UAE central bank is monitoring job cuts in financial sector

Abu Dhabi Islamic Bank is seeking to save about Dhs500m by cutting jobs and closing branches



The United Arab Emirates’ central bank said it’s “closely” monitoring job cuts in the country’s financial sector.

“We are closely following the recent occurrences of downsizing amongst financial institutions in the country to ensure that downsizing is not adversely affecting regulatory compliance and market conduct,” the central bank said in a statement.

Abu Dhabi Islamic Bank is seeking to save about Dhs500m ($136m) by cutting jobs and closing branches, Bloomberg reported earlier this month.

The lender joins competitors such as First Abu Dhabi Bank and Emirates NBD in reducing their workforce.

Sluggish economic growth is weighing on the UAE’s finance industry. Job losses also follow the merger of banks in the past years.