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Middle East Edition
13th January 2025
 
THE HOT STORY
Apple stands firm on diversity policies
Apple's board has urged shareholders to reject a proposal from the National Center for Public Policy Research to eliminate its diversity, equity, and inclusion (DEI) programmes. The board, including CEO Tim Cook, said: "The proposal is unnecessary as Apple already has a well-established compliance program," saying that it would restrict the company's operational management. The board said the tech giant "is an equal opportunity employer and does not discriminate in recruiting, hiring, training, or promoting on any basis protected by law." Apple added that the proposal "inappropriately attempts to restrict Apple's ability to manage its own ordinary business operations, people and teams, and business strategies," and accuses the think-tank of trying to "micromanage" the company.
HIRING
New rules shake up Saudi Arabia's recruitment sector
The Saudi Ministry of Human Resources has introduced proposed regulations for recruitment and labour service companies, and is seeking public feedback. Large firms must provide a bank guarantee of SR10m and maintain a paid-up capital of SR100m for a 10-year licence, while medium-sized firms need SR5m and SR50m, respectively, for a five-year licence. Small firms are required to furnish SR2m and SR5m. A two-year grace period is allowed for existing recruitment offices to transition to these categories. The regulations stipulate that licensed businesses must be joint-stock companies, primarily owned by Saudi citizens, although foreign investors can also qualify. The ministry may adjust bank guarantees based on market conditions and requires companies to display service prices on a ministry-approved website.
WORKFORCE
Minister pledges to develop Bahrain's labour market
Bahrain's acting Labour Minister and Legal Affairs Minister Yousif Khalaf has announced a long-term strategy aimed at enhancing job opportunities for citizens. The government says it is dedicated to implementing various policies and initiatives to develop the labour market. Khalaf stated: "A long-term strategy is in place to create quality job opportunities for citizens."
TECHNOLOGY
Qatar is embracing innovation
Abran Maldonado, Open AI Ambassador, shared insights on AI's transformative role in the media and education sectors during a recent conference. He emphasised the necessity of adaptation, saying: “We have to adapt and adapt, we have to try things and accept that this is where it is heading.” Maldonado praised Qatar's commitment to innovation, noting its leadership in smart city developments, claiming it surpasses several US cities in embracing new technologies. He also highlighted AI's potential in personalising education, suggesting that “there should be a hundred curriculums for a hundred students.” Looking ahead, he predicted that by 2040, AI-related jobs will dominate the job market, making roles like AI engineer and consultant highly sought after.
ECONOMY
UAE to see a 13% net increase in consumer spending
The UAE is expected to see a 13% net increase in consumer spending intentions for 2025, marking the highest global growth. However, global spending intentions show a net 12% decline, with spending increases in the UAE, Saudi Arabia, and China. The increase is particularly pronounced among high-income shoppers, with shoppers under 45 leading the surge in spending across retail segments. Generational groups, aged 45-64, are more likely to maintain their current spending habits or significantly reduce their expenditure. The report titled Spending Disrupted identified key trends across spending categories and income levels, including grocery spending at 47%, clothing at 41%, and consumers seeking savings through better planning and switching to more affordable retailers. Dining out remains a polarising category, with 34% intending to spend less globally. Entertainment outside the home is gaining traction, with 41% of UAE consumers intending to spend more.
INTERNATIONAL
UK's ‘sandwich carers’ suffer poorer mental and physical health, research suggests
So-called “sandwich carers” in the UK with responsibility for both children and ageing relatives suffer years of poor mental and physical health, according to a new study which looked at a group of 2,000 such carers over almost a decade. Lead author Dr Baowen Xue said: “Our study highlights the significant mental and physical health challenges faced by sandwich carers. These individuals, who balance the demands of caring for both their children and ageing parents, often experience a decline in their well-being. It’s crucial that we recognise and support the unique needs of this growing group to ensure their health and resilience. The study underscores the need for society to recognise and support the unique challenges faced by sandwich carers. Providing targeted support and resources, such as access to respite care and workplace flexibility, is crucial to help maintain their health and wellbeing, particularly for those offering intensive care.” The research, published in Public Health, used data from the UK Household Longitudinal Study between 2009 and 2020.
Euro zone labour market's exceptional run may be over, ECB study suggests
European Central Bank (ECB) research indicates that the exceptional resilience of the euro zone's labour market is unlikely to last, although no dramatic weakening is forecast. "The euro area labour market's performance has been exceptional as compared with changes in output," the ECB said in an Economic Bulletin article. "Rising profit margins enabled firms to retain their workers for longer than usual, despite falling revenues."  But real wages are now rising and catching up to historical trends while energy prices, a key input in costs, are stabilising, reducing the disconnect between output and employment. "The euro area labour market is expected to return closer to its historical correlation with output," the ECB said.
VW managers to take combined €300m pay cut
Managers at Volkswagen are to take a collective pay cut of over €300m ($310.08m) by 2030, VW human resources board member Gunnar Kilian has told local newspaper Braunschweiger Zeitung, adding that the board would take a larger cut proportional to their salary than the rest of management or the workforce. Reuters notes that unions, who struck a landmark agreement in December to cut costs at the carmaker, had said during negotiations that leadership figures should do their bit and take pay cuts. They placed the blame for the malaise at Volkswagen on poor strategic decisions by management.
OTHER
Saudi mother with 19 children gets doctoral degree
Saudi mother of 19 children, Hamda Al Ruwaili, has successfully pursued her doctoral degree while raising her family. She works in an administrative role in the mental health sector and also does e-commerce. Hamda divides her time between work and childcare and commerce and studying at night. She completed her bachelor's, master's, and doctorate degrees before turning 43 and is defending her thesis for the doctoral degree. Her children are doing well in their studies, scoring no less than 94%, and some have scored 100%. Hamda credits her success to planning and continuous family support.
 


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