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Middle East Edition
18th April 2024
 
THE HOT STORY
BlackRock pursues investment opportunities in Saudi Arabia
BlackRock CEO Larry Fink is actively seeking investment opportunities in Saudi Arabia, aiming to expand the asset management giant's presence in the country. Despite concerns over the regime's human rights record and the region's volatility, BlackRock sees an opportunity to shape Saudi Arabia's markets and connect the country with the rest of the world. The kingdom's state-owned Public Investment Fund controls $925bn, making it an attractive source of fresh capital. BlackRock is also looking to compete with rivals in the private asset and infrastructure investing space. The company has already made moves in the country, including leasing rights to Saudi Aramco's natural gas pipelines. BlackRock's focus on private and illiquid assets aligns with its goal of doubling revenue from private markets in the next five years. The company is embedding itself in Saudi Arabia's institutions and capital markets, and is also working with the Saudi central bank on stress tests and the creation of a national infrastructure fund. BlackRock faces competition from other asset managers, but believes there are attractive opportunities in the region.
STRATEGY
Google announces another round of layoffs
Google is laying off an unspecified number of employees as part of a “large scale” restructuring. Staff across several of Google's teams in its real estate and finance departments have been affected, according to a Business Insider report. A Google spokesperson said the layoffs are not company-wide and that affected employees will be able to apply for internal roles, but did not specify the number of employees affected nor the teams involved. "Throughout the second half of 2023 and into 2024, a number of our teams made changes to become more efficient and work better, remove layers and align their resources to their biggest product priorities," the spokesperson added. A small percentage of the impacted roles will move to hubs the company is investing in, including Bangalore in India, Chicago and Atlanta in the US, and in Dublin.
LEGAL
Labour law amendments on way in Bahrain
New rules are set to be introduced for labour accommodations in Bahrain, according to Labour Minister Jameel Humaidan. The proposed changes to the 2012 Private Sector Employment Law would require employers to disclose the location of their staff's accommodations and allow inspections to ensure compliance with standards.
HEALTH & WELLBEING
Hospitality firm introduces two-day weekend for staff members
RMAL Hospitality has introduced a two-day weekend for all staff members in order to prioritise employee wellbeing. The initiative aims to ensure mental wellbeing and work-life balance in an industry known for rigorous schedules and intense work environments. CEO Elias Madbak believes that prioritising employee wellbeing leads to dedication and excellence. The decision to implement a two-day weekend underscores RMAL Hospitality's commitment to employee wellbeing and will enhance productivity, creativity, and job satisfaction. The initiative aligns with the UAE's vision of becoming the happiest nation. Madbak urges other restaurants to prioritise employee wellbeing for long-term sustainability and overall organisational success.
REGULATION
Institute of Internal Auditors holds second meeting in Tanzania
The board of directors at the Institute of Internal Auditors has held its second meeting in Arusha, Tanzania. The meeting was attended by Dr. Hussam bin Abdulmohsen Al-Anqari, the president of the General Auditing Bureau and chairman of the board of directors at the Saudi Institute of Internal Auditors. The body aims to expand its work in developing professional standards and raising awareness of the roles of the internal audit profession. It also aims to keep up with technological advancements and develop future strategies. The Institute of Internal Auditors, established in 1941, serves as the world's premier professional reference for the internal audit profession. It provides educational and professional development opportunities, establishes practice standards, administers certification programs, conducts research, and disseminates knowledge related to internal audit and its role in oversight, risk management, and governance.
CORPORATE
XpertHR becomes Brightmine in strategic rebrand
XpertHR has rebranded to Brightmine, as the company seeks to further support HR leaders through increasingly complex workforce conditions and global economic uncertainty. By leveraging its extensive experience of over 20 years as a legal and compliance service, Brightmine will fill a gap in the market through its unique combination of the industry’s most up-to-date data sets, AI-enabled technology and trusted HR expertise, empowering HR leaders at more than 10,000 global organisations with the insight and guidance needed to improve business outcomes.
LEADERSHIP
PwC appoints new global audit, advisory heads
PwC has selected the new leaders of its global audit and advisory businesses, ahead of Mohamed Kande's assumption of the role of global chair in July. Wes Bricker, vice chair and co-leader of US trust solutions, will serve as global assurance leader and Damir Maras, co-leader of Germany’s advisory operation, will be global advisory leader, both effective July 1st. 
INTERNATIONAL
Thai public urged to give feedback on proposed amendments to labour relations law
Thai citizens are being encouraged to provide feedback on the proposed amendments to the labour relations law. The amendments cover various aspects such as the right of state workers to gather or strike, methods of settling labour disputes, and penalties for unlawful work stoppages. One of the proposed changes is to enact a law that recognizes the right of state officials, employees, and workers in public organisations and state enterprise agencies to gather without a political agenda. The definition of "employer" will also be redefined to align with the labour protection law, aiming to protect sub-contracted workers. In case of a work stoppage, workers are required to inform their employers 24 hours in advance, unless it affects core public services. A contingency plan must be prepared for maintaining basic services in such cases. The public has until May 8 to provide their input on the proposed amendments.
OpenAI opens first Asia office in Tokyo
Microsoft-backed artificial intelligence startup OpenAI has opened its first Asia office in Tokyo, Japan. The company, known for its ChatGPT generative AI chatbot, is looking to expand its sources of revenue globally. OpenAI CEO Sam Altman and COO Brad Lightcap have been pitching for business to Fortune 500 executives in the US and UK. OpenAI's move into Japan comes as the country aims to leverage AI to compete with China, accelerate digital services, and address labour shortages. The company has a custom model optimised for the Japanese language and is led by Tadao Nagasaki, former president of Amazon Web Services in Japan. Local companies like SoftBank and NTT are also investing in large language models. Microsoft recently announced a $2.9bn investment in cloud and AI infrastructure in Japan.
UK companies pull up a chair in shift to gender-neutral language
Over the past five years, more than half of FTSE 100 companies in the UK have replaced 'chairman' with 'chair' in a shift towards gender-neutral language. The move represents changing attitudes in the City and comes amid increased scrutiny of representation on corporate boards. In 2019, 98 FTSE 100 companies used the title 'chairman,' even when the head of their board was a woman. However, analysis of company results, announcements and filings over the past five years has shown 62 FTSE 100 businesses now use 'chair.' Only 32 still exclusively refer to the head of the board as 'chairman,' while six companies use both 'chair' and 'chairman.' The male-dominated finance and insurance industry is more likely to retain the use of "chairman," analysis shows.
All Dutch trains to stop in protest against attacks on staff
All trains in the Netherlands will come to a halt for three minutes on Saturday night in protest against attacks on ticket collectors and other rail staff. The action, initiated by the NS and railway workers unions, follows a serious incident where a female ticket collector was assaulted. A minor has been arrested in connection with the attack.
 


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