Abu Dhabi Islamic Bank Announces Plans to Scale Down Operations as Part of its Cost-Cutting Strategy

Abu Dhabi Islamic Bank (ADIB) has reported it will be closing down branches and cutting jobs at some of its local and international branches, across the United Arab Emirates (UAE), Egypt, Saudi Arabia, Iran and the UK.

This move comes as part of a series of cost-cutting strategies, which is expected to bring in savings of AED 500 million. Macro-economic factors likely to have influenced this strategy include intensifying competition in the banking industry, as well as tough conditions within the UAE economy.

The UAE is facing the heat from regional geopolitical tensions and weak domestic demand, which have resulted in the worst business conditions in over a decade.

Other UAE banks to have implemente...