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Middle East Edition
26th March 2025
 
THE HOT STORY
UAE ahead in GCC banking sector resilience
The UAE banking sector is gearing up for significant growth in 2025, driven by a 12% year-on-year increase in credit facilities to businesses reported by the UAE Central Bank. The EY GCC Banking Sector Outlook 2024 highlights that non-oil GDP is expected to grow by 4.5% in 2025, supported by sectors like manufacturing and fintech. Mayur Pau, EY Mena financial services leader, said: “As we go into the first quarter of 2025, the GCC banking industry should remain strong due to considerable capital cushions.” With a surge in digital banking adoption and green financing initiatives, UAE banks are not only leading regionally but are also setting global standards. Despite challenges from geopolitical risks and inflation, the sector's resilience is underscored by a robust liquidity cushion and a low non-performing loan ratio of 4.1%.
TRAINING & DEVELOPMENT
Omantel teams up for AI training
Omantel has partnered with TeKnowledge to launch an advanced artificial intelligence (AI) and data science skilling programme aimed at enhancing its employees' digital capabilities. The initiative supports Omantel's commitment to digital transformation and economic diversification. Mohammed Ahmed Al-Riyami, general manager of talent management at Omantel, said: "AI and data science are at the core of Omantel’s strategy to lead in AI-driven solutions." The programme combines onsite and virtual training, ensuring an interactive experience for participants. As Oman transitions to a digital economy, Omantel is positioning itself as a leader in AI-powered services, driving sustainable growth and innovation. TeKnowledge, a global partner of Microsoft, will assist in delivering comprehensive training to support the initiative. 
STRATEGY
Paul Hastings expands in the Middle East
Law firm Paul Hastings is expanding its international energy and infrastructure practice by hiring a team from White & Case which includes George Kazakov and Dinmukhamed ‘Din’ Eshanov. The move will not only enhance Paul Hastings' European coverage but also establish its first office in Abu Dhabi. Eshanov, who has nearly four years of experience as a partner at White & Case, specialises in project development and construction agreements, as well as corporate and finance advisory work.
LEGAL
Nazaha cracks down on corruption
Saudi Arabia's Oversight and Anti-Corruption Authority (Nazaha) has arrested 82 government employees on corruption charges. Following 1,453 inspections of government offices and private establishments, Nazaha investigated 313 suspects from various ministries, including the Ministry of Interior and the Ministry of Defence. The authority said: "Those who are found involved in such crimes shall be held accountable," as it emphasised its commitment to combating corruption. Nazaha plans to continue its inspections to ensure accountability and protect public funds.
ECONOMY
Erdogan rival's arrest threatens Turkish economy
S&P Global has said that the arrest of President Tayyip Erdoğan's main political rival could hinder Turkey's economic reform programme. The ratings firm, which had previously upgraded Turkey's rating twice last year, said that the "arrest and imprisonment of opposition politicians last week could pose a risk to confidence in Turkey's economy and the stability of the exchange rate." S&P also noted that the "second-round effects" of increased uncertainty could significantly impact household spending, capital inflows, economic growth, and inflation.
INTERNATIONAL
US layoffs raise espionage fears
Mass layoffs and resignations in the US government are raising alarms about potential espionage threats. As President Donald Trump and billionaire Elon Musk implement significant changes, thousands of federal workers with sensitive knowledge are being let go. National security experts, including Theresa Payton, a former White House chief information officer, warn that adversaries like Russia and China may exploit this situation to recruit informants. Payton said “This information is highly valuable,”  as she highlighted the risks posed by departing employees who may have access to critical data. With over 100,000 federal workers typically leaving annually, the current surge in departures could increase the likelihood of espionage incidents. Experts emphasise that even one disgruntled former employee could cause significant damage, and the internet has made it easier for foreign agents to identify and recruit potential informants, raising further concerns about national security.
Experts meet in Africa to validate report on labour mobility and free movement
The United Nations Economic Commission for Africa (ECA) and the African Union Commission (AUC) are organising a regional workshop in Mombasa, Kenya, today to review and validate a report focused on enhancing free movement of persons, labour mobility, and skills portability across Africa. The report, which concentrates on Ghana, Kenya, and Zambia, offers practical recommendations for implementing the AU Protocol on Free Movement of Persons and aligning it with the African Continental Free Trade Area (AfCFTA). Participants will include government officials, migration experts, and civil society representatives, all working towards the ratification and operationalisation of the Free Movement Protocol. This initiative seeks to reshape narratives around African migration and maximise its development benefits, and aims to "unlock the full potential of intra-African mobility."
Argentina's oilseed workers return to work
Argentine oilseed workers have ended their strike and returned to work at Vicentin's soybean processing plants following successful negotiations regarding overdue wages. The strike, initiated by the SOEA union, temporarily disrupted soy processing in Argentina, the leading exporter of soybean oil and meal. SOEA Secretary Martin Morales confirmed that workers received 75% of their February wages and are set to receive the remaining 25% today. Workers had been demanding full payment from Vicentin, which has been in bankruptcy proceedings since 2020, citing a "critical financial situation."
UK workers in the office two days a week
Workers in the UK are spending two days a week on average in the office, according to a survey of 12,000 employees in 44 countries by property firm JLL. While staff are spending half as many days in the office than they were before the pandemic, the poll shows that UK workers only want to go into the office for an average of 1.5 days per week. Sue Asprey Price, JLL’s European head of work dynamics, said that while recent years have seen a "reasonable equilibrium in the workplace - a balance between employer expectations and employee flexibility," stricter return-to-office policies "means this balance is now being re-examined by many employers." Kuwait has led the way on the post-pandemic return to the office, with staff working in offices for 4.2 days a week. 
OTHER
London gains ground on New York
London is gaining ground on New York in think tank Z/Yen's Global Financial Centres Index (GFCI), a closely-watched index of the world's leading financial centres. The US city has held the top position since September 2018 but London closed the gap to just seven points after rising 12 points in the 37th publication of the latest survey. Reuters suggests that London's robust showing is "a first sign that efforts by policymakers to reboot Britain's sluggish banking and investment industry have started to bear fruit." The index was compiled using quantitative measures provided by third parties including the World Bank, United Nations and the OECD and 4,946 responses to the GFCI online questionnaire from industry participants. Hong Kong retained third position ahead of Singapore.
 


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