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
Announcements
UAE’s first-ever Woman Grandmaster Rouda Essa Alserkal to play the Norway Chess Open 2025
In a bid to encourage chess players in the Middle East and provide a platform at the global stage, the organisers of Norway Chess – one of the most prestigious tournaments in the FIDE chess calendar – has invited Emirate’s first-ever female grandmaster Rouda Essa Alserkal to participate in the Norway Chess Open 2025 which will see participation from 31 countries.
The 15-year-old Rouda was formally presented with the invitation by Kjell Madland, Managing Director and visionary behind Norway Chess, today at a press event in Seven Seas Hotel in Dubai. Also present at the grand occasion was Dr Mansoor Al Tamimi, Vice Technical Committee Chair, the Technical Director from the Abu Dhabi Chess Club and Mind Games. Koneru Humpy, two-time women’s world rapid chess champion, also joined virtually and wished Rouda ahead of her upcoming events.
Kjell Madland, Managing Director of Norway Chess, presents the official invitation to participate in the Norway Chess Open 2025 to Rouda Al Serkal, the UAE’s first Woman Grandmaster, as Benedicte Westre Skog, COO of Norway Chess, looks on during the official press conference held at the Seven Seas Hotel in Dubai on Wednesday. Photo Credit: Joy Dasgupta/Norway chess
The Norway Chess Open 2025 will be held from May 26 to June 1 at the IMI Forum in Stavanger, attracting both grandmasters and ambitious chess players seeking title norms and valuable competitive experience. With previous participants like reigning World Champion Gukesh D, Praggnanandhaa, and Vaishali, who participated in the Norway Chess Open as budding players before their meteoric rise in the sport, has established itself as an essential arena for players seeking high-level competition.
Speaking about providing this unique opportunity for Rouda, Kjell Madland expressed, “Norway Chess is delighted to invite Rouda Essa Alserkal to participate in this year’s Norway Chess Open 2025. I congratulate Rouda on the remarkable feat to become the first woman Chess Grandmaster from the UAE and she stands tall as an inspiration for women in this region to achieve. The Norway Chess Open provides a great opportunity for Grandmasters and chess players to hone their skills and gain competitive exposure. We hope to find and encourage many future chess stars from the Middle East to play in the Norway Chess Open.”
Madland further highlighted the importance of growing chess as a competitive sport in the Middle East and expressed interest in creating further synergies with potential partners in the UAE. “We are exploring the possibility of hosting Norway Chess tournament in the Middle East and potential partners are welcome to connect with us. We are also working to broadcast Norway Chess live to the fans in the Middle East,” he said.
In the Norway Chess Open category, leading the list of participants is Rinat Jumbayev (KAZ), followed by strong contenders such as Gergely Kantor (HUN), Valentin Dragnev (AUT), Vitaly Kunin (GER), Norwegian Frode Urkedal (NOR), and Chinese grandmaster Jiner Zhu (CHN).
Expressing her excitement to participate in the Norway Chess Open 2025, Rouda said, “I am looking forward to the competition as I know Norway Chess is the strongest grooming ground for future chess superstars. When I first heard that I am getting invited for the Norway Chess Open, I could not believe it and I was so thrilled, I told my coach immediately – that I need to start preparing. This is the most prestigious tournament in the world and I am sure this experience will help me improve my game further.”
“I am also greatly looking forward to meet Magnus Carlsen and Hikaru Nakamura, also some of the Indian players like the new World Champion Gukesh who will be participating in the Norway Chess 2025,” she added.
The Norway Chess Open features double rounds on Thursday, May 29, and Friday, May 30, providing excellent opportunities for title norms in the top group. In the Grandmaster Group, which Rouda has been invited to participate, will have nine rounds, opportunity for title norms and a prize fund of €13,000.
Please see attached images from the event.
About Norway Chess 2025:
The Norway Chess Open is held simultaneously along with the marquee Norway Chess 2025 which will see a star-studded line-up featuring world no.1 Magnus Carlsen (Norway), Hikaru Nakamura (USA), Gukesh D (India), Fabiano Caruana (USA), Arjun Erigaisi (India), and Wei Yi (China) among the men while the Norway Chess Women will feature Ju Wenjun (China), Lei Tingjie (China), Humpy Koneru (India), Anna Muzychuk (Ukraine), Vaishali Rameshbabu (India), and Sarasadat Khademalsharieh (Spain).
Norway Chess and Norway Chess Women, feature the same format, same prize money, and take place in the same playing hall. Both tournaments follow a 6-player double round-robin format.
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