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Middle East Edition
14th March 2025
 
THE HOT STORY
UAE's FDI plan to create jobs
The UAE aims to attract Dh128bn in foreign direct investment over the next six years, which is expected to generate thousands of jobs across various sectors, including technology, finance, and renewable energy. Hamza Dweik, head of trading and pricing for Mena at Saxo Bank, said: “The demand for skilled professionals in key sectors such as technology, finance, logistics, and renewable energy will rise.” The National Investment Strategy 2031, approved by the UAE Cabinet, seeks to more than double annual foreign investment inflows from Dh112bn in 2023 to Dh240bn by 2031. This strategy is anticipated to create a diverse job market, reducing reliance on traditional sectors and fostering long-term career prospects in emerging industries. The focus on technology and IT is expected to lead job creation, particularly in digital transformation and cybersecurity.
WORKFORCE
Darwinbox and SalamAir join forces in Oman
Darwinbox has partnered with SalamAir to enhance its HR operations in Oman, marking the company's entry into the region. The collaboration aims to digitise nearly 90% of manual HR tasks, allowing HR professionals to focus on strategic activities while improving employee engagement. Said Al Rashdi, Director of Corporate Support at SalamAir, explained that the goal of the Darwinbox HRMS project is "to empower our dedicated employees with a user-friendly system that emphasises transparency and strategic workflows.” The initiative aligns with SalamAir's stated commitment to creating a modern workplace, featuring automated HR processes and enhanced data accessibility to foster a motivated workforce.
REGULATION
Ripple makes waves in Dubai
Ripple has received approval from the Dubai Financial Services Authority (DFSA) to offer regulated crypto payments in the Dubai International Finance Centre (DIFC), becoming the first blockchain-enabled payments provider licensed by the DFSA. The milestone is said to reflect Ripple's commitment to the region and its compliance with global regulations. The UAE, with a $400bn+ market for international trade, is seeing increased demand for efficient cross-border payment solutions. Ripple's DFSA licence adds to its portfolio of over 60 regulatory approvals worldwide, reinforcing its mission to enhance financial services through compliant blockchain technology.
HEALTH & WELLBEING
GAC launches Ramadan initiative to support workers
GAC has launched a charitable initiative during Ramadan, distributing food boxes to support workers in the UAE. The initiative, led by Wang Shunsheng, vice president of GAC International, and Mark Zhang, general manager of GAC International Middle East Company, involved staff and management packing essential non-perishable items for distribution at food banks and labour accommodations in Dubai. These food boxes aim to provide nourishing meals for iftar and suhour, reflecting GAC's commitment to social responsibility. 
CORPORATE
Aramco CEO urges investment in fossil fuels at Houston conference
Aramco chief executive Amin Nasser told executives from major energy firms at the CERAWeek conference in Houston that while investment in all energy sources is necessary, "the current strategy of prematurely switching to immature alternatives has been so self-destructive. New sources cannot even meet the growth in demand." He called for investment in fossil fuels, citing global demand. Nasser's comments come as the US government works to maximise oil and gas production, and policymakers in Europe scale back introduction of clean energy policies. Nasser observed that "We can all feel the winds of history in our industry's sails again."
TAX
Qatar tax deadline extended
Qatar's General Tax Authority (GTA) has announced an extension for filing tax returns to August 31, 2025, instead of the previous deadline of April 30, 2025. The change is part of the 100% Financial Penalty Exemption Initiative, aimed at giving taxpayers more time to meet their obligations. The extension applies to all individuals and entities under the Income Tax Law No. (24) of 2018, except for companies in petroleum and petrochemical sectors, which must still file by April 30, 2025. GTA emphasizes the importance of electronic submissions through the Dhareeba Tax Portal, explaining: "This extension aims to provide taxpayers with additional time to complete their procedures and fulfill their tax obligations."
STRATEGY
Citigroup plans to slash IT contractors
Citigroup has plans to dramatically reduce its reliance on information technology contractors. Tim Ryan, the bank’s head of technology, told staff recently that the bank aims to cut back external contractors to 20% of those working in IT from the current 50%. Citi will put more IT staff on the payroll as the lender looks to improve controls following a series of compliance failures attributed to external contractors.
INTERNATIONAL
UK lawmakers back landmark workers' rights bill
MPs in the UK have backed a package of workers' rights reforms that has been described as “a once-in-a-generation chance to reshape the world of work.” Deputy Prime Minister Angela Rayner called the Employment Rights Bill a “landmark” piece of legislation that is “pro growth and pro business and pro worker.” The bill changes several rules which employers must follow when they hire and dismiss workers. Employment authorities would treat workers who are sacked for failing to agree changes in their contracts as automatically unfair unless the employer can show they were unavoidable. Workers would also have a right from their first day of employment to request flexible working, although bosses can deny such requests for several reasons, including if the new arrangement would introduce additional costs, or if it would have a “detrimental effect on ability to meet consumer demand.” The proposed new law includes a new right to guaranteed hours, prohibiting zero-hour contracts, and introduces new restrictions on “fire and rehire” processes when employees are let go and then re-employed on new contracts.
China's unions tackle gender bias
Several Chinese labour unions, including those in Hunan and Shenzhen, have issued notices to companies prohibiting the requirement for female job seekers to disclose their marital and childbearing status. These notices, widely shared on social media, are seen as a step towards addressing gender inequality in the workplace. Many young women in China have been deterred from starting families due to fears of career repercussions. The Hunan Federation of Trade Unions said "Employers shall not further inquire or investigate the marital and childbearing status of female job seekers," emphasising that women should not face discrimination in hiring or employment due to their family status. While many have welcomed the initiative, some expressed concerns that it might lead to fewer hiring opportunities for women.
Reykjavík's payroll blunder costs millions
At the end of last year, the City of Reykjavík corrected payments to employees amounting to 34m ISK ($252,000) due to a payroll system error affecting the December bonus. Eva Bergþóra Guðbergsdóttir, the City of Reykjavík's communications director, confirmed that approximately 4,900 employees were overpaid, with the highest individual adjustment being 11,900 ISK. The error impacted about 40% of the city's workforce, which comprises around 13,000 employees. The mistake was identified the day after the payment was processed, leading to the necessary corrections made on December 31st.
 


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