Latest news with #DubaiGovernment
Gulf Business
24-07-2025
- Business
- Gulf Business
Dubai's Emirates NBD half-year profit dips 9%, hit by tax, lower recoveries
Image credit: Getty Images Emirates NBD, Dubai's biggest bank by assets, reported on Thursday a 9 per cent fall in its first-half net profit, as lower recoveries and a new higher tax rate impacted the lender's results. The bank posted a net profit of Dhs12.5bn ($3.40bn) in the six months to June 30, down from Dhs13.8bn over the same period in 2024. Read- ENBD, majority-owned by Dubai's government, said recoveries in the first half of 2025 were down by Dhs2bn, which compared with 'very strong recoveries' last year, the bank said in a statement. UAE banks have been benefitting from steady economic growth, rising demand for credit and government-driven investment in non-oil sectors in recent years. In Dubai, the Gulf's tourism and financial hub, a business-friendly environment has attracted a slew of companies and high-net-worth clients, contributing to a spike in real estate prices. However, Ratings agency Fitch expects a correction in real estate prices in the second half and in 2026, as new builds come to the market, it said in May. ENBD's total assets reached Dhs1.09tn as of end-June, up 17 per cent from a year earlier, with both net interest income and non-funded income rising by double digits. The bank's total gross loans rose 12 per cent to Dhs570bn in the first six months, with nearly half of the increase coming from international operations. They were outpaced by deposits, which grew 18 per cent to Dhs737bn. Its net interest margin dropped to 3.47 per cent at the end of June, its lowest since 2022, impacted in the second quarter by a rate hike in Turkey, where ENBD operates through its unit DenizBank.
Zawya
24-07-2025
- Business
- Zawya
Dubai's largest lender Emirates NBD posts 9% drop in half-year profit
Emirates NBD, Dubai's biggest bank by assets, reported on Thursday a 9% fall in its first-half net profit, as lower recoveries and a new higher tax rate impacted the lender's results. The bank posted a net profit of 12.5 billion dirhams ($3.40 billion) in the six months to June 30, down from 13.8 billion over the same period in 2024. ENBD, which is majority-owned by Dubai's government, said recoveries in the first half of 2025 were down by 2 billion dirhams, which compared with "very strong recoveries" last year, the bank said in a statement. ($1 = 3.6721 UAE dirham) (Reporting by Luke Tyson; Editing by Tom Hogue)
Arabian Business
17-07-2025
- Business
- Arabian Business
UAE marriage laws: Dubai Ruler Sheikh Mohammed announces new leave policy
Dubai government employees who are UAE nationals will receive 10 working days of marriage leave with full salary under a new decree. Issued by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, Decree No. (31) of 2025 regarding marriage leave for Dubai government employees on Thursday. The decree applies to national employees working in government agencies and authorities supervising special development zones and free zones, including the Dubai International Financial Centre. Members of the judiciary and national military personnel in the emirate are included, with the exception of candidates. Dubai grants 10-day marriage leave 'The decree aims to enhance the foundations of psychological and family stability and strengthen the foundations for successful family life as it begins to be established, and to achieve a balance between the requirements of personal life and job duties and responsibilities,' the decree stated. However, employees must meet specific conditions to qualify for marriage leave. The employee's spouse must be a UAE citizen, and the employee must have passed the probationary period stipulated under human resources legislation applicable to their employer. The marriage contract must be certified by the competent authority and concluded after December 31, 2024. During marriage leave, employees will receive their full gross salary, including allowances and financial benefits stipulated under human resources legislation. Employees may use marriage leave at any time, either continuously or intermittently, within one year from the date of concluding the marriage contract. Government entities may agree to carry over marriage leave or any part thereof to the following year, based on serious reasons presented by the employee and after approval from their direct supervisor. The decree stipulates that government entities may not call upon employees during marriage leave, with the exception of military personnel if work requires it. Marriage leave shall be extended for the remaining period after the end of the call-up period. If employees are called upon during marriage leave to perform national or reserve service, or if they cannot use their marriage leave for the same reason, the leave or any remaining days shall be carried over to after the employee completes their service. The marriage leave must be used within one year of their return to work. Employees who transfer or are appointed to another government entity retain their right to marriage leave, or any part thereof, if they did not use it during their tenure with their previous government entity. Employees are entitled to combine marriage leave with any other leave they are entitled to under human resources legislation in force at their employer. The Chairman of the Dubai Executive Council will issue the necessary decisions to implement the provisions of this decree. Any provision in other legislation will be repealed to the extent that it conflicts with its provisions. The decree came into effect on January 1, 2025 and will be published in the Official Gazette.
What's On
17-07-2025
- Business
- What's On
Employees in Dubai Can Now Take 10 Days of Marriage Leave
Eligible Dubai Government employees can now enjoy 10 working days of fully paid marriage leave, thanks to a new directive issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai. The newly announced Decree No. (31) of 2025 aims to support employees during one of life's biggest milestones, granting them the flexibility to take this leave either all at once or spread out across the year. So, who qualifies? The decree applies exclusively to Emirati citizens employed by Dubai Government departments, including those working in free zones, special development zones, and the Dubai International Financial Centre (DIFC). It also covers Emirati members of the judicial authority and Emirati military personnel, although cadets are excluded from this benefit. What's covered? Here's what eligible employees can expect: • 10 working days of fully-paid marriage leave, including all allowances and financial entitlements as per their HR policies. • The leave can be used all at once or in separate blocks, as long as it's taken within one year from the date of marriage. • In certain cases, unused marriage leave can be carried over to the following year, with valid reasons and supervisor approval. Conditions to keep in mind There are a few important boxes to tick before employees can take advantage of the new policy: • The employee must have completed their probation. • The marriage contract must be officially attested by the relevant UAE authority. • The spouse must also be an Emirati citizen. • The marriage must have taken place on or after January 1, 2025. No work calls, unless you're military Once marriage leave is approved, government departments are not allowed to recall employees, ensuring they can fully enjoy this special time. The only exception? Military personnel may be called back if duty requires it, but don't worry, their remaining leave will be postponed and resumed later. This latest move reflects Dubai's ongoing commitment to supporting work-life balance and creating a positive environment for its national workforce. And for newly married Emirati employees, it's a pretty good excuse to take a break and celebrate. Image: Unsplash > Sign up for FREE to get exclusive updates that you are interested in
The National
16-07-2025
- Business
- The National
Sheikh Mohammed grants Dubai government employees 10 days' marriage leave
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, on Wednesday issued a decree regarding marriage leave for Dubai government employees. It states that employees are entitled to fully paid marriage leave for a period of 10 working days. It also allows employees to combine marriage leave with any other leave they are entitled to. The aim is to enhance psychological and family stability, and strengthen the foundations for successful family life, while achieving a balance between personal life requirements and job duties. The decree covers Emirati employees working in government agencies and authorities supervising special development zones and free zones. What are the rules? The decree specifies that the employee's husband or wife must also be a UAE citizen. It also states that the employee must have successfully passed their probationary period. The marriage contract must also be certified in the country and concluded after December 31, last year. A copy of the marriage contract must be submitted only once when applying for leave. During the leave period, the employee is entitled to receive their full gross salary, including allowances and financial benefits. They may also use marriage leave at any time, whether continuously or intermittently, in one year from the date of concluding the marriage contract. A government entity cannot call on an employee during marriage leave, with the exception of military personnel if work requires it.
