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Middle East Edition
1st December 2023
 
THE HOT STORY
e& introduces four-day workweek for employees in UAE
The UAE's e& has introduced a four-day workweek for local employees, becoming the first  technology company in the region to embrace workplace flexibility. The pilot aims to improve employee engagement, well-being, productivity, and innovation. Dena Almansoori, Group Chief Human Resources Officer at e&, stated that the initiative reflects the need to modernise workplace strategies and create a more efficient and fulfilling environment. Employees who opt-in to the pilot will enjoy a three-day weekend from Friday to Sunday. The company already operates a hybrid workplace, with employees working remotely a few days a week, including 'Green Fridays' to focus on sustainability. The pilot aligns with the UAE Federal Government's encouragement of a four-day workweek for government employees and follows the successful results seen in Sharjah. The introduction of the four-day workweek in Sharjah led to a 90% increase in job performance, happiness, and mental health. e&'s initiative also supports the UAE's ambition for well-being and sustainability, as well as the company's commitment to achieving net zero emissions by 2030.
HIRING
UAE firms are notified about hiring Emiratis in 2024, 2025
The UAE's Ministry of Human Resources and Emiratisation (MoHRE) has notified over 12,000 private companies with 20 to 49 workers that they will be required to hire one UAE national in 2024 and another one in 2025. Failure to meet these requirements will result in a yearly financial contribution of Dh96,000 for each UAE citizen not hired. The new resolution aims to create around 12,000 jobs annually for UAE nationals in various economic sectors. Companies with 50 or more employees are also required to achieve a two per cent Emiratisation growth in skilled jobs. Ayesha Belharfia, Undersecretary for Emiratisation Affairs at MoHRE, emphasized the importance of promptly registering on the Nafis platform to benefit from the support it provides. The companies included in the new resolution operate in 14 specific economic activities. The selection criteria were based on job quality, compatibility with Emiratisation goals, geographic locations, growth, and other conditions that would attract UAE citizens to work in these sectors.
TECHNOLOGY
PwC launches AI chatbot
PwC has launched an AI chatbot to aid deal-making. The new technology will analyse client documents and provide guidance to deal-makers. PwC's chatbot, developed in collaboration with AI start-up Harvey, aims to reduce deal failure and provide a competitive advantage. The company plans to license the platform to clients, including private equity firms and banks, and has already implemented Harvey's AI tools in other departments. Lucy Stapleton, UK deals leader at PwC, said its new AI chatbot will help staff develop new skills and boost productivity by allowing more time for analysis. The Telegraph notes that the launch of the chatbot comes just weeks after PwC announced up to 600 job cuts across its advisory team in a voluntary redundancy scheme, with weaker demand for advisory services leaving the Big Four firm overstaffed.
Rapid AI adoption boosts jobs for young and skilled workers, but could reduce wages, research suggests
The rapid adoption of artificial intelligence (AI) is creating jobs, particularly for young and highly-skilled workers, according to research by the European Central Bank (ECB). The study found that the employment share of sectors exposed to AI increased in a sample of 16 European countries, with low and medium-skill jobs largely unaffected and highly-skilled positions receiving the biggest boost. However, the research also highlighted potential negative impacts on earnings. The ECB cautioned that the full impact of AI on employment, wages, growth, and equality is yet to be seen. The findings contrast with previous technology waves, which resulted in a decrease in the employment share of medium-skilled workers.
CYBERSECURITY
More than a third of UAE companies plan to outsource cybersecurity
Company bosses in the UAE are increasing their cybersecurity efforts due to a rise in cyberattacks, according to a study commissioned by Kaspersky. The study found that 87% of UAE companies experienced at least one cyber incident in the past two years, with a shortage of qualified IT security staff being one of the main reasons cited. To strengthen cybersecurity, 36% of respondents said their companies plan to invest in outsourcing cybersecurity in the next 12 to 18 months. The study also revealed that many companies are considering automating their cybersecurity processes, with 47% planning to implement software that manages cybersecurity automatically. Ivan Vassunov, VP of Corporate Products at Kaspersky, commented that outsourcing and automation are optimal solutions for organizations struggling with a lack of experts and alert fatigue. He recommended turning to external experts and using automation tools provided by cybersecurity vendors.
SUSTAINABILITY
First Abu Dhabi Bank publishes TCFD aligned climate report
First Abu Dhabi Bank (FAB) has become the first MENA bank to publish a Task Force for Climate-Related Financial Disclosures (TCFD) aligned climate report. The report outlines FAB's progress on governance, strategy, risk management, and key metrics and targets related to climate change. FAB's Chief Sustainability Officer, Shargiil Bashir, stated that the adoption of TCFD recommendations enables the bank to recognise, assess, and disclose climate-related risks and opportunities. FAB has also joined the Net Zero Banking Alliance and committed to net zero by 2050. The bank's TCFD Aligned Climate Report demonstrates its commitment to addressing climate change and provides transparency for investors and stakeholders.
INTERNATIONAL
US watchdog fines PwC $7m over exam cheating
PwC affiliates in Hong Kong and China have been fined $7m by the Public Company Accounting Oversight Board (PCAOB). The US accounting watchdog found that more than 1,000 audit staff cheated on internal training exams between 2018 and 2020. Without admitting the allegations, PwC’s Hong Kong firm has agreed to pay a $4m settlement, while PwC China is to pay $3m. PwC said it was “highly regrettable” that staff had shared test answers. The PCAOB has ordered the firm to strengthen its policies to ensure staff act with integrity in internal training.
One in seven HR bosses in England and Wales think men are better suited to top jobs
A poll conducted by the Young Women's Trust reveals that a significant minority of human resources executives in England and Wales believe men are better suited to senior management positions than women. The survey found that nearly one in seven HR decision-makers rate men as better for top jobs, and almost one in five admitted to being reluctant to hire women they thought might start families. The findings also showed that younger HR managers were more likely to hold prejudiced views against women's capacity for leadership. Alesha De-Freitas, the head of policy at the Fawcett Society, described the figures as evidence of systematic and illegal discrimination against women. The survey, which asked 907 HR decision-makers about their views on gender and senior management, found that 15% agreed that men are better suited to top jobs, while 79% disagreed. The Chartered Institute of Personnel and Development said the results were concerning and highlighted the need for greater focus on increasing the number of women in executive roles. The Young Women's Trust also found that almost one in four young women have been paid less than men for the same work, and half are concerned about limited opportunities for career progression.
Coal mining accidents in China's top producing region claim 100 lives
The death toll from coal mining accidents in China's top coal producing region, Shanxi province, has risen to 100 people this year, marking a 53% increase compared to last year. The accidents have exposed issues of inadequate coordination, failure of safety responsibilities, and weak mine safety foundations. To address the problems, a team from the State Council's Security Committee will be stationed in the province until May 2024. The announcement of intensified safety checks caused a more than 5% jump in China's coking coal futures contract prices. Despite efforts to enforce safety standards, China's coal mining sector has experienced several accidents this year. Miners aim to increase production to ensure sufficient coal supply for domestic energy security. Shanxi province, which accounts for 23% of China's coal reserves, plans to raise coal output by 4.6% this year. Nationwide coal production reached 3.83 billion tons in the first 10 months of 2023, a 3.1% increase from the previous year. "Safety checks have been quite stringent following a few mining accidents since November, and this has tightened domestic supply of the steelmaking raw material," said analyst Pei Hao.
Gucci employees strike over office move
Some employees at fashion house Gucci in Rome have gone on strike over the company's decision to move its design office from the Italian capital to Milan. The decision, which the company communicated to unions in October, would involve transferring 153 of 219 employees to Milan, almost 500 kilometres (311 miles) to the north, by around March. Labour union CGIL's regional office said Gucci's decision was not supported by objective reasons, making it hard not to think the real goal was to cut staff. "With the relocation to Milan, the creative director and the different teams involved will have the opportunity to collaborate closely with the strategic functions of the company already based in the city, thus maximizing the necessary interactions and synergies," a union spokesperson observed. Following the departure of creative director Alessandro Michele in 2022, Gucci owner Kering has changed the label's top management as it seeks to reignite sales momentum at its largest brand.
OTHER
Revolutionary nasal spray promises faster treatment for erectile dysfunction
LTR Pharma, an Australian clinical-stage biopharmaceutical firm, is set to launch a revolutionary nasal spray called Spontan, which promises a faster and more effective treatment for erectile dysfunction (ED). The nasal spray works within 10 minutes, significantly faster than traditional ED pills, and bypasses the impact of food and alcohol. Dr. Julian Chick, an independent non-executive director at LTR Pharma, stated that Spontan provides the spontaneity that is crucial for ED treatment to be effective. The global prevalence of ED has doubled in the past 30 years, making it a huge market. LTR Pharma plans to list on the ASX and raise $7m through an IPO. The company aims to take significant market share from generic ED products and believes that Spontan will be a game changer in the industry. The estimated market size for ED drugs is projected to reach $6bn by 2028.
 


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