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Middle East Edition
22nd April 2025
 
THE HOT STORY
PwC executives exit amid tensions
PwC is undergoing significant leadership changes in the Middle East to improve relations with Saudi Arabia's Public Investment Fund (PIF) after facing a one-year ban from new advisory work. The firm announced that key figures, including Mohamed ElBorno and Emma Campbell, will be stepping down. The decision follows PwC's attempt to recruit Jason Davies, a former chief internal audit officer at Neom, which is said to have contributed to the deteriorating relationship with the PIF. Despite the challenges, PwC's Middle East operations, which employ 12,000 staff across 12 countries, reported a 26% increase in sales, highlighting the region's importance to the firm's overall performance.
LEGAL
New Saudi labour inspection rules unveiled
Saudi Arabia's Ministry of Human Resources and Social Development (MHRSD) has introduced new executive regulations for labour inspections. These regulations allow officials to conduct repeated inspections in cases of high violation rates. Companies will receive electronic warnings for serious violations, requiring corrective action within three working days. If not addressed, penalties will follow. Inspectors must be Saudi nationals with relevant qualifications and training, ensuring they maintain confidentiality and integrity. The regulations also stress the importance of protecting the rights of both employers and workers during inspections, with clear procedures for addressing violations.
ECONOMY
Labour conference kicks off in Cairo
The 51st session of the Arab Labour Conference (ALC) has commenced in Cairo, Egypt. The event gathered representatives from 21 Arab nations and international organisations, honouring 25 distinguished figures for their contributions to labour issues. The conference will address pressing labour market issues, including economic diversification and the relationship between economic complexity and human development. Additionally, it explores growth opportunities in emerging sectors such as the digital and green economies. The event also includes discussions on the activities of the Arab Labour Organisation over the past year and aims to enhance cooperation among member states.
TECHNOLOGY
Brite revolutionises HR with AI
Brite, a Cairo-based SaaS company, has launched the region's first AI-powered HR Business solution, aimed at enhancing organisational performance by prioritising people. Mahmoud Abu Sharkh, Brite's Managing Director, stated: “We believe empowered people drive change, and that's what we focus on.” The HR SaaS market in Egypt is projected to reach approximately $34.7m in 2024, with a 10.6% CAGR through 2030. Brite's platform offers comprehensive tools for attendance, payroll, task management, and performance evaluation, enabling businesses to optimise workforce management.
WORKSPACE
IWG expands flexible workspace in Qatar
International Workplace Group (IWG) is set to launch a flexible workspace in Doha, Qatar, responding to the growing demand for hybrid working solutions. The new workspace aims to cater not only to large corporations but also to the rising number of self-employed individuals and young entrepreneurs. IWG's expansion aligns with the trend of flexible workspaces, which are predicted to constitute 30% of commercial real estate by 2030.
STRATEGY
KKR appoints former CIA director as chairman of Mideast business
Private equity firm KKR has appointed former CIA director David Petraeus as chairman of its Middle East business and established a regional investment team led by Julian Barratt-Due to focus on opportunities in the Gulf Cooperation Council (GCC) countries. This strategic move aims to capitalise on the Middle East's economic growth, with KKR's co-CEOs Joe Bae and Scott Nuttall noting the area as "an increasingly important destination for investment" due to structural reforms and pro-investment policies.
TAX
Move to introduce new taxes in Bahrain
Bahrain is set to implement new taxation measures targeting corporate profits and carbon emissions as part of its strategy to diversify revenue and reduce oil dependency. Khalid Al Maskati, chairman of the Shura Council financial and economic affairs committee, said: “The government has to come up with legislations that are balanced and soon to enable a reflection in revenues.” The measures are included in the national budget for 2025-2026, although specific numerical details are still being finalised. The government anticipates a 25.8% increase in tax revenues this year and 25% in 2026. Despite some resistance to other proposed tax increases, Al Maskati emphasised the urgency for reform, saying: “We can't delay.” The planned taxation on profits and carbon emissions aligns Bahrain with broader GCC efforts to modernise economic policies. Local businesses are encouraged to prepare for compliance with upcoming tax standards.
CORPORATE
Azadea Group to pause IPO
Azadea Group, the Beirut-based retailer which operates Zara and Virgin Megastore outlets in the Middle East, has paused plans for an initial public offering to focus on its business operations. A source close to the company told Bloomberg that the company is weighing entry into new Middle Eastern markets and expanding operations in existing ones before proceeding with a public offering, adding that the delay is not related to the market volatility triggered by US President Donald Trump’s tariff policies.
INTERNATIONAL
DEI continues to thrive in Australia
Australian companies are largely uninfluenced by the Trump administration's attempts to dismantle diversity, equity, and inclusion (DEI) initiatives in the US. Cilla Robinson, a workplace diversity expert at law firm King & Wood Mallesons, said: “Most Australian employers know that creating inclusive workplaces benefits the bottom line.” Australian firms are guided by laws such as the Workplace Gender Equality Act, which mandates reporting on gender composition, and the Sex Discrimination Act, which imposes a positive duty to eliminate harassment. Companies like James Hardie Australia, part of the world's number one producer and marketer of fibre cement products, exemplify this commitment, having implemented various programmes that promote equity and inclusion, resulting in its recognition as one of the "Best Places to Work" by the Australian Financial Review. Robinson warns that neglecting DEI could expose organisations to legal risks, and says that “abandoning DEI shouldn't be something that organisations are even considering.”
Recruitment boast sparks backlash
China National Nuclear Corporation (CNNC) has said it received 1.196m résumés from young jobseekers for just 8,000 positions during its recent recruitment campaign. The state-owned power conglomerate said the huge response was indicative of its “strong magnetic effect” in attracting top talent. But the company's boast has met with backlash among younger jobseekers. Lisa Bai, a university student in Shanghai, remarked: “This . . . is so offensive. The pain of job-hunting for fresh graduates shouldn't be a company's source of pride.” A record 12.22m students are expected to graduate from universities and colleges this summer, and securing suitable employment remains a challenge for many young people in China amid economic headwinds.
Korea's PPP pledges flexible labour policies
Korea's conservative People Power Party (PPP) has announced a proposal for a “4.5-day” workweek based on flexible working hours as part of its presidential campaign. Interim leader Kwon Young-se announced the initiative during a party meeting, saying: “We will actively pursue this as part of our platform.” The plan includes a pilot programme where civil servants work an additional hour from Monday to Thursday and only four hours on Friday, maintaining a total of 40 hours weekly without affecting wages. Kwon emphasised that this approach aims to improve work-life balance while criticising the Democratic Party's proposals for reducing hours without wage adjustments as “unrealistic.” The PPP also plans to abolish the current 52-hour workweek cap, which Kwon argues limits flexibility in various industries, particularly in high-tech sectors. The party says it aims to develop labour policies that foster a more advanced work culture through tailored flexible schedules.
 


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