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Middle East Edition
8th May 2024
 
THE HOT STORY
Saudi authority cracks down on corruption
The Oversight and Anti-Corruption Authority (Nazaha) in Saudi Arabia has launched several criminal cases against individuals exploiting public office for personal gain or harming public interest. The cases include bank employees arrested for receiving money in exchange for depositing cash into commercial entities' bank accounts, an employee colluding to provide a false medical report for insurance compensation, and a resident sub-awarding government contracts without proper classification. The Authority, in collaboration with various government departments, has arrested individuals involved in bribery, fraud, and other corrupt practices. The Authority emphasizes its commitment to combat corruption and hold individuals accountable, with no statute of limitations for such crimes.
STRATEGY
Qatar and World Economic Forum establish centre for Fourth Industrial Revolution
Qatar's Ministry of Finance and the World Economic Forum have collaborated to establish the Centre for the Fourth Industrial Revolution in Qatar. The centre aims to harness the potential of Fourth Industrial Revolution (4IR) technologies to accelerate sustainable economic growth and the key priorities of Qatar National Vision 2030. The establishment of the centre is the result of an agreement signed between the State of Qatar and the World Economic Forum. The centre will focus on harnessing frontier technologies in sustainable development and economic competitiveness, aligning with Qatar's national priorities and Vision 2030.
Hong Kong's lack of familiarity with the Middle East may be about to change
For a place that prides itself as being Asia's World City, Hong Kong has shown a lack of familiarity with the Middle East, writes Filipe Pacheco for Bloomberg.  However, this is finally changing as the Hong Kong exchange co-hosts a market forum with its Saudi Arabian counterpart for the first time. Bahrain-based Investcorp Holdings is also setting up a $1bn fund with a special emphasis on targeting Chinese companies listed in Hong Kong. Middle Eastern investors are increasingly interested in Hong Kong due to China's economic slump and the city's potential as a financial centre.
JD Sports debut first store in the Middle East
JD Sports has opened its first store in the Middle East, with plans to open around 50 in the region by 2028. The store, located in Bahrain's Marassi Galleria Mall, is the first to be opened under a 10-year franchise agreement with Dubai-based GMG. JD international franchise director Chris Rowan said: “This is a further milestone in our international expansion strategy and we are delighted to be working with GMG, one of the Middle East’s most respected companies, as we continue to bring JD’s distinctive offering to more customers globally.”
MANAGEMENT
Al Salam Bank’s Al Balooshi is among top 10 women HR leaders in the Middle East
Al Salam Bank's head of human resources and administration, Muna Al Balooshi, has been recognized as one of the Top 10 Women HR Leaders from the Middle East by the Global Woman Leader magazine. Eihab Ahmed, deputy chief executive of corporate affairs at Al Salam Bank, commented on the honour, stating that it is a testament to Al Balooshi's extensive career in the human resources sector.
LEGAL
Qatar Cabinet approves draft law on unified industrial regulation law for GCC
The Qatar Cabinet has approved the unified industrial regulation law for the countries of the Gulf Cooperation Council (GCC). The law will be referred to the Shura Council for further consideration. In addition, the Cabinet approved several draft decisions of the Minister of Interior, including rules and procedures for exit permits for vehicles leaving the country, amendments to provisions of the national address law, amendments to the executive regulations of expatriate residence, and amendments to the data recorded on ID cards. The Cabinet also approved a draft memorandum of understanding between Qatar and Djibouti for cooperation, as well as contribution agreements with the World Food Programme and the Office of the United Nations High Commissioner for Human Rights. The Cabinet reviewed the Shura Council's desire to benefit from retirees in the labour market and made appropriate decisions. Furthermore, the Cabinet reviewed reports on Qatar's participation in the UN Environment Assembly and the FAO Regional Conference for the Near East and North Africa.
TECHNOLOGY
Warren Buffett fears AI has 'enormous potential for harm'
Warren Buffett, the chairman and chief executive of Berkshire Hathaway, has raised concerns about the dangers of AI, saying it could have devastating consequences on society, much like the atomic bomb, if used incorrectly. Buffett acknowledged that he knew little about how the underlying technology works, but said he had reason to worry. He recently saw his own image and voice so convincingly replicated by an AI tool that he said even his wife and children would have struggled to determine they were fake. Greg Abel, Buffett's designated successor as CEO of Berkshire, noted that the company has begun using AI inside some of its businesses to help make its employees more efficient. Abel said the company was looking to deploy the technology to make certain tasks more effective or safer. Buffett, for his part, said he struggled to predict the ultimate effects of AI on the world. “It has enormous potential for good and enormous potential for harm,” Buffett said. “And I just don’t know how that plays out.” 
INTERNATIONAL
Project to tackle unemployment in South Africa
The Social Employment Fund, in collaboration with the Industrial Development Corporation of South Africa (IDC) and the Department of Trade, Industry and Competition (DTIC), has launched the Social Employment Fund Project to address unemployment, stimulate the economy, and enhance food security by engaging South Africa's unemployed youth. The project focuses on rural and peri-urban communities, establishing food gardens and distributing a portion of the yield to school feeding programs. By empowering farmers and promoting sustainable livelihoods, the project aims to build a more resilient and prosperous future for all.
Google lays off 200 employees, shifts positions to India and Mexico
Google has laid off around 200 employees from its so-called "core" team and will now move some positions to India and Mexico. The company's core team develops the technical foundation behind the company's flagship products and ensures user safety online. Google's Developer Ecosystem's vice president, Asim Husain, announced the layoffs in an email to employees. A Google spokesperson said affected workers will be able to apply for other open roles at the company. Google has been reducing its workforce since last year due to a decline in the online ad market.
Voting presents problems for India's 'invisible' migrant workers
Millions of migrant workers in India are facing a dilemma as they struggle to vote in the country's general election. The costs of voting, including lost wages, travel expenses, and threats of job loss, are high for these workers. Many cannot afford to take time off work to travel back to their home towns to cast their votes. Experts estimate that internal migrants make up as much as 40% of the electorate. However, their voices are often ignored, and their rights are not prioritised. The lack of representation in elections could exacerbate their exploitation and limit their bargaining power. The Election Commission of India has considered alternative voting mechanisms, but none have yet been implemented. Remote voting solutions have been proposed, but challenges remain in ensuring the secrecy of voting. Despite the difficulties, some migrant workers say they are determined to vote for a better future for themselves and their children.
Wall Street Journal cuts staff in Hong Kong as it shifts focus to Singapore
The Wall Street Journal is cutting staff at its Hong Kong bureau and shifting its focus to Singapore. The newspaper is creating a new business, finance, and economics group in Singapore, and the move comes as numerous international companies have left Hong Kong due to the national security law and pandemic curbs. China's economic slowdown has also affected the work of analysts and financiers in Hong Kong. The city's media environment has deteriorated, with independent news outlets closing and international media shifting positions to other cities. Hong Kong now ranks 135th out of 180 countries in terms of media freedom.
 


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