One of Dubai’s biggest banks, Mashreqbank, is planning on moving nearly half of its staff to cheaper hubs, such as India, Egypt, and Pakistan. The lender told employees that it will also allow some other staff to work remotely as part of a major organizational shift taking place within the bank. Mashreq is reportedly also going to introduce a “centers of excellence” model, with this move.

The relocation plan is expected to be completed in three phases by October this year.