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Middle East Edition
27th March 2026
 
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THE HOT STORY

We need more plumbers and fewer lawyers in AI era, BlackRock boss says

BlackRock chief executive Larry Fink has said people's perception of skilled trades must change. The boss of the world's largest asset manager observed that the average plumber had been portrayed on television as being overweight and having their pants hanging below their waistline, while investment bankers are idolised in drama series like Industry. "I think what we did [was] wrong," he said. "We really put judgment on so many jobs and so many people who probably should not have gone into banking or media or law, probably should have been a great worker with their hands, and we need to now rebalance that approach." He told the BBC that, in the US after World War Two, "we built the foundation of education, and we said to all the young people, go to college, go to college, go to college. And we probably overdid it." He added: "We need to balance that out, and we need to be proud that . . . a career can be just as strong in these fields of plumbing and electricians."
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STRATEGY

Meta lays off 700 employees

Meta on Wednesday laid off around 700 employees in the Reality Labs unit, as well as some in recruiting, sales and Facebook, according to a person with knowledge of the company. “Teams across Meta regularly restructure or implement changes to ensure they’re in the best position to achieve their goals,” a Meta spokesman said. “Where possible, we are finding other opportunities for employees whose positions may be impacted.” The New York Times notes that less than 24 hours earlier, Meta has introduced a new stock option incentive program for senior executives that could deliver payouts worth hundreds of millions of dollars if the company reaches a $9tn market capitalisation by 2031.
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TRAINING & DEVELOPMENT

UAE launches AI-powered platform to develop promising national talent

The UAE's Federal Authority for Government Human Resources has launched an AI-powered platform called "Promising Talents" to enhance national capabilities. The initiative aims to develop a skilled workforce aligned with the UAE government's vision for human capital growth. The platform automates talent management processes and integrates with existing HR systems, tracking candidates from identification to retention. Faisal bin Butti Al Mheiri, director general of the authority, said: "The platform will mark a unique shift in how emerging talent is identified and developed through a smart, data-driven model."
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TECHNOLOGY

Legal AI startup Harvey valued at $11bn in funding round

Legal AI startup Harvey has raised $200m in fresh capital at an $11bn valuation. The company offers AI tools for legal and professional services that can streamline contract analysis, compliance, due diligence and litigation. The company’s products are used by more than 100,000 lawyers across 1,300 organisations, according to a press release. “AI isn’t just assisting lawyers. It’s becoming the system through which legal work gets done,” said Harvey CEO and co-founder Winston Weinberg. “The law firms and in-house teams leading the way are building agents that execute complex workflows so lawyers can focus on judgement, strategy and outcomes.”
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CYBERSECURITY

UAE firms face skilled cybersecurity staff shortage

Over 40% of UAE-based respondents to a study by Kaspersky reported a lack of qualified IT security personnel as a significant barrier to managing supply chain risks. Additionally, 47% of businesses struggle to prioritise security tasks. The rise in cyber attacks targeting supply chains is concerning, especially as companies increasingly rely on third-party vendors. While 78% of businesses acknowledge the need for improved protection, only 22% consider their current measures effective. Mohammed Al Kuwaiti, head of the UAE Cybersecurity Council, has emphasised the need for greater digital awareness amid rising remote-work-related attacks.
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INTERNATIONAL

AI will not lead to staff cuts at Norway's wealth fund, CEO says

The use of artificial intelligence at Norway's $2.1tn wealth fund, which is improving investment decisions and saving "billions of kroner" in trading costs, will not lead to job cuts, its chief executive officer Nicolai Tangen has said. “You should introduce AI in society to increase your production and value creation rather than cutting people out,” he said, describing such cuts to staff as “destructive.” Bloomberg notes that more than half of the fund’s 650 employees currently write code as part of a drive to boost efficiency by 20% across the organisation.

Russian steelmaker MMK to cut management jobs

Russian steelmaker MMK plans to cut 10% of its management personnel and pause new ​investment amid diminishing demand for metals from the firm's major customers - Russia's construction, energy, automotive and machinery manufacturing sectors. "The metals ​industry is the most sensitive 'barometer' of the economic situation, and ​today the state of the industry is quite challenging," MMK chief executive Pavel Shilyaev said. "We are forced to make a ​decision to reduce the number of staff considering the ​current capacity utilisation of production facilities."

Australia at ‘sliding doors’ moment on its AI future

Australia has a narrow window to position itself as a regional hub for artificial intelligence infrastructure, according to a study by Deloitte Access Economics. “This is a sliding doors moment for Australia,” lead author John O’Mahony said. He estimates the country needs about A$52bn ($3bn) in digital infrastructure investment by 2030 to ensure its advantage. “A failure to seize this opportunity would represent a generational economic fumble,” O’Mahony added.

China touts itself as safe, reliable and stable

Chinese Premier Li Qiang has pledged to further open ​the country's economy to foreign businesses and pursue more balanced trade with its global partners. Li told the China Development Forum in Beijing that China will import more high-quality foreign goods and work with all parties to promote optimised and balanced trade development. He also touted China as a safer, and more reliable and stable, partner in contrast to an America embroiled in a war with Iran. Li didn’t directly name the US. Global chief executives including Apple’s Tim Cook, UBS’s Sergio Ermotti and HSBC’s Georges Elhedery attended the annual two-day gathering.
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OTHER

Thailand expands gold shop safety measures

As gold prices hit record highs due to the Middle East conflict, police in Bangkok are intensifying efforts to prevent robberies at gold shops. The Metropolitan Police Bureau (MPB) has engaged shop owners to discuss security improvements, as criminals often target stores with weak security. MPB commissioner Pol Lt Gen Siam Boonsom noted that recent robberies highlighted the need for stronger measures. New guidelines include installing reinforced doors, surveillance systems, and limiting cash on hand. The Office of the Insurance Commission plans to update insurance policies to encourage better security practices among gold shops.
 
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