<p>Dubai's biggest bank Emirates NBD has given most employees a pay rise of up to 8% to help cushion against rising costs of living driven by inflation, two sources familiar with the matter said.</p>.<p>The increases varied according to seniority and were part of a mid-cycle salary adjustment for inflation, with top executives receiving smaller or no increases, the sources said.</p>.<p>Most employees received a pay rise of between 5% and 8%, with lower-paid staff receiving the biggest increase, one of the sources, who has direct knowledge of the matter, said.</p>.<p>Emirates NBD, majority owned by Dubai's government, said it did not comment on staff-related matters.</p>.<p>"As a people-first organization and a leading employer, Emirates NBD has remained committed to initiatives and policies that support staff wellbeing, while adopting a robust employee recognition program," a spokesperson added in an emailed response to a Reuters query.</p>.<p>It was not immediately clear if the salary increases were only for employees in the United Arab Emirates. The lender also has operations in Egypt, India, Turkey and elsewhere.</p>.<p>Annual inflation in the oil-producing Gulf state reached 3.4% in the first quarter, according to the central bank, which has projected 5.6% inflation for the year. The UAE has not published monthly inflation figures this year.</p>.<p>The trajectory of price increases represents a significant turnaround from deflation throughout 2019, 2020 and the first seven months of 2021.</p>.<p>In recent months people have voiced concerns over increasing living costs in the UAE, with retail fuel prices now up around 55% so far this year, falling from a high of about 80%.</p>.<p>The UAE is the only Gulf Arab country without a cap on domestic fuel prices, leading to petrol costs surging at the pump.</p>.<p>Dubai average rental prices for apartments and townhouses rose by 29% and 33% in the first half of the year and for villas by 64%, according to Betterhomes, as the property market continued a strong post-pandemic recovery.</p>.<p>Emirates NBD in late July reported a 42% jump in second quarter profit to 3.5 billion dirhams ($952.98 million).</p>.<p>The Central Bank of the UAE has increased its base rate a cumulative 225 basis points since March in parallel with the US Federal Reserve, because its currency is pegged to the dollar, as central banks globally battle historic inflation.</p>
<p>Dubai's biggest bank Emirates NBD has given most employees a pay rise of up to 8% to help cushion against rising costs of living driven by inflation, two sources familiar with the matter said.</p>.<p>The increases varied according to seniority and were part of a mid-cycle salary adjustment for inflation, with top executives receiving smaller or no increases, the sources said.</p>.<p>Most employees received a pay rise of between 5% and 8%, with lower-paid staff receiving the biggest increase, one of the sources, who has direct knowledge of the matter, said.</p>.<p>Emirates NBD, majority owned by Dubai's government, said it did not comment on staff-related matters.</p>.<p>"As a people-first organization and a leading employer, Emirates NBD has remained committed to initiatives and policies that support staff wellbeing, while adopting a robust employee recognition program," a spokesperson added in an emailed response to a Reuters query.</p>.<p>It was not immediately clear if the salary increases were only for employees in the United Arab Emirates. The lender also has operations in Egypt, India, Turkey and elsewhere.</p>.<p>Annual inflation in the oil-producing Gulf state reached 3.4% in the first quarter, according to the central bank, which has projected 5.6% inflation for the year. The UAE has not published monthly inflation figures this year.</p>.<p>The trajectory of price increases represents a significant turnaround from deflation throughout 2019, 2020 and the first seven months of 2021.</p>.<p>In recent months people have voiced concerns over increasing living costs in the UAE, with retail fuel prices now up around 55% so far this year, falling from a high of about 80%.</p>.<p>The UAE is the only Gulf Arab country without a cap on domestic fuel prices, leading to petrol costs surging at the pump.</p>.<p>Dubai average rental prices for apartments and townhouses rose by 29% and 33% in the first half of the year and for villas by 64%, according to Betterhomes, as the property market continued a strong post-pandemic recovery.</p>.<p>Emirates NBD in late July reported a 42% jump in second quarter profit to 3.5 billion dirhams ($952.98 million).</p>.<p>The Central Bank of the UAE has increased its base rate a cumulative 225 basis points since March in parallel with the US Federal Reserve, because its currency is pegged to the dollar, as central banks globally battle historic inflation.</p>