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Middle East Edition
24th September 2024
 
THE HOT STORY
UAE ministry calls on thousands of private companies to hire at least one Emirati by end of 2024
The UAE's Ministry of Human Resources and Emiratisation (MoHRE) has mandated that private sector companies employing between 20 to 49 workers must hire at least one Emirati citizen by the end of 2024. This decision, part of an expanded Emiratisation initiative, affects over 12,000 companies across various sectors, including finance, education, and healthcare. Companies failing to meet these targets will incur financial penalties, starting at AED96,000 in 2025 and increasing to AED108,000 in 2026. The Ministry emphasised the importance of retaining Emirati employees hired before January 2024 and ensuring their registration in pension and social security systems. MoHRE also encourages companies to utilise the Nafis programme to access qualified Emirati professionals. The Ministry warned against 'Fake Emiratisation' practices, which could lead to severe penalties.
STRATEGY
TSMC, Samsung weigh building chip factories in UAE
Two of the world's biggest chipmakers, TSMC and Samsung Electronics, are considering building potential semiconductor projects in the United Arab Emirates which could be worth more than $100bn. Top executives at TSMC visited the UAE recently and discussed plans for a facility on par with some of the company’s largest and most advanced facilities in Taiwan, the Wall Street Journal reports, citing people familiar with the interactions. Samsung Electronics is also considering major new chip-making operations in the country in the years ahead, according to other people with knowledge of the Korean company's strategy. 
LEGAL
Former MD of Thimar is jailed, fined for violation of Saudi Companies Law
Sari Almayouf, former managing director of the National Company for Agricultural Marketing (Thimar), has been sentenced to 90 days in prison and fined SR3.25m for violating Saudi Arabia's Companies Law. The Appeal Committee for Resolution of Securities Disputes (ACRSD) found Almayouf guilty of misusing Thimar's funds for personal gain, favouring a company linked to his interests. Almayouf transferred funds without proper documentation to a business associated with a friend, which later funneled money to another company he had stakes in. The Capital Market Authority (CMA) emphasized the need for investor confidence, saying: "The CMA continuously monitors any violating behaviours" to maintain a fair investment environment.
Bahrain's crackdown on illegal workers
Since the start of the year, Bahrain has deported nearly 5,000 illegal workers as part of a nationwide crackdown. The Labour Market Regulatory Authority (LMRA) has conducted 35,937 inspection visits and 511 joint campaigns targeting violations of labour and residency laws.
TRAINING & DEVELOPMENT
Bank offers part-time roles for Emirati students in new employment programme
Sharjah Islamic Bank (SIB) has launched a new part-time employment programme aimed at Emirati university and college students, providing them with the chance to work across various departments. This initiative, introduced on 23 September 2024, offers flexible working hours of four hours per day, a monthly salary, annual leave, and health insurance. Hassan Al Balghouni, head of corporate communications at SIB, stated that the programme is designed to "support the next generation of professionals in the financial and banking sectors." The initiative not only helps students gain practical skills but also addresses the demand for flexible job opportunities that accommodate academic commitments. SIB's net profits surged 14.5% to Dh566.2m in the first half of 2024.
TECHNOLOGY
AI could save professionals hours
According to the Future of Professionals Report by Thomson Reuters, two thirds of professionals believe artificial intelligence (AI) could save them hundreds of hours annually, allowing for more leisure time. The report surveyed 2,205 individuals in the legal, tax, accounting, and anti-fraud sectors, revealing that AI could potentially save up to four hours weekly, equating to 200 hours yearly. Stever Hasker, president and CEO of Thomson Reuters, said: "For US lawyers alone, that is a combined 266 million hours of increased productivity." While 24% of employees plan to use this time for personal wellbeing, the desire for business development is stronger among legal professionals. Overall, 77% of respondents anticipate AI will significantly change their work within five years, up from 67% last year.
INTERNATIONAL
Samsung warns striking Indian workers as row escalates
Samsung Electronics is facing escalating tensions with its workers at a plant near Chennai. They have been on strike since September 9, demanding higher wages and union recognition. The plant contributes about a third of Samsung's annual revenue in India, which totals $12bn. In an email to striking employees, Samsung's HR team wrote: "You shall not be entitled to wages from 09.09.2024 to the date you report back to work on 'No work No Pay' basis," warning of potential termination for continued absence. The workers, currently earning an average of Rs25,000 ($300) per month, are seeking a raise to Rs36,000 ($430) over three years. Despite ongoing discussions, Samsung remains reluctant to recognise any union backed by national labour groups such as CITU.
GM to lay off about 1,700 workers at Kansas plant
General Motors has announced the layoff of 1,695 workers at its Fairfax Assembly plant in Kansas, as detailed in a Worker Adjustment and Retraining Notification notice. The layoffs will occur in two phases, starting on November 18, affecting 686 full-time workers and 250 temporary employees, followed by a second phase on January 12, 2025, impacting an additional 759 full-time workers. In May, GM said it would pause production of the Cadillac XT4 after January 2025 in Kansas, resulting in layoffs of production employees until manufacturing resumed in late 2025 for both the Bolt EV and XT4 on the same assembly line. "As previously announced in May, GM is investing approximately $390m in our Fairfax Assembly Plant to add production of the new Chevrolet Bolt EV," a GM spokesperson said, adding "To facilitate the installation of new tooling, employees will be placed on a temporary layoff until production resumes in mid-2025."
LinkedIn pauses training of AI models using UK user data
The UK's Information Commissioner's Office (ICO) has raised concerns regarding LinkedIn's use of UK user data for training generative AI models. LinkedIn has since confirmed it has "suspended" such training. Stephen Almond, executive director for regulatory risk at the ICO, said: "We are pleased that LinkedIn has reflected on the concerns we raised about its approach to training generative AI models with information relating to its UK users." LinkedIn has also introduced an "opt out" setting for users in other regions who wish to prevent their data from being used in AI training. Meanwhile, Meta has begun training its AI models using UK user data after a positive consultation with the ICO.
 


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