UAE News: Abu Dhabi Islamic Bank to Cut Jobs, Shut Branches - Bloomberg:
Abu Dhabi Islamic Bank PJSC is seeking to save about 500 million dirhams ($136 million) by cutting jobs and closing branches as sluggish economic growth weighs on the finance industry.
The state-controlled lender plans to shut some local and international branches, according to people with knowledge of the matter who asked not to be identified because the matter is private. The bank has operations in Egypt, Iraq, Saudi Arabia and the U.K.
A spokesman for the bank declined to comment.
ADIB, as the bank is known, joins competitors such as First Abu Dhabi Bank PJSC and Emirates NBD PJSC in cutting jobs. The U.A.E. economy is coming under pressure from regional geopolitical tensions and weak domestic demand. In Dubai, business growth stalled, while jobs disappeared at the fastest pace in at least a decade in the latest sign of strain on the Middle East’s commercial hub.
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