THE HOT STORY

Saudi firms press ahead with IPO plans

Several Saudi Arabian firms are advancing plans for local listings, aiming to gauge investor interest in Riyadh amid fluctuating oil prices and geopolitical uncertainties. Companies from various sectors, including oil services and telecommunications, are preparing for initial public offerings (IPOs). Notable candidates include AlKhorayef Petroleum, which is collaborating with Citigroup, JPMorgan, and BSF Capital. The Public Investment Fund is a key shareholder in many of these firms. If successful, these listings could enhance trading volumes on the Riyadh bourse, although recent IPO performance has been lacklustre, with only two of the ten largest IPOs trading above their offer price, according to Bloomberg data.

Gulf Times

CORPORATE

Deloitte to launch EMEA unit

Deloitte plans to establish a new Europe, Middle East, and Africa (EMEA) firm in June, following a partner vote. The initiative will unite 16 firms across over 80 countries which generate combined revenues of around €20bn. The new unit will be led by Richard Houston, the current chief executive of Deloitte UK and Deloitte North South Europe. Volker Krug, CEO of Deloitte Germany, will serve as deputy chief executive. Sami Rahal, the head of Deloitte Central Europe, will serve as chair, while Liesbeth Mol, the current chair of Deloitte North and South Europe, will be deputy chair. Mr Houston said the EMEA unit "uniquely strengthens our ability to invest at scale across borders to accelerate innovation in areas that matter most to our clients."

Financial Times

The Times

HEALTH & WELLBEING

UAE announces Eid Al Fitr 2026 holiday for employees

The UAE's Federal Authority for Government Human Resources and the Ministry of Human Resources and Emiratisation have announced the Eid Al Fitr holiday dates for employees in federal government entities and in the private sector. For federal government entities, the Eid Al Fitr holiday will begin on Thursday, March 19, 2026, and continue until Sunday, March 22, 2026. Official working hours will resume on Monday, March 23, 2026. For the private sector, the holiday will run from Thursday, March 19, 2026, until Saturday, March 21, 2026.

Khaleej Times Online

WORKPLACE

UAE reminds employers of duties to ensure workplace safety

The UAE's Ministry of Human Resources and Emiratisation (MoHRE) has shared a list of employer duties to ensure safety in the workplace, Khaleej Times reports.

Khaleej Times Online

TECHNOLOGY

Can AI liberate us from the tyranny of email?

In the past year dozens of AI products have launched that promise to streamline email inbox management, but fears exist about mistakenly deleted messages and being “disrespected” by artificial replies.

Financial Times

TAX

Lebanon finance minister defends tax hike

Lebanon's finance minister Yassin Jaber has announced a tax increase to fund a public sector wage rise costing $620m. Value-added tax (VAT) will rise from 11% to 12%, and gasoline prices will increase by 300,000 Lebanese pounds per 20-litre can. Jaber said the tax decision was necessary to "preserve financial balance," and warned that any imbalance could lead to a crisis. However, the decision has faced opposition, with Energy Minister Joe Saddi objecting to the tax increases. Protests erupted in Beirut, where taxi drivers blocked roads in response to the government's actions.

Arab News

INTERNATIONAL

Goldman Sachs plans to drop DEI from board-candidate criteria

Goldman Sachs plans to eliminate race, gender identity, sexual orientation, and other diversity-related factors from the criteria its board uses to assess prospective candidates. The bank's decision follows a request that it removes the DEI criteria from the conservative activist nonprofit National Legal and Policy Center, a small shareholder in the lender. The Wall Street Journal notes that the DEI climate has changed radically for companies in recent years. A turning point was President Donald Trump’s executive order last year directing federal departments and agencies to launch civil investigations into corporate DEI programs.

Wall Street Journal

Foreign workers face violence in Croatia

Foreign workers in Croatia face increasing violence and exploitation. Many report being attacked while working, with some suffering serious injuries. The country, which is experiencing a significant labour shortage, has witnessed a rise in foreign workers, particularly from Asia. Last year, four out of 10 work and residency permits were issued to Nepalis, Filipinos, Indians and Bangladeshis, mostly in the tourism, catering and construction industries. Public attitudes are hardening, with over 60% of Croatians expressing dissatisfaction with the presence of these workers.

France 24

Lula's tax breaks boost middle-class support

Brazilian PresidentLuiz Inácio Lula da Silva's new income tax breaks, effective from January, aim to reduce the tax burden on middle-class Brazilians. The policy is expected to remove around 11.3m taxpayers from the rolls, so enhancing Lula's appeal ahead of October elections. The tax exemption applies to monthly salaries up to 5,000 reais ($960). Vitoria Santos, an advertising professional, observed: "It's a meaningful amount that really makes a difference." However, economists such as Fabio Kanczuk warn that this approach may not address Brazil's long-term economic challenges. “It's bad economic policy, ‌but it wins votes,” said Kanczuk, a former central bank director and now head of macroeconomics at Asa Investments.

Gulf Times

Assault video in Singapore prompts Philippines to consider legal action

The Philippines is weighing legal action against a man who is accused of assaulting a Filipino woman at a shopping centre in Singapore. A video of the incident went viral online. Hans Cacdac, secretary of Manila's Department of Migrant Workers, said the Philippine labour attaché in Singapore had identified and contacted the woman. “Our migrant workers office labour attaché in Singapore is already in discussions, but we are currently still determining the exact cause of the incident,” Cacdac said.

South China Morning Post

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