Home Business Doha Bank cuts UAE staff as Qatar crisis continues

Doha Bank cuts UAE staff as Qatar crisis continues

Business 2017/10/18 at 6:11 AM
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Doha Bank has cut around 10 jobs in the UAE and plans to put some staff in the region on unpaid leave, sources said, as it copes with the fallout from Qatar’s rift with its Arab neighbours.

Qatar’s fifth-biggest lender will decide by the end of the year whether to make those going on long-term leave redundant if conditions have not improved, said two of the sources familiar with the matter.



One source said around 100 staff could be put on leave, while another said it might be as high as 200, although the sources said the final number might be different. The sources declined to be named as the matter is not yet public.

In a statement to Reuters, Doha Bank said the information was incorrect but declined to elaborate. The bank employs 1,571 staff, according to its profile on Linkedin.

Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed diplomatic relations and transport ties with Qatar in June, accusing Qatar of backing terrorism, an allegation that Doha denies.

As a result, banks from the other Arab states have been pulling deposits and loans from Qatari banks, raising their funding costs. Foreign customers’ deposits at banks in Qatar shrank to QAR157.2bn ($43.2bn) in July from QAR170.6bn in June, Qatari central bank data shows.

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