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4 days ago
New research has issued a damning warning that the Labour Government will seriously harm Britain’s economy over the next five years as millionaires flee the country. The respected Adam Smith Institute think tank has published new data this evening revealing that the UK is set to lose the greatest proportion of millionaires in the world over the course of this parliament. The share of the country’s millionaire population will fall by a whopping 20 percent between now and 2028, according to the instate. This means that the UK will see fewer millionaires as a share of its population by 2028 than any other country, including rogue states like China and Russia who are under significant international sanctions. By the end of this parliament, the percentage of Britons with at least $1 million dollars to their name will fall from 4.55 percent to 3.62 percent, a drop of 20 percent. The Netherlands will lose five percent, and Saudi Arabia three percent, the only two other countries set to see their rich population drop. By contrast Taiwan is forecast to see their millionaire numbers surge by 51 percent over the same period, with comparable countries likes Canada, Germany, Spain and France set to grow […]
5 days ago
What could be some of the best jobs for the future? To answer that question, you’d need to know which jobs will be in high demand as the U.S. and global economies shift. This graphic, via Visual Capitalist’s Janna Ross, uses data from the U.S. Bureau of Labor Statistics (BLS) to highlight the roles that are projected to have the most job growth over the next decade. Overall, the BLS estimates that there will be a net growth of 6.7 million new jobs from 2023 to 2033. Home health and personal care aides are expected to make up 12% of this total. In fact, with an aging population, four out of the top 10 occupations by job growth are related to healthcare. Apart from healthcare, roles within the food service industry are also expected to grow. The BLS projects that population and income growth will result in greater consumer demand for prepared food. Unfortunately, these roles currently pay far below the overall U.S. median wage of $48,060. The Best Careers for the Next 10 Years? Luckily, many of the positions with high job growth also have above-median pay. For instance, software developers earn just over $132,000 per year. The BLS expects that there will be […]
5 days ago
Saudi Arabia has announced a new insurance product to protect expat workers against financial defaults. The Ministry of Human Resources and Social Development, in collaboration with the Insurance Authority, has launched the Insurance Product to cover the entitlements of expat workers in private sector establishments in case of financial default. The Insurance Product aims to protect their financial rights in the event a company defaults, and is unable to pay wages for a specified period. Saudi expat insurance The benefits include, for example, a travel ticket for expat workers who wish to return to their home country. The launch of the Insurance Product is part of ongoing efforts to improve the labour market in the Kingdom through policies and regulations, to secure the contractual rights between workers and employers, and to increase the attractiveness and efficiency of the labour market, raising it to international levels. The Insurance Product is also consistent with a package of procedures established by the ministry to protect the rights of both parties in the labour relationship, including the Wage Protection Law and contract documentation. The Saudi ministry has issued a guidebook that explains all the procedures related to the Insurance Product; it can be accessed […]
5 days ago
The Ministry of Human Resources and Social Development and the Insurance Authority launched a new insurance scheme titled “Insurance Product” that aimed to protect rights of expatriate workers. The scheme that takes effect on Sunday, Oct. 6, also reduces the financial burden on workers in the event of defaulting from the part of establishments in terms of their inability to make payment of wages for a specific period of time. The scheme will cover the dues of expatriate workers in private sector establishments in the event of default from their employers. The Insurance Product, provided through insurance companies in the Kingdom, covers the payment of expatriate workers’ dues if the establishment owners default on payment of wages. The scheme will be implemented in accordance with the terms and benefits covered and determined by the insurance document as per the policies and procedures regulating it. These benefits include, for example, a travel ticket if the expatriate worker wishes to return to his country on final exit. The launch of the Insurance Product comes within the framework of the efforts aimed at developing the labor market in the Kingdom through policies and legislation, preserving contractual rights between workers and employers, and increasing […]
5 days ago
Adam Glapiński, president of the National Bank of Poland, announced at a press conference on Thursday that “on behalf of all Poles,” the bank now has 420 tons of gold, making it part of the “exclusive club of the largest holders of gold reserves in the world,” reports Do Rzeczy. Glapiński also commended the manner in which the gold was purchased, in particular the prices the gold was purchased at. “We managed to do it very successfully,“ he said, adding that the National Bank of Poland earned or saved several dozen billion złoty during its accumulation. Nortably, the previous conservative government of Law and Justice (PiS) embarked on a massive gold buying spree while it was in power, which accounts for a significant chunk of the overall gold reserve stocks. “We have symbolically exceeded the resources of Great Britain, which has always been a kind of reference point,“ the NBP head said, adding that the gold purchases would continue. He also emphasized the importance of gold reserves as an economic stabilizer and state reserve. “In accordance with the resolution of the board, we are striving for 20 percent of our currency reserves to be in gold. Then, we will find ourselves in such a close, […]
1 week ago
The Saudi Tourism Authority (STA) has launched its “Saudi Winter” events calendar, showcasing activities and seasonal events across seven key destinations, including Riyadh, Jeddah, and AlUla. According to the Saudi Press Agency, the events will run from October 2024 to the first quarter of 2025. These activities aim to attract both local and international tourists during the winter season. As part of the broader Saudi Winter Program for 2024-2025, the calendar boasts over 1,000 tourist experiences and events, along with more than 500 special offers. Featured seasons and events include Riyadh Season, Diriyah Season, AlUla Season, Madinah Season, and the Jeddah Calendar, as well as major attractions such as the Dakar Rally, MDL Beast, Saudi Cruise, and the Islamic Arts Biennale. Visitors can also enjoy activities like hiking, camping, and caravans at various winter destinations. For further details on this year’s program, tourists and visitors can explore exclusive offers and packages on the “Spirit of Saudi” platform, with the first phase offering over 50 deals in partnership with private sector collaborators. During a recent workshop with tourism stakeholders, Minister of Tourism and STA Chairman, Ahmed bin Aqeel Al-Khateeb, officially launched the “Saudi Winter” program. The discussions highlighted the sector’s achievements, […]
1 week ago
Standard Chartered believes Bitcoin’s (BTC) dip below the $60,000 level is “normal” and called the recent downturn a buying opportunity in an investor note shared with CryptoSlate on Oct. 3. According to the lender’s global head of digital assets research, Geoffrey Kendrick, Bitcoin is currently trading in an “interesting circularity” where geopolitical tensions are pushing the price down, while the increased odds of former US President Donald Trump winning the elections boost post-election prospects for Bitcoin. According to Kendrick: “Risk concerns related to the Middle East seem destined to push BTC below 60k before the weekend. Positions like the 80k call options highlighted here and the circularity vis-à-vis Trump probabilities suggests the dip should be bought into.” Not a geopolitical hedge Kendrick highlighted that Bitcoin has not acted as a safe haven against geopolitical concerns, unlike traditional assets such as gold, and continues to perform akin to equities during periods of tension and uncertainty. Instead, Bitcoin has served as a hedge against systemic financial risks, such as US Treasury sustainability and bank collapses like the one seen in March with Silicon Valley Bank. He noted that BTC’s reaction to geopolitical issues remains consistent as market volatility rises due to uncertainty surrounding the ongoing crisis. Kendrick […]
1 week ago
Roads and Transport Authority (RTA) has announced to hold auction for 90 fancy number plates on October 12 in Dubai. The distinguished numbers on offer include 2, 3, 4, and 5-digit plates, and special numbers ‘AA17’ and ‘V96’. Number plates on offer bear AA, L, N, P, Q, R, S, T, U, V, W, X, Y and Z codes. Registration of bidders starts October 7 while the bidding will at 4:30pm on October 12 at the Jumeirah Beach Hotel in Dubai. Interested bidders can register for the auction through RTA’s website (www.rta.ae), the Dubai Drive app, or any of RTA’s Customer Happiness Centres at Umm Al Ramool, Deira, and Al Barsha. Limited seats Seats are limited at the bidding hall, and priority will be given to registered bidders. Pre-registration is recommended, but registration will also be available at the venue from 2pm. The sale of number plates is subject to a 5% VAT. Each bidder must have a traffic file in Dubai and submit a security cheque of Dh25,000 addressed to RTA. Bidders must also pay a non-refundable auction fee of Dh120, which can be paid at any Customer Happiness Centres, online, or through the Dubai Drive app.
1 week ago
Dubai Festival City Mall has announced plans to introduce a range of new brands this winter as part of its transformation strategy. The mall reported a 95 per cent gross leasing area (GLA) occupancy across over 332,000 sq. ft. and 400 stores, with a footfall of 23 million visitors last year. Hayssam Hajjar, Asset Management Director at Al-Futtaim Real Estate said: “Despite significant changes in the retail sector, such as the rise of e-commerce and shifting consumer behaviours, the demand for in-person shopping experiences remains strong. For years now, we have stirred several firsts for the city. We continue to lead with unique offerings, and this latest positioning is a testament to our enduring commitment to innovation.” Dubai Festival City Mall expands offerings The mall, which houses over 400 outlets including the UAE’s first IKEA, plans to introduce more than 30 new stores in 2024, with 24 of these being first-to-market brands. These additions will occupy a GLA of over 200,000 sq. ft. Recently, Market Island, described as the largest food hall in the Middle East, opened its doors. The 70,000 sq. ft. dining concept features over 16 first-to-market offerings from international brands. The mall has also unveiled new stores […]
1 week ago
Dubai’s Knowledge and Human Development Authority (KHDA) has revealed further details of Education 33 , a ground-breaking strategy that aims to transform the emirate’s education system. The ambitious strategy aims to establish Dubai as a global top 10 city for learning and introduce around 50,000 new affordable school places, massively increase education tourism and attract prestigious international universities to the city. As well as taking major strides in advancing academic achievement the strategy will also look to boost vocational training, offer personalised education plans, promote Arabic language studies and nurture lifelonng learning. Dubai Education 33 strategy Aisha Miran, Director General of KHDA, said: “Education 33 reflects the forward-thinking vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to empower future generations with the skills, knowledge, and values needed to lead in an ever-evolving global environment. “This landmark strategy will consolidate Dubai’s status as a global hub for education and innovation.” Announced by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, Education 33 marks a new milestone in […]
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