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Middle East Edition
9th February 2024
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THE HOT STORY
More than half of UAE employees prefer AI 'colleagues,' says report
More than half (52%) of UAE employees would prefer working with an AI "colleague" over a human one, according to a report by Oliver Wyman. The report also reveals that 74% of UAE employees use AI in the workplace every week, and 91% would like their employers to offer training in the use of AI tools. However, only 84% of UAE employees currently receive AI training. The research highlights the need for employers to train and engage employees about AI use. The potential risks of employees using AI without proper training, such as exposing proprietary data, are highlighted. The report suggests that the adoption of AI may impact staff retention, with 25% of UAE employees reporting that they are job-seeking due to AI disruption. Additionally, 41% of UAE respondents are open to AI screening their job applications. The survey was conducted by the Oliver Wyman Forum and involved over 12,000 employees in 16 countries.
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HIRING
Cap on cost of bringing domestic workers to Bahrain
A cap on the cost of bringing domestic workers to Bahrain may be introduced. The Shura Council will vote on amendments to the 2006 Labour Market Regulatory Law that would require the Labour Market Regulatory Authority (LMRA) to determine the maximum cost of bringing domestic workers, based on their nationalities. The proposed changes aim to regulate the cost of hiring domestic workers.
CORPORATE
Oman's OQ SAOC considers IPOs for two units
Oman's state energy company, OQ SAOC, is considering selling shares in its exploration and production business, as well as a methanol and liquefied petroleum gas fuels unit. The move is part of Oman's efforts to raise funds and deepen capital markets by listing government-owned businesses. The country aims to attract capital from state asset sales to boost industries like energy, transport, and tourism. OQ SAOC has asked banks to pitch for roles in the initial public offerings (IPOs) of the two units, with OQ Exploration & Production potentially raising around $1bn. The IPO plan aligns with the broader trend of divestments in the energy-rich region, as neighbouring countries like Saudi Arabia and the United Arab Emirates also diversify their economies. "It's still too early to discuss possible valuations," said Ashraf Al Mamari, the acting CEO of OQ SAOC.
Saudi Aramco to hire bankers for $20bn share sale
Saudi Arabia's state oil company, Saudi Aramco, is reportedly planning a secondary share sale that could raise about $20bn. The company is said to be in talks with Citigroup, Goldman Sachs, and HSBC, among other banks, as it assembles a team of advisers. The offer is expected to be made in the coming weeks. Saudi Aramco has not yet responded to requests for comment.
STRATEGY
Abu Dhabi Catalyst Partners encourages firms to set up in ADGM
Firms backed by Abu Dhabi Catalyst Partners (ADCP) are encouraged to establish a meaningful investment or operational presence in Abu Dhabi Global Market (ADGM), the emirate's main business zone. ADCP, a joint venture between Mubadala Investment Co. and Alpha Wave Global, aims to generate more than just profit for its owners. Since its establishment in 2019, ADCP has invested in 29 companies and is helping create around 400 new jobs in ADGM. ADCP recently made a strategic investment in French private equity firm Ardian's secondaries fund, with Ardian committing to expand within ADGM. Abu Dhabi, particularly ADCP, is demanding more than potential returns on investment, as fund managers realise the disadvantage of not having an office in the region. Sovereign wealth funds are setting up subsidiaries to attract foreign capital into the Gulf region. ADCP, with an abundance of capital, continues to grow and capitalise on the strong tailwind in ADGM. "It's going to continue growing from here," says Maxime Franzetti, co-head at Mubadala Capital Solutions.
Worldline to cut global workforce by 8% in cost-cutting program
Worldline, the troubled Paris-headquartered payment processing firm, plans to lay off up to 8% of its global workforce as part of a cost-cutting program. The company, which employs about 18,000 staff across more than 40 countries, aims to reduce its annual cost base by €200m ($215m) from 2025. Worldline has initiated talks with unions regarding the job cuts. The firm expects to sustain about €250m of implementation costs. The decision comes after Worldline cut its sales outlook in October due to cautious consumer spending. Credit Agricole, Worldline's joint-venture partner, recently acquired a 7% stake in the company to support its struggling partner.
DIVERSITY, EQUITY & INCLUSION
Norway's wealth fund chief is concerned about the backlash against diversity
The head of Norway's $1.6 trillion sovereign wealth fund, Nicolai Tangen, has expressed his concern about the growing backlash against diversity in top US organisations. The fund, which invests in over 8,800 companies worldwide, advocates for more women in company boardrooms. Tangen emphasized the importance of diverse directors on boards, stating that it leads to better discussions and decisions. "There could be something opening up there, it could follow the development we have seen on the backlash against climate . . . It would be a negative development," Tangen told Reuters, adding "There's a good reason why you want to have diversity on boards, and if there is a backlash against that development, that's a negative development."
INTERNATIONAL
Ex-TikTok executive claims she was fired for lacking ‘docility and meekness’
TikTok’s former global marketing head has accused the company of unlawfully firing her because some company executives believed she “lacked the docility and meekness specifically required of female employees.” In a complaint filed in federal court in Manhattan, attorneys for Katie Puris claim she experienced multiple forms of discrimination and was "ultimately unlawfully terminated." Puris is seeking "declaratory, injunctive, and equitable relief, as well as monetary damages." Her attorneys also claim that when "Puris reported she was sexually harassed at an off-site TikTok event," the app and parent company ByteDance "failed to respond appropriately, causing Ms. Puris to choose between her own safety and work opportunities." They also say that after she reported the alleged "discriminatory treatment and sexual harassment," TikTok and ByteDance "failed to take any corrective action."
EU lawmakers and governments reach deal on gig workers' rights
EU lawmakers and governments have reached a watered-down deal on the rights of workers at Uber, Deliveroo, and other gig companies. The deal does away with proposed criteria to determine whether an online company is an employer, instead relying on national law, collective agreements, and case law. Governments will define the employment criteria for online workers, which can be challenged by companies. The burden of proof will be on companies to show that their gig workers are not employees. The deal also prohibits important decisions, such as firings, from being made by automated systems or algorithms. The agreement still needs to be endorsed by EU governments before becoming law. Lobbying group Delivery Platforms Europe expressed disappointment, stating that more could be done for platform workers. The deal aims to provide fair labour conditions for up to 40 million platform workers in Europe.
US employees overseas face challenges reporting corporate wrongdoing
If you work overseas for a US company, you might want to think twice before you step forward to report corporate wrongdoing, writes Alison Frankel. Two federal laws intended to deter corporate misconduct — the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Act of 2010 — include provisions shielding whistleblowers from retaliation. But it's a different story when employees are based overseas and work for a foreign subsidiary of a US company. In a recent case against Oracle, a Canadian man sued the company for misrepresenting a product to customers. He reported his concerns internally and to the US Securities and Exchange Commission. However, the 9th US Circuit Court of Appeals ruled that the whistleblower protections of Sarbanes-Oxley and Dodd-Frank do not extend beyond US borders. The court determined that the locus of the employee's employment was in Canada, despite his ties to the U.S. parent company.
DuPont employees in Luxembourg 'owed back wages due to payroll system issues'
A number of employees at various DuPont company sites in Luxembourg are owed as much as 30% of their salaries in back wages, according to trade unions OGBL and LCGB. The unions blame the introduction of a new payroll system in the US for the serious wage defaults. The unions have demanded the restoration of the old salary management system. Mandy Noesen, LCGB union secretary, stated that the new payment system does not comply with Luxembourg collective agreements, resulting in loss of earnings for employees. The unions have expressed their dissatisfaction with the company's management and reserve the right to take necessary action. DuPont has acknowledged the technical issues with the payroll system and says it is actively working to resolve them.
 


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