Announcements
This bank in UAE has given salary hikes to adjust for inflation
Dubai’s biggest bank Emirates NBD has given most employees a pay rise of up to 8% to help cushion against rising costs of living driven by inflation, two sources familiar with the matter have told Reuters.
The increases varied according to seniority and were part of a mid-cycle salary adjustment for inflation, with top executives receiving smaller or no increases, the sources said.
Most employees received a pay rise of between 5% and 8%, with lower-paid staff receiving the biggest increase, one of the sources, who has direct knowledge of the matter, said.
Emirates NBD, majority owned by Dubai’s government, said it did not comment on staff-related matters.
“As a people-first organization and a leading employer, Emirates NBD has remained committed to initiatives and policies that support staff well-being, while adopting a robust employee recognition program,” a spokesperson added in an emailed response to a Reuters query.
It was not immediately clear if the salary increases were only for employees in the country. The bank also has operations in Egypt, India, Turkey and elsewhere.
Annual inflation in the oil-producing Gulf state reached 3.4% in the first quarter, according to the central bank, which has projected 5.6% inflation for the year. The UAE has not published monthly inflation figures this year.
The trajectory of price increases represents a significant turnaround from deflation throughout 2019, 2020 and the first seven months of 2021.
In recent months people have voiced concerns over increasing living costs in the UAE, with retail fuel prices now up around 55% so far this year, falling from a high of about 80%.
The UAE is the only Gulf Arab country without a cap on domestic fuel prices, leading to petrol costs surging at the pump.
Dubai average rental prices for apartments and townhouses rose by 29% and 33% in the first half of the year and for villas by 64%, according to Betterhomes, as the property market continued a strong post-pandemic recovery.
Emirates NBD in late July reported a 42% jump in second quarter profit to 3.5 billion dirhams ($952.98 million).
The Central Bank of the UAE has increased its base rate a cumulative 225 basis points since March in parallel with the US Federal Reserve, because its currency is pegged to the dollar, as central banks globally battle historic inflation.
— Reuters
ANAROCK Group has announced a major leadership reshuffle as it looks to expand its footprint across the Middle East and Europe, with a strong focus on Dubai’s growing real estate market.
The independent real estate consultancy said the appointments come as the region enters a new phase of growth, driven by rising investor confidence, infrastructure expansion and increasing demand across residential and institutional real estate sectors.
New leadership appointments
Anuj Kejriwal has been appointed CEO, EMEA, while continuing his current role as Founding Partner and Head of Retail Advisory.
In his expanded position, Kejriwal will oversee the rollout of ANAROCK’s institutional advisory services across the Middle East, including capital markets, land services, consulting and valuation.
The company said Dubai will act as the launchpad for its wider regional expansion strategy before moving into broader European markets.
Meanwhile, Aayush Puri has been named CEO – Residential, Middle East and CEO of ANAROCK Channel Partner (ACP).
He will lead the firm’s residential business across the region while continuing to oversee the international operations of ANACITY, the group’s proptech and property management platform.
Focus on Dubai’s growth
According to ANAROCK, Dubai’s real estate market remains one of the key long-term growth drivers for the company, supported by strong economic fundamentals and sustained investor demand.
The firm also plans to hire senior local talent across consulting, residential and capital markets divisions as part of its expansion push.
Anuj Puri, Chairman of ANAROCK Group, said the leadership changes reflect the company’s commitment to strengthening its regional presence and capturing new cross-border opportunities in one of the world’s most dynamic real estate markets.
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