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Dubai’s Emirates NBD half-year profit dips 9%, hit by tax, lower recoveries

The bank posted a net profit of Dhs12.5bn ($3.40bn) in the six months to June 30, down from Dhs13.8bn over the same period in 2024

Reuters
Reuters

24 July, 2025

Dubai’s Emirates NBD half-year profit dips 9%, hit by tax, lower recoveries
Image credit: Getty Images

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Emirates NBD, Dubai’s biggest bank by assets, reported on Thursday a 9 per cent fall in its first-half net profit, as lower recoveries and a new higher tax rate impacted the lender’s results.

The bank posted a net profit of Dhs12.5bn ($3.40bn) in the six months to June 30, down from Dhs13.8bn over the same period in 2024.

Read-Dubai: DLD, Emirates NBD partner to streamline property registrations, deals

ENBD, majority-owned by Dubai’s government, said recoveries in the first half of 2025 were down by Dhs2bn, which compared with “very strong recoveries” last year, the bank said in a statement.

UAE banks have been benefitting from steady economic growth, rising demand for credit and government-driven investment in non-oil sectors in recent years.

In Dubai, the Gulf’s tourism and financial hub, a business-friendly environment has attracted a slew of companies and high-net-worth clients, contributing to a spike in real estate prices.

However, ENBD said on Thursday that while in the first half, “property transactions in Dubai were higher compared with 2024”, price growth “is moderating.”

Ratings agency Fitch expects a correction in real estate prices in the second half and in 2026, as new builds come to the market, it said in May.

ENBD’s total assets reached Dhs1.09tn as of end-June, up 17 per cent from a year earlier, with both net interest income and non-funded income rising by double digits.

The bank’s total gross loans rose 12 per cent to Dhs570bn in the first six months, with nearly half of the increase coming from international operations.

They were outpaced by deposits, which grew 18 per cent to Dhs737bn.

Its net interest margin dropped to 3.47 per cent at the end of June, its lowest since 2022, impacted in the second quarter by a rate hike in Turkey, where ENBD operates through its unit DenizBank.

Dubai commuters rejoice: Free Wi-Fi on all intercity buses

The move is aimed at improving the commuting experience and giving passengers the flexibility to work or browse the internet while travelling

Gulf Business
Gulf Business

23 July, 2025

Dubai commuters rejoice: Free Wi-Fi on all intercity buses
Image credit: Dubai Media Office/Website

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The Roads and Transport Authority (RTA), in partnership with telecom provider e&, has completed the installation of free Wi-Fi on all 259 of its intercity buses, enhancing connectivity for thousands of daily commuters.

Read-Dubai’s RTA bus stations: What does their upgrade look like?

The initiative covers routes linking Dubai with other emirates, including Sharjah, Abu Dhabi, Ajman, and Fujairah. Passengers can now access complimentary Wi-Fi throughout their journeys using smartphones, tablets, or laptops.

Image credit: Dubai Media Office/Website

Officials say the move is aimed at improving the commuting experience and giving passengers the flexibility to work, stay in touch, or browse the internet while travelling.

The rollout aligns with the UAE Digital Government Strategy and is part of RTA’s wider efforts to drive digital transformation across its transport services. It also supports Dubai’s broader vision of becoming the world’s smartest and happiest city.

Image credit: Dubai Media Office/Website

“The service will undergo continuous assessment in collaboration with e&,” the RTA said in a statement, adding that future enhancements are already being explored. Authorities are also considering expanding Wi-Fi connectivity to marine transport services.

By integrating technology into public transportation, the RTA aims to boost passenger satisfaction and encourage more residents to use sustainable modes of travel.

This latest upgrade reinforces Dubai’s position as a leader in smart urban mobility and digital infrastructure.

Etihad soars higher: Targets 21.5 million passengers, adds 18 new aircraft in 2025

To maintain growth momentum, Etihad accelerated the induction of leased aircraft and reintroduced seven A380 aircraft into service

Gulf Business
Gulf Business

23 July, 2025

Etihad soars higher: Targets 21.5 million passengers, adds 18 new aircraft in 2025
Image credit: WAM/Website

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Antonoaldo Neves, Chief Executive Officer of Etihad Airways, has unveiled ambitious plans for the airline’s growth in 2025, targeting approximately 21.5 million passengers by the end of the year, more than double the number recorded in 2022.

Read-Flying Etihad? Know about these latest developments

Speaking with the Emirates News Agency (WAM), Neves outlined how this growth will be supported by a significant fleet expansion. The airline expects to receive 18 new aircraft by the end of the year, with two already added to the fleet and 16 more scheduled for delivery in the coming months. Having transported over 10 million passengers during the first half of the year, Etihad is on track to close 2025 with a fleet size between 115 and 120 aircraft.

Fleet expansion and financial growth drive ambitious targets

Neves highlighted the airline’s impressive financial trajectory in recent years. Etihad Airways reached financial break-even in 2022, achieved a profit margin of 3 percent in 2023, and increased this to approximately 6 percent last year. This year, the company expects profit margins to rise further to between 7 and 8 percent.

“Our strategy is focused on gradually expanding margins each year,” Neves said. “We are funding our growth through internal cash flows, which contributes to sustainable financial performance.”

The planned fleet expansion plays a critical role in this strategy. Neves also addressed operational challenges, noting that the airline anticipated delays in aircraft delivery from manufacturers. To maintain growth momentum, Etihad accelerated the induction of leased aircraft and reintroduced seven A380 aircraft into service.

The airline is gearing up for an even larger expansion in the coming years. Zayed International Airport in Abu Dhabi, Etihad’s hub, is well-equipped to support this growth. Neves revealed plans to grow the fleet to around 200 aircraft and serve between 38 and 39 million passengers by 2030—effectively doubling the company’s size over the next five years.

Strengthening global network and market presence

Etihad’s growth strategy extends beyond fleet expansion to enhancing its global network. The airline currently flies to nearly 100 destinations worldwide. However, Neves emphasized that growth isn’t only about adding new routes, but also increasing flight frequencies on existing routes to meet rising demand.

For instance, flights to Frankfurt and Barcelona have doubled to twice daily, while Bangkok now receives five daily flights during peak periods. Around two-thirds of the additional capacity is allocated to existing destinations, with only one-third targeting new markets.

New routes are also expanding. Atlanta began with five weekly flights and now operates daily service, while New York has increased from one daily flight 18 months ago to two today. Western destinations are now all served with daily flights, reflecting Etihad’s commitment to deepening its market position.

Looking ahead to 2030, the airline will focus on markets within a four-hour flight radius from Abu Dhabi, including India, Pakistan, and the Middle East. Etihad operates four daily flights to key destinations such as Colombo, Riyadh, Jeddah, Mumbai, and Muscat. The airline aims to offer at least two daily flights to all its destinations across Southeast Asia, Europe, and the eastern United States.

Neves also revealed a significant milestone: Etihad will soon take delivery of its first A321 Long Range aircraft, arriving this week in Hamburg. This narrow-body aircraft will be the first in the fleet to feature a first-class cabin with fully flat luxury seats, a “world’s best travel experience on a narrow-body aircraft,” according to Neves. This move marks a redefinition of regional travel standards for the airline.

Abu Dhabi’s growth fuels airline expansion

Neves praised Abu Dhabi’s rapid development as a major driver behind Etihad’s growth. The capital city’s population is increasing at an annual rate of 7 per cent, five to six times the global average, which is boosting demand for travel and services.

International events, exhibitions, conferences, and the expanding tourism and cultural sectors in Abu Dhabi are further stimulating travel to and from the capital.

“We have doubled our flight capacity in Abu Dhabi in just two and a half years,” Neves said. “This positions us as a major contributor to the city’s development, while also benefiting significantly from government investment in infrastructure and tourism.”

He concluded by underscoring Etihad’s vision for the future. The airline is now more agile and better positioned to respond to shifting market dynamics as it pursues its goal of becoming the preferred airline for travelers worldwide by offering exceptional service, flexibility, and smart expansion.

UAE shuts 77 social media accounts for illegal domestic worker recruitment

The Ministry warned against engaging with unofficial social media platforms that promote illegal recruitment services

Gulf Business
Gulf Business

23 July, 2025

UAE shuts 77 social media accounts for illegal domestic worker recruitment
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The Ministry of Human Resources and Emiratisation (MoHRE), in partnership with the Telecommunications and Digital Government Regulatory Authority (TDRA), has shut down 77 social media accounts during the first half of 2025 for legal violations.

The action followed investigations by MoHRE, which revealed that these accounts were operating without official licences and engaging in the unauthorised recruitment of domestic workers—an explicit breach of regulations.

MoHRE has reiterated its call for employers, Emirati nationals, and resident families to deal only with licensed and approved domestic worker recruitment agencies when hiring. The Ministry warned against engaging with unofficial social media platforms that promote illegal recruitment services.

In an official statement, the Ministry stressed that “dealing with unlicensed domestic worker recruitment agencies and unreliable social media pages promoting domestic worker services could lead to customers losing their legal rights, which are guaranteed when they exclusively deal with Ministry-licensed and approved agencies.”

To support residents, the Ministry urges individuals to verify the credibility of any agency advertising domestic worker services through social media by contacting the call centre at 600590000.

A comprehensive list of licensed agencies across the UAE, including their names and locations, is available on the Ministry’s website: www.mohre.gov.ae.

How Saudi Arabia is measuring AI readiness across government

The index is part of SDAIA’s wider mandate as the national authority for data and AI

Rajiv Pillai
Rajiv Pillai

23 July, 2025

How Saudi Arabia is measuring AI readiness across government
Image: Getty Images

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The Saudi Data and Artificial Intelligence Authority (SDAIA) has launched the “National AI Index,” a strategic initiative designed to assess and enhance government entities’ readiness to adopt artificial intelligence technologies. More than 180 representatives from participating government bodies took part in the first assessment cycle.

The index aims to evaluate institutional preparedness, monitor progress on an ongoing basis, and offer tailored recommendations to accelerate AI development efforts and generate national-level impact. It is designed to align government actions with Saudi Arabia’s strategic priorities in AI and support the realisation of the Kingdom’s Vision 2030.

Three pillars

Structured around three main pillars, seven core dimensions, and 23 subcategories, the National AI Index provides a comprehensive framework to assess AI maturity across government entities. It delivers data-driven insights into the level of institutional AI adoption and offers guidance to build innovative, sustainable AI capabilities in priority sectors.

Read: Saudi Arabia’s digital government achievements highlighted through national performance indicators

The index is part of SDAIA’s wider mandate as the national authority for data and AI, responsible for regulating, developing, and overseeing their application across the Kingdom. Through this initiative, SDAIA aims to empower public sector organisations to improve performance and embrace digital transformation, ultimately contributing to a knowledge-based and innovation-driven economy.

By serving as both a benchmarking and capacity-building tool, the National AI Index supports the Kingdom’s long-term ambitions to become a global leader in AI deployment and digital governance.

UAE’s job boom: 56% of companies planning to hire

Energy and utilities continues to perform strongly, posting an over 62 per cent hiring outlook, 43 points above the global sector average

Nida Sohail
Nida Sohail

23 July, 2025

UAE’s job boom: 56% of companies planning to hire
Image credit: Getty Images

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The UAE has emerged as the most optimistic country globally in terms of hiring expectations for the third quarter of 2025, according to the latest ManpowerGroup Employment Outlook Survey (MEOS).

With a Net Employment Outlook (NEO) of over 48 per cent, the UAE significantly outpaces the global average of over 24 per cent, demonstrating the continued resilience and vitality of its labour market as the region pushes forward with diversification and innovation.

Read-Inclusivity in the workplace: A strategic imperative for the UAE

The report, based on responses from more than 530 employers across the country, found that 56 per cent of UAE organisations plan to expand their workforce in Q3 2025, while just 8 per cent expect a reduction. The remaining employers either anticipate no change or are unsure. These figures place the UAE firmly at the top of the global hiring sentiment rankings, ahead of countries such as the Netherlands (over 30 per cent) and Ireland (over 29 per cent).

Key sectors powering UAE’s employment momentum

The sectors showing the strongest hiring confidence in Q3 include Transport, Logistics and Automotive, Consumer Goods and Services, and Energy and Utilities, all industries experiencing dynamic growth and transformation.

  • Transport, logistics and automotive reports the highest global hiring outlook at over 64 per cent, exceeding the international average by 41 percentage points. This remarkable surge is fueled by ongoing infrastructure mega projects, smart mobility innovations, and increased demand for supply chain professionals.

  • The consumer goods and services sector follows with a over 60 per cent hiring outlook, outperforming the global sector average by 27 points. This growth reflects an ongoing rebound in retail, FMCG, and tourism-related services, especially with seasonal peaks expected in the latter half of the year.

  • Energy and utilities continues to perform strongly, posting an over 62 per cent hiring outlook, 43 points above the global sector average. The sector’s strength is driven by major investments in sustainable infrastructure and the UAE’s diversification of energy sources, aligning with the country’s long-term climate goals.

According to the survey, the main drivers of hiring in the UAE include:

  • Company expansion (38 per cent), reflecting confidence in market conditions and strategic growth plans

  • Technological advancements (32 per cent), as businesses accelerate digital transformation

  • Emerging business areas (31 per cent), creating demand for new roles in innovation, AI, and green technologies

UAE’s labor market shows resilience and ambition

Filip Rideau, country manager at ManpowerGroup Middle East, emphasised the UAE’s unique position in the global employment landscape.

“With a Net Employment Outlook of over 48 per cent, the highest globally, the UAE labor market demonstrates not only resilience but a strong appetite for growth,” said Rideau. “Key sectors such as transport, consumer goods, and energy are driving this momentum, indicating robust demand for skilled talent across industries.”

The Europe, Middle East, and Africa (EMEA) region shows varied hiring confidence, with an average NEO of 19 per cent. The UAE’s over 48 per cent outlook places it well ahead of regional and global counterparts, further cementing its reputation as a talent hub and economic powerhouse.

Adapting to the rising cost of living

Amid growing concerns about the cost of living, especially in key areas such as housing and education, UAE employers are increasingly revisiting their compensation models.

Many companies now conduct annual salary reviews to better align with inflation trends and employee expectations. According to Vijay Gandhi, Regional Director at Korn Ferry, there is a noticeable shift toward tiered and adaptive benefits structures.

“Housing and transport allowances are widely offered across all job levels, while children’s education support is more commonly provided to managers and senior executives,” said Gandhi. “These benefits are often tailored based on an employee’s seniority and family needs, helping to ease financial strain and improve retention.”

However, Gandhi cautioned that salaries in several sectors have not fully kept pace with inflation, prompting a broader rethink of rewards structures.

To stay competitive, employers are exploring:

  • Performance-linked bonuses

  • Stock options or equity plans

  • Lifestyle-related perks like relocation support and travel reimbursements

Beyond salary: Innovative benefits shaping the UAE talent market

As financial pressures mount, UAE companies are going beyond salary adjustments to craft holistic benefit packages designed to support employee well-being, work–life balance, and professional growth.

Some of the most in-demand innovations include:

  • Flexible work arrangements: Hybrid and remote options are increasingly expected by candidates and offer employers greater reach and retention.

  • Mental health and wellness initiatives: Companies are investing in counseling services, wellness stipends, and gym memberships to promote overall health.

  • Childcare support: Subsidies and on-site childcare help working parents manage responsibilities more effectively.

  • Professional development stipends: These allow employees to pursue certifications, attend workshops, and build skills aligned with future career goals.

By embracing a whole-person approach to talent management, UAE employers are positioning themselves to compete globally for top-tier professionals while fostering loyalty and engagement.

What UAE workers value most in 2025: Emerging trends

The workforce of 2025 is more discerning, more informed, and more aligned with long-term life goals than ever before. As such, UAE professionals are increasingly drawn to benefits that reflect these priorities.

The most valued employee benefits this year include:

  • Flexible working hours and remote options, supporting diverse personal commitments and lifestyles

  • Education and childcare allowances, providing financial relief for families

  • Mental health and wellness programs, addressing burnout and psychological well-being

  • Upskilling and training programs, ensuring career durability in an evolving tech-driven economy

These preferences point to a seismic shift in the employer-employee relationship—one where purpose, flexibility, and well-being sit alongside salary as top considerations.

Outlook: UAE positioned as global talent magnet

The Q3 2025 data from ManpowerGroup not only reflects a moment of optimism, but also signals a strategic transformation in the UAE labor market. As the country continues to invest in future-ready sectors, upgrade digital infrastructure, and refine its talent policies, it is increasingly seen as a destination of choice for ambitious professionals.

For employers, this is an opportunity to lead with vision and responsibility. For job seekers, it may just be the best time to make a career move to the UAE.

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Dubai's Emirates NBD half-year profit dips 9%, hit by tax