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Middle East Edition
1st August 2024
 
THE HOT STORY
Doha is ranked the second-least expensive city in Gulf region for expat workers
Doha has been identified as the second most affordable city for expatriate workers in the Gulf region, according to the latest 2024 Mercer Annual Cost of Living City Ranking. The Qatari capital holds the 121st spot among the 226 cities included in the survey, with Muscat being the only city in the region slightly less expensive than Doha. Dubai has climbed the rankings to become the most expensive city in the Middle East for international workers, while Abu Dhabi, Riyadh, and Jeddah trail behind. Hong Kong, Singapore, and Zurich are currently the top-three costliest cities for international workers. The report noted that inflation and exchange-rate fluctuations are directly affecting the pay and savings of internationally mobile employees. European cities prominently appear in Mercer's list of the top 10 most expensive places to reside. In South America, Montevideo, Uruguay, is identified as the most costly city for international employees. In North America, New York City is the most expensive city. The African cities with the highest placement in the global Cost of Living City Ranking are Bangui, Djibouti, and N'Djamena. Apart from Hong Kong and Singapore, the other most expensive cities in Asia are Shanghai, Beijing, and Seoul. Sydney tops the list for the Pacific region.
WORKFORCE
DIFC celebrates 20th anniversary with strong financial results
DIFC, the Dubai International Financial Centre, has reported strong financial results for the first half of 2024, coinciding with its 20th anniversary. The number of active registered companies in DIFC has exceeded 6,000, representing 24% growth. The Centre's focus on FinTech and Innovation has resulted in a 33% increase in firms in these sectors. DIFC has also attracted talent from across the world, creating 4,647 new jobs in the last 12 months. The Centre is home to over 370 wealth and asset management firms, with assets under management increasing by 58% to $700bn. The Centre's achievements reinforce its position as the leading global financial centre in the Middle East, Africa, and South Asia. DIFC continues to attract significant new clients from the financial services industry and is investing in the future of real estate with the development of over 1.6 million sq ft of commercial space. 
LEGAL
Saudi Arabia allows employment of expatriate dependents in health and education sectors
The Ministry of Human Resources and Social Development in Saudi Arabia has introduced a new initiative to allow the employment of expatriate dependents in the health and education sectors. The service is provided free of charge and aims to regulate the work of dependents without the need to transfer their sponsorship. Eligibility conditions include the establishment being registered with the Ministry, maintaining an active commercial registration, and not being categorized under the red band in the Nitaqat system. The dependent and the primary expatriate worker must have valid residency permits and the dependent must be at least 18 years old with necessary professional accreditations. The Ministry has also released an expatriates' guide detailing all the services provided to expatriates by various governmental bodies.
Saudi Attorney General participates in international investment disputes forum in Singapore
Saudi Gazette reports that Saudi Arabia's Attorney General Sheikh Saud Al-Mujeb has participated in the Forum of Senior Legal Advisors hosted by the Public Prosecution of Singapore. The forum focused on international investment disputes. During the forum, Sheikh Al-Mujeb discussed recent trends in Saudi Arabia and amicable alternatives for resolving investment disputes at both national and international levels.
TAX
G20 finance chiefs discuss global billionaires tax
After debating Brazil's controversial global billionaire tax plan last week in Rio de Janeiro, a group of 20 finance chiefs pledged in a draft communiqué to continue discussions. The document promises "dialogue on fair and progressive taxation, including for ultra high-net-worth individuals," referring to the 2% billionaire tax. After its February unveiling, the idea split the G-20 and Group of 7. After an initial draft didn't mention the idea, Brazil pushed for the language in an updated draft. Brazil President Luiz Inacio Lula da Silva has proposed the levy to fund global climate change and hunger efforts. The U.S. and other nations still doubt its feasibility. "Tax policy is very difficult to coordinate globally, and we don't see the need or really think it's desirable to try to negotiate a global agreement on that," U.S. Treasury Secretary Janet Yellen said. Brazil Finance Minister Fernando Haddad told reporters that the final communiqué would be "historic" for mentioning super-rich taxation. The group will also release an international tax policy cooperation statement, which will call for more research on how governments can make individual taxation more transparent and fair.
LEADERSHIP
Saudi sovereign wealth fund appoints new head of investment strategy
Saudi Arabia's sovereign wealth fund has appointed a new head of its investment strategy and economic insights division. Fahd AlSaif will develop the Public Investment Fund's (PIF’s) overall investment strategy, while maintaining his existing role as the head of the global capital finance division for the fund, the PIF said in a statement.
STRATEGY
Tinder parent Match to cut 6% of staff after activist push for change
Match Group, the parent company of Tinder, plans to cut about 6% of its staff as it discontinues live-streaming services on its dating apps. This decision comes after three activist investors urged for changes at the company. Despite a decline in paying users, Match Group beat revenue estimates for the second quarter. Match Group is also testing product changes for Tinder, including more inclusive gender identities. The company's second-quarter revenue reached $864m, and it expects revenue of $895m to $905m for the third quarter.
INTERNATIONAL
Puerto Rico bans discrimination against those who have diverse hairstyles
Puerto Rico's governor has signed a law that prohibits discrimination against people wearing Afros, twists, braids, and other hairstyles in the racially diverse US territory. The move was celebrated by those who had long demanded explicit protection related to work, housing, education, and public services. "It's a victory for generations to come," said Welmo Romero Joseph, a community facilitator with the nonprofit Taller Salud. Puerto Rico's laws and constitution already protect against discrimination, but this new law sends a strong message that individuals can reach positions of power without having to change their identity. The law was prompted by several Puerto Ricans sharing examples of discrimination they faced, including job offers conditional on haircuts. Puerto Rico's population of 3.2 million includes over 1.6 million people who identify as being of two or more races, with nearly 230,000 identifying solely as Black. While the law is praised, measures are needed to ensure its enforcement. Similar laws have been passed in at least two dozen states on the US mainland. A federal version of the law was passed by the U.S. House of Representatives in 2022 but failed in the Senate. Democratic lawmakers have reintroduced the legislation.
Japanese companies help employees build personal financial assets
Japanese companies are taking steps to help their employees build personal financial assets. They are providing access to expert advice and conducting educational seminars on managing corporate pension plans and the Nippon Individual Savings Account (NISA). The aim is to raise employees' financial awareness and satisfaction with their employers. Companies are inviting financial experts to guide employees in managing their pension plans and investment products. NEC, for example, has emphasized investment education for its employees and acquired a controlling stake in Japan Asset Management. Many employees seeking advice are in their 40s and 50s. Other companies, such as Mizuho Securities and Daiwa Securities, are also organizing seminars and introducing new measures to support employee asset formation. The Japanese government has asked companies to provide financial and economic education to employees.
Private member's bill to ensure rights of Indian workers in age of AI
Congress MP Mausam Noor has introduced the Workforce Rights (Artificial Intelligence) Bill 2023 in India's Upper House to address the potential biases and discrimination caused by AI technologies in the workplace. The bill emphasizes the need for transparency and protection of workers' rights when AI is being used by organisations. It grants employees the right to refuse tasks or decisions based solely on AI-generated processes if they feel it violates their rights or ethical standards. The bill also calls for adequate training and upskilling opportunities for affected employees, as well as protection of employee privacy rights. Noor has also introduced a bill on criminalising deepfake videos and proposes the formation of a National Deepfake Mitigation and Digital Authenticity Task Force.
University students in Singapore delay graduation for work experience
Some university students in Singapore are postponing their graduation in order to gain work experience. The trend, known as "internship stacking," involves students taking multiple internships to build their work portfolio and increase their chances of securing a job in the competitive local labour market. The finance sector, in particular, has seen a surge in internship applications; banks including Goldman Sachs and JPMorgan have experienced a significant increase in the number of applicants. The trend has led to intense competition among students and a need to undertake multiple internships to stand out. Despite the challenges, students believe that gaining work experience through internships is worth the delay in graduation and provides them with a starting point for their careers.
 


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