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Middle East Edition
14th January 2025
 
THE HOT STORY
IMF chief sees steady growth in 2025
The International Monetary Fund (IMF) expects to see steady global growth and continuing disinflation in 2025, according to its latest World Economic Outlook. IMF managing director Kristalina Georgieva suggested that governments need to cut fiscal spending and adopt reforms to boost growth. She said: “Countries cannot borrow their way out. They can only grow out of this problem.” In October, the IMF raised its 2024 economic growth forecasts for the US, Brazil and Britain but cut them for China, Japan and the euro zone. It also left its forecast for 2024 global growth unchanged at the 3.2% projected in July. The IMF also lowered its global forecast for 3.2% growth in 2025 and warned that global medium-term growth would slip to 3.1% in five years.
HEALTH & WELLBEING
Healthcare workers in Bahrain are stressed
According to the Occupational Stress Risk and Its Impact on Job Performance Among Bahraini Healthcare Workers study, over 90% of public healthcare workers in Bahrain are experiencing moderate to high levels of occupational stress. This stress has significantly affected their job performance. The research was conducted by a team from the Psychiatric Hospital and Salmaniya Medical Complex in Manama, highlighting a pressing issue within the healthcare sector.
TAX
Israel to use withheld Palestinian tax income to pay debt
Israel intends to use tax revenue collected on behalf of the Palestinian Authority (PA) to address its nearly 2bn shekel ($544m) debt to the Israel Electric Co. (IEC), The tax revenue is generated from goods passing through Israel into the occupied West Bank and is typically transferred to the PA. Following the Hamas-led attack on October 7, 2023, Finance Minister Bezalel Smotrich has withheld funds designated for Gaza's administrative expenses, which are currently held in Norway. He emphasized that this decision was made after "several anti-Israeli actions," including Norway's recognition of a Palestinian state. Smotrich has historically opposed sending funds to the PA, which uses them for public sector wages, and Israel also deducts amounts equivalent to the PA's payments to families of militants.
DIVERSITY, EQUITY & INCLUSION
Qatar charity boosts support for disabilities
Qatar Charity (QC) has made a significant contribution to individuals with special needs in Djibouti by providing 150 wheelchairs and 250 blood pressure measuring devices. The aid was delivered to the Djibouti National Agency for Persons with Disabilities (ANPH), represented by Director General Daala Said Mahmoud, in the presence of HE Dr. Rashid bin Shafea Al Marri, the Qatari Ambassador to Djibouti. Ghada Eezedin Ahmed, Director of QC's Djibouti office, highlighted the importance of sustainable support for vulnerable populations, saying: "This initiative is the beginning of a series of projects and aid."
CORPORATE
Saudi Tabreed eyes IPO in Riyadh
Saudi Tabreed District Cooling Co is collaborating with Citigroup Inc and SNB Capital for a potential initial public offering (IPO) in Riyadh. The firm, supported by the Public Investment Fund (PIF) of Saudi Arabia and a UAE company, may go public this year, although no final decisions have been made regarding the size or timeline. The PIF acquired a 30% stake in Saudi Tabreed in 2022, valued at approximately $250m. The IPO is part of broader efforts by the PIF to diversify the economy away from oil, with the kingdom facing projected deficits.
ECONOMY
Qatar unveils MoCI strategy 2024-2030
The Ministry of Commerce and Industry Strategy 2024-2030 aims to support Qatar's sustainable development goals, focusing on commercial, investment, and industrial sectors. It aims to enhance Qatar's global competitiveness, encourage innovation, and improve service quality. The strategy prioritises consumer rights protection and aims to build on achievements, enhancing Qatar's position as a leading commercial and industrial hub.
SUSTAINABILITY
Barclays' sustainability chief steps down
Laura Barlow, Barclays' group head of sustainability, has retired to pursue other opportunities while remaining a senior advisor. Daniel Hanna, previously head of sustainable finance, has taken on an expanded role overseeing sustainable and transition finance. Barlow's leadership was pivotal in aligning Barclays with global climate goals, including a pledge to facilitate $1trn of sustainable finance by 2030. Despite these efforts, Barclays remains one of the top financiers of the fossil fuel industry, which has drawn criticism from climate campaigners and some US politicians. The change at Barclays follows the recent departure of HSBC's sustainability chief amid growing scrutiny of banks' climate commitments.
INTERNATIONAL
Wayfair to cut 730 jobs in Germany
Wayfair, the online furniture retailer, has announced the layoff of 730 employees as it exits the German market to concentrate on its core businesses. The company is facing challenges due to slower traffic and a decline in demand from cost-conscious consumers. Following the restructuring, Wayfair anticipates incurring charges between $102m and $111m, which will cover employee-related costs and non-cash charges associated with facility closures. These charges are expected to be recorded in the fourth quarter of 2024 and the first quarter of 2025. As of December 31, 2023, Wayfair employed approximately 14,400 individuals globally. Analysts have raised concerns about potential challenges from the implementation of President-elect Donald Trump's import tariffs, given Wayfair's significant exposure to imports.
Uniqlo owner hands Japan workers double-digit pay rise
Uniqlo owner Fast Retailing will increase pay for full-time headquarters and sales staff by 11% in a sign that corporate Japan is loosening its three-decade-long resistance to rising wages.
OTHER
New era for Syria and Lebanon
Lebanese Prime Minister Najib Mikati has met with Syria's new leader Ahmed al-Sharaa, marking the first visit by a Lebanese head of government to Damascus since the civil war began in 2011. Sharaa expressed hope for "long-term strategic relations" between the two nations, emphasising shared interests and the need for a positive relationship. Mikati highlighted the importance of "mutual respect, equality and national sovereignty" in their new ties. The leaders discussed urgent issues, including the return of approximately 2m Syrian refugees in Lebanon and the need to delineate land and maritime borders to facilitate offshore gas extraction. Mikati called for a joint committee to address border control and smuggling concerns.
 


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