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Middle East Edition
27th September 2023
 
THE HOT STORY
China and UAE discuss cooperation in labour and human resources
The Minister of Human Resources and Emiratisation, Dr. Abdulrahman Al Awar, welcomed the Vice Minister of Human Resources and Social Security of China, Li Zhong, and his delegation in Dubai. The meeting aimed to explore opportunities for cooperation and exchange experiences in labour, human resources development, and skills enhancement. Both sides presented their plans for developing priority business sectors and discussed the role of joint efforts in promoting growth and entrepreneurship. The meeting also reviewed the UAE's labour market legislation ecosystem and the guarantees it provides for both parties. The commitment to enhancing cooperation in labour and human resources development was emphasized, with future meetings planned to discuss further developments. The meeting was attended by officials from both countries, including Khalil Ibrahim Al Khoori and Li Xuhang.
WORKFORCE
Over 5.7m employees subscribe to UAE job loss insurance scheme
More than 5.7m employees have subscribed to the UAE's mandatory job loss insurance scheme, with 5.6m from the private sector and the rest from federal government departments. The deadline to subscribe is October 1, and failure to do so will result in a Dh400 fine. The scheme provides financial support for a limited period of time in case of job loss, and is divided into two categories based on salary. The insurance compensation can be claimed after being subscribed for at least 12 consecutive months. The Ministry of Human Resources and Emiratisation urges eligible employees to register immediately to avoid fines and benefit from the advantages it offers.
HIRING
Maharah HR company signs agreements for skilled Indian professionals
Prominent player in the human resources sector, Maharah Human Resources Company, has signed significant agreements at the Saudi-Indian Investment Forum 2023. These agreements, in collaboration with international recruitment offices in India, aim to provide 50,000 skilled Indian professionals by 2030. The CEO of Maharah Human Resources Company, Abdulaziz bin Ayedeh, highlighted the importance of these agreements in supporting the company's growth trajectory. The agreements were reached during the G20 Summit held in India, showcasing India's cultural diversity and forging international partnerships. Bilal Dadan, CEO of Soundlines Group, is a key collaborator in this initiative to deliver skilled Indian professionals to meet the demands of various sectors in Saudi Arabia. The agreements between Maharah Human Resources Company and Soundlines Group reflect a commitment to driving progress and economic growth. Stay connected for more updates on this transformative partnership.
CORPORATE
GGTech Entertainment expands international sales and business development team
GGTech Entertainment, an international company dedicated to entertainment, technology, gaming, and esports, is expanding its global sales and business development team. The company has appointed Eduardo García Riaño as Chief Product Officer to lead the global expansion of its product areas into new territories. Riaño, who previously worked at Amazon, will be responsible for developing the company's global strategy. Cristina Carranza has also been hired as the new Head of Global Sales, with a focus on opening up new markets, particularly in the United States.
Saudi Airlines and Tarabot Air Cargo Services seek to raise $678m in IPO of SAL Saudi Logistics Services
Saudi Arabian Airlines Corp. and Tarabot Air Cargo Services are seeking to raise up to $678 million in the IPO of cargo firm SAL Saudi Logistics Services. The IPO comes as Saudi Arabia's market for listings picks up after a slow first half of the year. SAL is the leading cargo handling player in Saudi Arabia with a 95% market share and had revenue of $325 million in 2022. HSBC's Saudi unit has been appointed as the sole financial advisor for the IPO. "Saudi Arabia has outlined an ambition to become a global supply chain hub and develop one of the largest airports in the world in Riyadh," said the article.
Kenya settles $238.8m fuel imports with Gulf firms
Kenya has settled $238.8m of fuel imports with Gulf firms, including Aramco Trading Fujairah FZE, Abu Dhabi National Oil Co., Global Trading Ltd., and Emirates National Oil Co. The payments were made before maturity to avoid distorting the forex market. This settlement will benefit Kenya by accumulating foreign reserves as demand for foreign exchange from the oil sector eases. The Kenyan government nationalized the fuel importation process to address liquidity challenges and exchange-rate volatility caused by the global dollar shortage. Under the deal, Kenya defers payments for fuel cargoes by six months, compared to the previous requirement of paying $500 million a month within a week of delivery. Banks are holding $1 billion for fuel in transit and local sales in escrow accounts to ensure timely payment. Despite the government's intervention, the Kenyan shilling has weakened about 16% against the dollar this year. "The country is set to realize greater benefits from an accumulation of foreign reserves as demand for foreign exchange from the oil sector eases, arising from deferred payments for petroleum," said the National Treasury.
CORPORATE GOVERNANCE
BT executive says city moves will boost diversity
BT is facing a backlash after a top executive suggested that the company's plans to cut jobs in rural areas while hiring in major cities will boost workforce diversity. The telecoms company plans to cut over 1,000 jobs in Martlesham, Suffolk, and relocate staff to cities like London, Birmingham, and Manchester. Howard Watson, BT's chief networks officer, said that ethnic diversity was a significant factor in choosing office locations. The comments have been criticised as pandering to political correctness and potentially discriminating against white staff, with former Government Minister Sir John Hayes calling for clarity on whether BT is jeopardising workers' interests for an ideological agenda. BT’s workforce is 25.7% female, while 10.8% are from an ethnic minority and 6.5% are disabled. It plans to increase this to 32% female, 13% ethnic minority and 10% disabled by 2025. Its new chief executive, Allison Kirkby, has £220,000 in bonus payments tied to diversity and inclusion targets.
TECHNOLOGY
Real estate developers in UAE embrace AI for innovation and efficiency
Real estate developers in the UAE are embracing artificial intelligence (AI) to drive innovation and efficiency in the industry. With the pressure to deliver fast returns and stay ahead of global innovations, developers are investing in proptech solutions such as Building Information Modelling (BIM) and robotic process automation (RPA). These technologies enable accurate renderings of final products and speed up tasks like financial reporting. Developers are also leveraging big data to enhance operations and the customer experience. AI is seen as a potential tool for predicting tenant behavior and improving service. However, senior leaders in the industry need to focus on developing the necessary skills to guide their companies towards becoming tech-enabled. Transformative leaders are already experimenting with technologies like the metaverse and linking innovation to a higher purpose with societal impact. By investing in AI and sustainable building design, developers can become more efficient and diversify their offerings. Making confident bets on technology now could have significant implications for the future of the industry. As one CEO noted, "AI has a huge impact from an investment, asset, and property management perspective."
INTERNATIONAL
Average CEO is 55, white, and went to Cambridge
Analysis suggests that the average CEO in Britain is a 55-year-old privately educated white man who studied Economics at Cambridge and makes £4,196,000 a year. Researchers from People Managing People used AI to combine the LinkedIn profile pictures of FTSE 100 CEOs, creating a portrait of a typical chief executive – who they have named Andrew. Looking at whether the numbers match up with the portrait, data shows that of the UK's top 100 CEOs, 88 are men and only 11 are women. It was found that there are more male CEOs called Andrew or Simon than there are women in the role across the FTSE 100. Female CEOs earn £3,371,000 on average - 23.5% less than men. Across the FTSE 100 CEOs, 66% were privately educated, with 14% having been to Cambridge or Oxford.
 


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