RAKBank said there’s no change to its business strategy, despite the job losses. Ahmed Jadallah / Reuters
RAKBank said there’s no change to its business strategy, despite the job losses. Ahmed Jadallah / Reuters

RAKBank says 250 job losses will be expatriates

National Bank of Ras Al-Khaimah (RAKBank) said expatriate staff will account for the as many as 250 job losses that the UAE lender plans as it adjusts to slowing growth.

Headcount had grown by about 600 in the past three years, “on the back of a significant increase in new business volume, which has now settled at more sustainable levels,” chief executive Peter England said in a statement to Abu Dhabi’s stock market on Wednesday.

Banks in the UAE are prepared for deteriorating conditions as oil prices remain lower for longer, leading to a decline in government spending, slower economic growth and falling asset quality, Standard & Poor’s said on January 11.

Loan-loss provisions at Abu Dhabi-based Union National Bank jumped 57 per cent in the third quarter and United Arab Bank swung to a loss from a year-earlier profit in the period.

RAKBank said there’s no change to its business strategy. It recently re-entered wholesale banking and “has been significantly increasing its product offerings and headcount in this segment, which is set to continue throughout 2016”.


Follow The National's Business section on Twitter


Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

Company profile

Date started: January, 2014

Founders: Mike Dawson, Varuna Singh, and Benita Rowe

Based: Dubai

Sector: Education technology

Size: Five employees

Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.

Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)

UAE athletes heading to Paris 2024

Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).

Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).

Safia Al Sayegh (women's road race).

Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Maryam Mohammed Al Farsi (women's 100 metres).

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

Most Read
Top Videos