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Middle East Edition
29th November 2024
 
THE HOT STORY
Iraq tries to stem influx of illegal foreign workers
Authorities in Iraq, which is emerging from decades of conflict as an unexpected destination for many seeking employment opportunities, are trying to regulate the number of foreign workers. The labour ministry says the influx of hundreds of thousands of foreigners working without permits is mainly from Syria, Pakistan and Bangladesh. Current Iraqi law caps the number of foreign workers a company can employ at 50%, but the authorities now want to lower this to 30%. "Today we allow in only qualified workers for jobs requiring skills" that are not currently available, labour ministry spokesman Nijm al-Aqabi told AFP. 
STRATEGY
Heineken plan large-scale brewery in Dubai
Sirocco, a joint venture of Heineken and Dubai-based Maritime and Mercantile International, plans the Gulf’s first large-scale brewery in Dubai, in a move that is indicative of a loosening of conservative rules locally. The joint venture has secured all necessary permits and will start building the brewery late next year, with construction set for completion in 2027. The brewery will produce brands including Heineken, Kingfisher, Amstel and Birra Moretti. Heineken plans to expand its workforce to 190 full time employees from 60 currently. Dubai first allowed alcohol consumption and sale over two decades ago.
Riyadh fintech forum hailed as ‘a turning point' in Swiss-Saudi partnership
The first Saudi-Swiss Fintech Forum took place in Riyadh on November 25-26, organised by the Switzerland Embassy in collaboration with the Saudi Ministry of Investment and Fintech Saudi. The event, themed “Connecting Leaders across Borders,” aimed to foster dialogue and rethink traditional financial models. Swiss Ambassador to Saudi Arabia, Yasmine Chatila Zwahlen, remarked that the forum signifies a pivotal moment in the partnership between the two nations. Nezar Al-Haidar, CEO of Fintech Saudi, highlighted the potential for knowledge sharing and market access through the collaboration. The forum also explored how Swiss expertise can support Saudi Vision 2030, with Andreas Iten, CEO of Tinety, emphasising the favourable regulatory framework for Swiss companies.
HIRING
Qatar's UDST career fair offers over 900 job, internship opportunities
The University of Doha for Science and Technology (UDST) is hosting its Career Fair 2024, featuring over 80 local and international companies offering more than 900 job and internship opportunities. The event, inaugurated by H E Dr. Mohammed bin Saleh Al Sada, H E Dr. Ibrahim bin Saleh Al Naimi, and Dr. Salem Al Naemi, aims to connect students and alumni with industry leaders. Dr. Al Naemi said: “The career fair is a vital platform that supports our students and alumni in achieving professional success.” The fair promotes sustainability through a paperless application process and focuses on aligning career opportunities with Qatar's national strategy. With representation from various sectors, including energy and technology, UDST continues to bridge the gap between education and employment, shaping graduates for Qatar's economy.
CORPORATE
Talabat listing is set to be the UAE's biggest of the year
Germany's Delivery Hero has boosted the size of the initial public offering of its Middle Eastern unit Talabat to as much as $2bn. The deal is set to be the United Arab Emirates’ biggest of the year, and the IPO is likely to price at 1.60 dirhams ($0.44) per share, the top of the range, according to terms seen by Bloomberg News, implying a market capitalisation for Talabat of about $10.2bn. Delivery Hero “may be building a war chest to pull the M&A trigger in other geographies of its portfolio, such as Asia and LatAm,” observed Clément Genelot, an analyst at Bryan, Garnier & Co.
INTERNATIONAL
Spain introduces 'climate leave' for workers
Spain's leftist government has approved "paid climate leave" of up to four days for workers during weather emergencies. Labour Minister Yolanda Diaz said that the measure aims to ensure "no worker must run risks" during events such as the flooding last month which killed 230 people. Additionally, employees can opt for a reduced working day beyond the four-day leave. The new measure aims to "regulate in accordance with the climate emergency," Diaz told public broadcaster RTVE. If emergency authorities raise the alarm about a risk, "the worker must refrain from going to work," Diaz said. Economy Minister Carlos Cuerpo highlighted that the costs of extreme weather could double by 2050.
Disney settles suit over women's pay
Disney has agreed to pay $43.3m to settle claims that it systematically paid female middle managers less than men in similar roles over an eight-year period. Lawyers for the nine female plaintiffs had argued that Disney paid women at least $151m less than men in comparable roles across various divisions of the company, in violation of California workplace sex discrimination laws. Disney continued to deny any wrongdoing in the proposed settlement agreement. “We have always been committed to paying our employees fairly and have demonstrated that commitment throughout this case, and we are pleased to have resolved this matter,” a Disney spokesperson said. The suit was originally filed by LaRonda Rasmussen in 2019. “I strongly commend Ms Rasmussen and the women who brought this discrimination suit . . . They risked their careers to raise pay disparity at Disney,” Lori Andrus, a partner at law firm Andrus Anderson, said in a statement.
Germany will need 288,000 foreign workers annually until 2040, study says
Germany is grappling with a significant shortage of skilled workers, says a study by the Bertelsmann Foundation. Its research indicates that without substantial immigration, the German workforce could shrink by 10% by 2040, dropping from 46.4m to 41.9m. Susanne Schultz, a migration expert at Bertelsmann, said: "This demographic shift demands immigration," as she noted a need for around 288,000 skilled foreign workers annually. The study also says that barriers to immigration must be removed to attract talent, because current labour migration reforms may not suffice. The impact of workforce decline will vary across regions, with areas like North Rhine-Westphalia facing the brunt of the contraction. Major cities like Hamburg and Berlin, however, are expected to be less affected due to their existing high levels of immigration.
Labour shortages increase across Russia's economy
Russia's economy is struggling to find workers as the country's defence sector poaches staff, Reuters reports. Heavy recruitment by the armed forces and defence industries has taken workers away from civilian businesses, as has emigration. Data from the Rosstat statistics service this week showed unemployment at a record low of 2.3%. "The 'personnel famine' has turned into a universal phenomenon, capturing practically all parts of the economic system," Rostislav Kapelyushnikov, deputy director of the labour research centre at Moscow's Higher School of Economics (HSE), wrote in a report.
OTHER
UAE’s net wealth reached $2.9 trn in 2023
Boston Consulting Group's annual global wealth report, "Global Wealth Report 2024: The GenAI Era Unfolds" reveals that the United Arab Emirates' (UAE) net wealth reached $2.9 trn in 2023. The UAE's financial wealth grew by 10% from 2022 to 2023, versus the Middle East and Africa's 8%. Global financial wealth grew at 7%, following a decline of 4% in 2022. Over the next five years, an estimated $92 trn of financial wealth will be created globally, according to the report, which highlights Generative AI as an enabler for operational efficiencies and improved client experience. 
 


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