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Moving day coming up for Mashreq staffMENA

Moving day coming up for Mashreq staff

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. 

why it matters
Mashreq’s decision is in line with a trend that we are seeing globally in recent years in which companies move their employees or create new job roles in countries where labor is cheaper. With Gulf banks being hit hard due to the coronavirus pandemic and historically-low oil prices, this is hardly a surprising move, and other regional banks may follow suit.