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Middle East Edition
25th September 2024
 
THE HOT STORY
Israel's tech sector faces challenges, report says
Despite ongoing conflict in the Middle East, Israel's tech sector remains the third-largest global hub for capital raising, according to a report from the Israel Innovation Authority. The report nevertheless highlights challenges such as a slowdown in employee growth and a lack of diversity. The local tech sector contributes significantly to Israel's GDP and state revenues, but the ongoing war in Gaza has caused many start-ups to reduce headcount. The report indicates that 60% of capital raised since October 7 has gone to established firms, particularly in the cybersecurity sector. Dror Bin, CEO of the Israel Innovation Authority, emphasized the need for investment in start-ups to ensure future growth. “The war and its accompanying challenges have led to a halt in employment growth, particularly in business and product roles. This is a clear warning sign,” said Israel Innovation Authority chairman Alon Stopel, adding “The high-tech industry is becoming more focused on technological roles, indicating that business growth is happening outside of Israel . . . If this continues, it will harm economic growth and limit opportunities for individuals in supporting roles to enter the high-tech sector.” Stopel urged the government and policymakers to “create mechanisms to balance and incentivise growth to maintain the global competitiveness of the Israeli tech hub.”
TRAINING & DEVELOPMENT
UAE firms invest in future talent at careers fair
At the 2024 UAE Careers Fair 'Ru'ya' in Dubai, companies are prioritising the development of a skilled Emirati workforce. Fatma Hussain, Chief People Officer at Dubai Holding, explained: "Our goal is to nurture adaptable individuals who are ready to thrive in a fast-paced environment." The fair highlights various initiatives, including Dubai Municipality's aim to hire over 150 Emiratis and Emirates Group's tailored programmes for young Emiratis. Nasser AlBlooshi from Chalhoub Group noted a 45% increase in Emirati employees, emphasising inclusivity in recruitment. Recent graduate Faisal Al Zaraee shared his positive experience at the fair, enthusing: “The training and mentorship I received have been incredible.”
SUSTAINABILITY
Qatar leads the charge on sustainability
Qatar says it is prioritising environmental stewardship in its development strategy, focusing on renewable energy and carbon capture technologies. Yousuf Mohamed Al Jaida, CEO of Qatar Financial Centre, highlighted the necessity of climate action, stating: "The urgency of addressing climate change has never been more apparent." The Mena region is increasingly adopting sustainable practices, with Qatar aiming to source 20% of its energy from renewables by 2030 and achieve net zero carbon emissions by 2050. Recent initiatives include the Al Kharsaah solar plant, which will prevent 26m tons of CO2 emissions, and plans for one of the world's largest solar power plants in Dukhan. Al Jaida emphasised the importance of green financial instruments, saying "With the right investments, we can drive innovation." Qatar says it is committed to aligning its financial sector with global standards and enhancing its sustainability efforts through education and collaboration.
RISK
UN nations endorse a 'Pact of the Future'
The U.N. General Assembly has approved the "Pact of the Future," a 42-page document aimed at uniting nations to address pressing global issues such as climate change, artificial intelligence, and rising inequality. The pact includes 56 actions focused on eradicating poverty, promoting peace, and reforming the U.N. Security Council to better reflect today's world. It also highlights the importance of including young people in decision-making and commits to nuclear disarmament and AI governance. The pact also includes proposed measures regarding human rights. U.N. Secretary-General Antonio Guterres said: "In the face of a surge in misogyny and a rollback of women's reproductive rights, governments have explicitly committed to removing the legal, social and economic barriers that prevent women and girls from fulfilling their potential in every sphere."
STRATEGY
AkzoNobel plans to cut 2,000 jobs by end of 2025
AkzoNobel, the Dutch paint and chemical manufacturer, has announced plans to eliminate approximately 2,000 jobs globally, representing about 5.5% of its workforce. The company aims to enhance efficiency and reduce costs, with the restructuring expected to be finalised next year. CEO Greg Poux-Guillaume said: “We aim to accelerate profitable growth by optimising our functional organisation to become more agile in volatile markets.” Earlier this year, AkzoNobel also revealed plans to close a paint manufacturing facility in Zuid-Holland, alongside other plant closures in Ireland and Zambia. In 2022, the company reported a profit of €388m on revenues of €10.8bn.
INTERNATIONAL
Thousands protest across India seeking repeal of labour codes
Earlier this month, thousands of Indian workers protested in cities including New Delhi and Kolkata to demand the repeal of four labour codes perceived to favour multinational corporations. Vidya Sagar Giri, national vice president of the All India Trade Union Congress (AITUC), explained: “The labour laws were introduced by the ruling Bharatiya Janata Party in 2019, despite union and opposition objections.” The protests coincided with a strike at a Samsung plant in South India over low wages, highlighting rising labour discontent that challenges Prime Minister Narendra Modi's efforts to attract foreign investment. Amarjeet Kaur, general secretary of AITUC, condemned the government's actions as “a violation of human rights and global practices.” Farmers’ unions have also shown support for the workers, who threaten further strikes if the laws are implemented without consultation.
Japan PM hopefuls want to overhaul dismissal rules
Two candidates who are vying to become Japan's next prime minister - Shinjiro Koizumi, the 43-year-old son of former premier Junichiro Koizumi, and digital minister Taro Kono - have both called for a relaxation of Japan's rigid labour rules, which have been blamed for blocking the movement of workers from mature sectors into growing ones where employees are needed in a tight labour market. "The ongoing labour market reform is missing the crux of the issue, and that's the revision to dismissal rules," Koizumi said earlier this month. "An ultimate growth strategy is to create a system that fosters a labour shift to startups and small firms in growth sectors," he said as he pledged to submit a labour reform bill next year if elected party leader. Meanwhile, Kono has proposed the establishment of a monetary compensation framework for dismissed workers as a way to settle disputes, a step he said would allow more flexibility in the labour market.
Greece's train workers to strike
Greece's train workers are preparing for a work stoppage and a 24-hour strike on September 26, 2024, amid ongoing safety concerns. Unions representing Proastiakos and Hellenic Train employees are demanding the hiring of more staff, modernisation of rolling stock, and completion of vital infrastructure projects. They highlighted the tragic February 2023 accident in Tempi, which claimed 57 lives, as a stark reminder of the issues plaguing the country's railway system. Despite submitting safety proposals to Hellenic Train management four months ago, the unions claim that significant problems remain unresolved, jeopardising safe operations. The Metro and ISAP services will continue to operate normally during the strike.
Amazon and UK government at odds over working from home
Amazon is ordering its staff back to the office five days a week, just as the UK government pushes for rights to flexible working - including working from home - to be strengthened, writes Tom Espiner. The tech giant is saying employees will be able to better “invent, collaborate, and be connected” at the same time as the UK government is linking flexibility to better performance and a more productive, loyal workforce. The calculation by Amazon appears to be that what evidence there is for increased productivity among employees who work in part from home fails to capture the particulars of how they operate, Espiner notes.
OTHER
Over Work — have our jobs become too greedy for our time?
The FT reviews Over Work, in which former Washington Post reporter Brigid Schulte explores how long hours have taken over the US so that overwork has “become a fact of life.”
 


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