until May 19, the woman went into labour three days later and delivered a healthy boy weighing 3.8kg.

The parents are yet to name the child, who has also been tested for the virus.

“When we first received the Covid-19 positive diagnosis, we were afraid for the health of both my wife and the baby,” said the boy’s father, who did not want to give his name.

“Thankfully with the help of the doctors and nurses at Al Zahra Hospital, my son was born with no complications and my wife remains in stable condition.

“We couldn’t be more grateful.”

Despite arriving two weeks early, both mother and child are doing well but will only be allowed to leave the hospital to return to their home in Dubai after they return three negative tests on the trot.

“The contractions started very suddenly and it all happened very quickly,” said Al Zahra Hospital nursing director Maysoon Yousef.

“The delivery took about 10 to 15 minutes which is something we do not see very often.

“There were no complications and both the mother and baby are in good condition.”

Strict measures are in place to ensure hygiene for those inside the hospital, as well as visitors.

The new mum and her son are in the same room as the baby needs to be nursed.

According to the Centres for Disease Control and Prevention, a US national public health institute, there is no evidence that suggests the virus can be transmitted through breastfeeding.

New mothers infected with the virus should wear a mask, wash their hands before and after touching the baby.

“We operate by the latest Covid-19 international and local guidelines when it comes to the management of our maternity patients and otherwise,” said Dr Ghassan Lutfi, head of obstetrics and gynaecology at the hospital.

“We take strict measures to guarantee that there is no risk of cross contamination and that all our patients are in safe hands.”

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.