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Middle East Edition
2nd May 2024
 
THE HOT STORY
Some of PwC’s London partners believe Middle East colleagues swung leadership vote
PwC faces a backlash from staff over allegations that Middle Eastern partners prevented the appointment of a woman as the firm's new boss. Senior partners in London believe that voters in Saudi Arabia, the UAE, and other parts of the Middle East played a decisive role in the victory of Marco Amitrano over his two female rivals. The failure to appoint a woman is seen as a missed opportunity. PwC Middle East represents about 25% of the total partners who can vote, making their votes potentially decisive. PwC insists that the election was fair and transparent. Amitrano denies that sexism played a role in his appointment.
TECHNOLOGY
Data is destiny for the UAE
AI’s future is being forged by the US and the UAE, writes Yousef Al Otaiba, the ambassador of the United Arab Emirates to the US, for Bloomberg. Commercial deals, like the one announced this month between Microsoft and Abu Dhabi's G42, are supercharging the speed at which the next generation of AI will be deployed to deliver benefits worldwide. As such, the UAE is working with the US and other partners to write a new playbook for this breakthrough technology. It involves resetting government regulations, reimagining public-private sector collaboration, and reshaping the UAE's relations in the world.
WORKFORCE
UAE ministry advises private sector companies to implement remote work
The UAE's Ministry of Human Resources and Emiratisation (MoHRE) has advised private sector companies to implement flexible and remote work patterns on Thursday and Friday due to expected weather conditions. Vital jobs and weather response teams are exempted from remote work. Private sector companies are urged to stay updated on weather conditions and comply with instructions from local authorities. The Ministry also calls for caution and occupational health and safety measures to protect workers during weather fluctuations.
REMUNERATION
Emirates increases salaries for new A350 and A380 pilots
Emirates has announced significant changes to its pilot recruitment policies, including higher salaries and new roles. The airline has increased the base salary for new recruits who will be flying the Airbus A350s and A380s. Emirates is also offering enhanced salary packages for experienced First Officers. The airline plans to host roadshows in multiple cities and countries to attract the best talent globally. The airline is also expanding its recruitment drive to include non-type-rated First Officers and Direct Entry Captains.
SUSTAINABILITY
Norway's sovereign wealth fund falls short on climate ambitions, NGO report says
Norway's $1.6tn sovereign wealth fund, the world's largest, is facing criticism for not supporting shareholder proposals to reduce greenhouse gas emissions by oil companies. A report from Norwegian NGO Framtiden i vaare hender (the Future in our Hands) states that the fund, which aims for its invested companies to achieve net zero emissions by 2050, falls short on its climate ambitions. The report analysed the fund's voting record on climate resolutions at nine oil majors, finding that it supported seven resolutions but backed "climate harmful" strategies in the remaining nine cases. The report highlights a misalignment between the fund's climate engagement strategy and its voting behaviour. The fund also voted against all climate resolutions at the annual general meetings of BP, Shell, TotalEnergies, and Marathon. The report concludes that the fund's failure to endorse climate resolutions undermines its role as a steward of sustainable finance.
STRATEGY
Barclays cuts hundreds of roles in investment bank
Barclays has reportedly started cutting hundreds of roles, including at its investment bank, as the group looks to cut costs and improve its share price. The cuts will impact several hundred employees in Barclays' global markets, investment banking, and research divisions. The news comes as Barclays implements its biggest restructuring since the financial crisis, designed to save £2bn in costs and return £10bn to shareholders by 2026.
CORPORATE
Saudi water company Miahona plans $148m IPO
Saudi Arabian water and wastewater infrastructure company, Miahona, is looking to raise up to $148m in its initial public offering (IPO). The company plans to sell a 30% stake, equivalent to 48,277,663 shares, at a price range of 10.5 riyals to 11.5 riyals ($2.80-$3.07) per share. This implies a market capitalisation of between $450.6m and $493.3m. The final pricing will be determined at the end of the book-building period, scheduled for May 2.
INTERNATIONAL
International companies urged to leave Xinjiang over forced labour concerns
International companies are being urged to leave Xinjiang amid concerns over forced labour. The US government accuses Chinese officials of committing crimes against humanity against Uyghurs and other Muslim minorities in the region. Thea Lee, deputy undersecretary for International Affairs at the US Labor Department, stated that Beijing has made it "essentially illegal" to conduct independent human rights audits in Xinjiang. Lee emphasized that if it is impossible to conduct audits, companies should not operate in such an atmosphere. China's government denies allegations of abuses. German chemicals giant BASF and Volkswagen have already taken steps to address forced labour concerns in Xinjiang. Lee highlighted the challenges of monitoring the labour transfer program and the lack of access to workplaces to assess workers' origins.
UK regulator quizzes Big Four on AI exam cheating
The UK's Financial Reporting Council (FRC) has asked the Big Four audit firms to explain the measures they are taking to prevent professionals from using AI tools to cheat on exams. The watchdog said it continues to “work closely” with the leading auditing firms and professional accountancy bodies to ensure robust systems are in place to detect, monitor and combat activity which could undermine the quality of audits. An ICAEW spokesman said it proactively works with regulators to monitor potential exam malpractice, adding that it is “constantly monitoring the use of AI and the risk that it poses.” While KPMG reportedly tells employees that cheating using AI could see them lose their jobs, Deloitte tells staff that using AI tools during exams will be considered gross misconduct. In 2022, the FRC ordered audit firms to crack down on cheating after discovering that a number of employees shared answers via email or messaging platforms such as WhatsApp when completing online tests introduced during the pandemic.
Disneyland character performers petition for union recognition
Character performers at Disneyland in California have filed a petition for union recognition. Unlike their Florida counterparts, the California performers have multiple other gigs, often in Hollywood movies and TV. The performers are organizing to be represented by Actors' Equity Association, a union devoted to performers. They are seeking more consistent scheduling, health and safety concerns, and fair treatment. The California performers hope that union representation will give them a voice in decisions about issues such as ill-fitted costumes and performing in parades during rain.
Pacific Island countries take action to control labour drains
Pacific Island countries are taking steps to gain more control over labour drains caused by the increase in outbound seasonal worker numbers since COVID. Vanuatu has trialled a new visa to bring in more workers from overseas, but the early results have been disappointing for businesses. It is still uncertain whether Samoa and Tonga will succeed in their plans to better control workers joining labour mobility schemes.
 


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