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Middle East Edition
14th February 2025
 
THE HOT STORY
Nearly 600 firms are set to open their headquarters in Saudi Arabia
Nearly 600 firms are set to open their headquarters in Saudi Arabia, while the number of registered investment licences has increased from 4,000 in 2018-19 to 40,000 in 2024. Total investments have doubled to SAR1.2tn ($320bn), accounting for 30% of the Saudi economy, according to Minister of Investment Engineer Khalid Al Falih, who highlighted the private sector's role in driving national economic growth since the launch of Saudi Vision 2030. During a panel discussion at the third edition of the two-day PIF Private Sector Forum in Riyadh, the minister said the figures underscore the Kingdom's position as a strong global investment destination with an attractive economic environment and diverse investment opportunities across a variety of sectors.
TRAINING & DEVELOPMENT
Saudi educator wins $1m Global Teacher Prize
Mansour al-Mansour, a Saudi educator renowned for his charity work and teaching prisoners, has been awarded the $1m Global Teacher Prize at the World Governments Summit in Dubai. Al-Mansour, who is also an author, has made significant contributions to his community, including a programme that provided air conditioning maintenance during the extreme summer heat in Saudi Arabia. The award, presented by the Varkey Foundation, recognises exceptional educators globally. Al-Mansour is the ninth recipient of this prestigious prize, which has previously honoured teachers from diverse backgrounds, including a Kenyan teacher who donated his earnings to the poor, a Palestinian educator promoting non-violence, and a Canadian teacher who taught a remote Arctic village of Inuit students. The Varkey Foundation aims to highlight the importance of teaching and the impact of educators worldwide.
TECHNOLOGY
Law firm restricts AI amid concerns over staff use
International law firm Hill Dickinson has restricted general access to artificial intelligence (AI) tools after noticing a sharp rise in staff usage. A senior director warned employees that much of the usage did not align with the firm's AI policy. Staff must access the tools via a request process from now on. The firm reported over 32,000 hits to ChatGPT and 3,000 to DeepSeek in just a week, along with nearly 50,000 hits to Grammarly. The move highlights ongoing concerns about AI use in professional settings, particularly around security and compliance. A spokesperson from the Information Commissioner's Office told BBC News that firms should "offer their staff AI tools that meet their organisational policies and data protection obligations."
Machine learning is 'biggest shift of our lifetimes, Google boss says
At the AI Action Summit in Paris, Google chief executive Sundar Pichai told attendees that although the shift towards machine learning was still in its early days, "it will be the biggest of our lifetimes - a fundamental rewiring of technology and an accelerant of human ingenuity." He cited the recent development of DeepSeek, a Chinese AI start-up, as a catalyst for the shift towards machine learning. Pichai also said that Google plans to spend $75bn on capital projects this year, primarily on AI.
STRATEGY
Baidu eyes Dubai for robotaxi launch
Baidu is in discussions with the United Arab Emirates to introduce its Apollo Go robotaxi service in Dubai, marking a significant expansion into the Middle East. The company, which has already received a licence for autonomous vehicle testing in Hong Kong, aims to enhance its presence in the region. Baidu chief executive Robin Li highlighted the safety of Apollo Go vehicles at the World Government Summit, stating that their autonomous driving system is “10 times safer” than human drivers. Currently operational in 11 cities in mainland China, Apollo Go has completed 8m rides as of November 2024. The move aligns with a broader trend of Chinese tech firms, including WeRide and Tencent, expanding their services in the Middle East.
WORKFORCE
Understanding the root cause of low productivity
Writing for Accountancy Age, Irena Teneva, Associate Technical Director – Research and Development at AICPA & CIMA, observes that although boosting productivity remains a critical objective for businesses, its implementation often falls short of meaningful improvements, resulting in missed opportunities. The author says there are many drivers and barriers to productivity within organizations, and as such it can only be enhanced through a joint strategic effort encompassing people, finances, and technologies, or so-called “strategic productivity”.
MANAGEMENT
'Feminine' negotiation strategies are a strength in the boardroom
Rebecca Ponce de Leon, Assistant Professor in the Management Division of Columbia Business School, along with Anyi Ma, assistant professor of management at the University of Wisconsin-Madison and Ashleigh Shelby Rosette, the James L. Vincent Professor of Leadership at Duke University, have carried out a survey which found that women are more likely than men to avoid expensive impasses during negotiations. Their findings come amid a renewed focus among chief executives and other business leaders on so-called "masculine energy." Ponce de Leon observed: "For years and years now, the narrative has been that women should behave more like men to get ahead and to be successful. But these findings illustrate that there is a place for more traditionally feminine and communal behaviours at work, and that they can be a source of strength and strategic advantage for our workplaces.”
INTERNATIONAL
Dimon dismisses employee return-to-office petition
JPMorgan Chase chief executive Jamie Dimon has rejected employee calls to soften the bank's five-day return-to-office policy. Some workers have voiced their concerns on internal platforms, and around 950 have signed a petition against the policy. In a town hall meeting on Wednesday, Dimon said: "Don't waste time on it. I don't care how many people sign that . . . petition," as he underscored his commitment to in-person work despite employee dissatisfaction. In-office mandates will not be left up to managers, Dimon said. "There is no chance that I will leave it up to managers . . . Zero chance. The abuse that took place is extraordinary." He emphasised the need for increased efficiency, demanding a 10% improvement across departments, and criticised the excessive bureaucracy within the bank. Dimon said some employees did not pay attention during Zoom meetings, which reduced their efficiency and creativity.
New plan to boost Singapore's marine and offshore energy firms
Singapore has launched a new initiative aimed at fostering sustainable growth within its marine and offshore energy sector, targeting the creation of 1,000 local job roles by 2030. The plan, announced by the Association of Singapore Marine & Offshore Energy Industries (ASMI) with support from Enterprise Singapore, seeks to achieve 5% average annual productivity growth and secure new orders that will facilitate a reduction of at least 250 kilotonnes in annual carbon emissions. ASMI president Simon Kuik said: “To stay competitive, companies must innovate, adapt, and build new capabilities.” The initiative also focuses on upskilling the workforce to meet the demands of offshore renewables and maritime decarbonisation, so positioning Singapore as a key player in the global energy transition.
AI anxiety grips Australian finance workers
Many workers in Australia's finance sector have expressed their concerns over the unregulated use of artificial intelligence (AI) in their workplaces. A survey by the Finance Sector Union revealed that over two-thirds of finance workers are worried about job security due to AI's increasing role in monitoring performance. Nicole McPherson, the union's national assistant secretary, said: "Finance workers understand that technological change from AI is inevitable and they want to be part of the future of finance." However, she said the lack of consultation and training regarding AI has left many feeling excluded and anxious. The survey found that three in four workers had not discussed AI with their employers, and nearly two-thirds had received no training.
 


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