Emirates Islamic to lay off 200 people – report

Dubai-based lender Emirates Islamic is laying off 200 staff to cut costs, according to a report. An un-named source confirmed that the bank was downsizing its workforce. However, Emirates Islamic declined to deny or confirm the report. Several banks in the United Arab Emirates have trimmed local operations as they look to reduce costs. Barclays is reducing its Dubai workforce by 150 people and closing its offices in Emaar Square. Earlier this year, the National Bank of Ras Al Khaimah also revealed that it will cut expatriate staff as it seeks to reduce its headcount by up to 250. The overall banking industry across the GCC is slowing because of low oil prices.