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11 months ago
The UAE has approved a Dh6.4 billion budget to further boost Emiratisation in the private sector. A new target has also been set for the country’s Nafis programme, which launched in 2021, to ensure 36,000 citizens join the private sector workforce in 2024, the state news agency Wam reported on Monday. The budget was approved during the Board of Directors of the Emirati Competitiveness Programme meeting on Monday, which was chaired by Sheikh Mansour bin Zayed, Vice President of the UAE, Deputy Prime Minister and Head of the Presidential Office. He was joined by Abdulrahman bin Mohammed Al Owais, Minister of Health and Community Protection; Dr Ahmad Belhoul Al Falasi, Minister of Education; Abdullah bin Touq Al Marri, Minister of Economy; Shamma bint Suhail Al Mazrui, Minister of Community Development; Dr Abdulrahman Al Awar, Minister of Human Resources and Emiratisation; Sarah bint Yousef Al Amiri, Minister of State for Public Education and Advanced Technology; and a number of other Nafis board members. An all-time high of 92,000 Emiratis now work in the private sector, new figures published in January showed. It marks a 157 percent increase since the Nafis programme was launched in September 2021. A total of Dh4.2 billion […]
11 months ago
A surprising contender in Asia has unseated Dubai for the title of most luxury property growth. According to Knight Frank’s new Wealth Report, Manila was the fastest-growing high-end real estate market in the world last year, Mansion Global first reported. The capital of the Philippines, which is widely known as the densest city on Earth, outpaced the high-gloss Middle Eastern destination — which took the crown in Knight Frank’s last report — with its 26.3% reported annual price gains in upscale real estate. Dubai, meanwhile, clocked in with 16% price growth, earning it the silver; the Bahamas, reporting 15% price growth, took the bronze. In Portugal, the far-southern — and tourist-favorite — region known as the Algarve recorded a 12.3% increase, tying it with South Africa’s Cape Town for fourth and fifth place. The report generally had positive things to say for the luxury residential market, which managed to come out on top even while facing significant headwinds from a global increase in cost of living and heightened interest rates, Mansion Global noted “At the start of 2023, economists were expecting a much weaker outcome across global residential property markets,” Knight Frank’s head of international residential and country research, Kate […]
11 months ago
On March 4, 2024, bitcoin’s value soared past $65,000, after lingering just below $63,000 the previous day, now nearing its record peak of $69,044 per coin set on Nov. 10, 2021, by a mere 6%. This significant uptick prompted widespread speculation on social media about a wealthy individual from Qatar investing in BTC, sparked by the sighting of a Qatari aircraft post-event. In response to a query about the impact of Saudi Arabia and Qatar investing their oil and LNG profits into bitcoin, the CEO of Keychainx shared, “Ok, here is some alpha for you. Saw this Qatari private jet at Madeira airport [the] day after Saylor’s talk at [Bitcoin Atlantis], coincidence?” So far, the Keychainx CEO’s post on X has gathered more than 189,000 views. Bitcoin evangelist Max Keiser shared a video of El Salvador’s President Nayib Bukele welcoming the Emir of Qatar and said “It’s happening!!” Anthony Scaramucci commented on the matter as well. “Max is saying Qatar may have added bitcoin to their balance sheet,” Scaramucci said. “If true all we can say is thank you Max Keiser.” Numerous notable BTC enthusiasts have echoed speculations regarding the Qatari jet, a billionaire from Qatar, and the Emir of […]
11 months ago
Net central bank gold buying exceeded 1,000 tonnes for two straight years, and commodity analysts at ANZ Bank expect central bank gold demand to continue hot for at least the next six years. [Emerging market] Central banks could purchase over 600 tonnes of gold annually until 2030 to take their share of their foreign reserves to 10 percent. China will likely occupy the lion’s share of global official gold demand. Analysts at the Australian bank noted that annual central bank gold demand has nearly tripled and now makes up 25 to 30 percent of total global demand. Central bank net gold purchases totaled 1,037 tonnes in 2023. That fell just 45 tonnes short of 2022’s multi-decade record. China was the biggest buyer in 2023. The People’s Bank of China officially reported a 225-ton increase in its gold reserves. Total central bank gold buying in 2022 came in at 1,136 tonnes. It was the highest level of net purchases on record dating back to 1950, including since the suspension of dollar convertibility into gold in 1971. ANZ analysts say the recent bout of price inflation helped drive central bank gold demand. Recent inflation shocks globally, aggressive policy rate hikes in the […]
11 months ago
Bitcoin has reached a new record high in over 30 currencies this week, including India and Japan (and the euro this morning), but the cryptocurrency’s nearing record highs in China have sparked renewed warnings from Chinese state media about the risks of investing in cryptocurrencies, as interest around digital assets remains strong in the country despite a sweeping ban on crypto mining and trading. Bitcoin has passed all-time highs in 30+ countries, including China and India. pic.twitter.com/63CnC9DE0F — Balaji (@balajis) February 28, 2024 As SMCP reports, a rebound in bitcoin prices cannot “hide” the underlying risks of the digital asset, state-owned newspaper Economic Daily said on Sunday. Wild fluctuations in bitcoin value remain the norm, and cryptocurrencies have yet to enter the mainstream, the article said, adding that regulatory scrutiny of the market remains tight. Investors should maintain a “clear and rational” mindset, it said. Bitcoin in Renminbi is very close to record highs… Chinese state media has persistently tried to dissuade people from engaging in cryptocurrency-related activities, as authorities have cited the risks of capital flight and financial instability. In September 2021, 10 government bodies escalated the country’s crypto ban by jointly declaring a broad range of cryptocurrency-related activities as illegal financial activities. In 2022, as […]
11 months ago
Nada Mohamed, the Chief Technology and Transformation Officer of CrediMax shares her thoughts on the advantages of women in leadership roles, the importance of gender diversity and the digital transformation and emerging trends in the financing and payment industry. What, in your opinion, are the advantages of having women in leadership roles? Luckily, gender diversity in leadership has become an increasingly important topic in today’s business. In order to build inclusive and prosperous companies, it is essential to acknowledge the unique perspectives and the positive impact that women contribute to decision-making, team collaboration, talent attraction, customer understanding, and mentorship opportunities. In my opinion, a woman brings a different outlook to the workforce. This is simple genetics, and as women come with distinct experiences and insights, they can enrich the decision-making process and challenge conventional thinking. Many believe that to achieve a leadership role, one must display a tough exterior with harsh decision-making skills. However, that is not always the case. Women have the ability to be both rational and competent while possessing strong interpersonal skills and emotional intelligence, which in turn brings a unique skill that creates positive team dynamics and enhances collaboration. Women in leadership positions serve as role […]
11 months ago
Despite commercial aviation’s huge growth potential in the next decade, the sector was set back six years by the COVID pandemic, , according to a new report from consulting firm Oliver Wyman. It said the global commercial aviation fleet is projected to grow 28 per cent over the next 10 years, expanding from today’s 28,400 aircraft to 36,400 by 2034 Meanwhile, the fleet across the Middle East will grow by 51 percent, from 1,472 to 2,227. Commercial aviation forecastsAnthony DiNota, Vice President of Oliver Wyman’s CAVOK: said: “Having clawed its way back from COVID, the industry is finally out of recovery mode and on a growth trajectory. “But the pandemic is having a lasting impact. Before COVID, the fleet was slated to reach 39,000 aircraft by 2030. “However, this won’t happen until 2036, with COVID wiping out six years of growth.” André Martins, Partner and Head of Transportation and Service for India, the Middle East, and Africa at Oliver Wyman, said: “Over the next decade, there will be shifts in the regional composition of the global fleet, with the Middle East gaining a larger share. “Many factors are contributing to this growth, including the region’s central location, the strength of […]
11 months ago
The UAE healthcare company Burjeel Holdings sure is speeding up its rollout in Saudi Arabia, confirming the launch of a further 8 branded fitness centers in Riyadh and four other cities. These facilities, under the PhysioTherabia label, add to the four announced last year, all being in Riyadh. PhysioTherabia has also signed a partnership with Tawuniya, a leading Saudi insurer, which would strengthen the former’s ‘ability to provide high-quality services and expands its reach to a broader clientele’. “The partnership is expected to drive revenue growth and solidify PhysioTherabia’s position as a key player in the sector,” said a statement. Getting the insurer mandate in Saudi Arabia will certainly help make the fitness center’s ability to reach out to a wider clientele. It is part of a tie up that Burjeel has had with Saudi entity Leejam’s Fitness Time since last year and designed to ‘meet diverse wellness needs’. “It furthers the goal of integrating preventive rehabilitation and fitness through a unique gym-based model,” said the Burjeel statement. Plans for 60 facilities According to John Sunil, CEO of Burjeel Holdings, “We reiterate our target to establish 60 such centers within and outside Leejam Sports’ gyms across the Kingdom by the […]
11 months ago
The lawyers challenging Elon Musk’s pay plan were doing pro bono work on behalf of Tesla shareholders, that answer is starting to look like a resounding “no”. That’s because it was reported on Friday that the lawyers who voided the “excessive” $56 billion pay plan are seeking $6 billion in Tesla stock as compensation. After all, who would know better about excessive compensation? The fee works out to $288,888 per hour. “We recognize that the requested fee is unprecedented in terms of absolute size,” the three firms said in a filing at the Court of Chancery in Delaware. “This structure has the benefit of linking the award directly to the benefit created and avoids taking even one cent from the Tesla balance sheet to pay fees,” they continued, saying the fee would be tax deductible for Tesla. The reasoning for the excessive fee rests on the fact that the victory to void Musk’s pay plan results in 266 million shares being returned to the company. Needless to say, Elon Musk didn’t stop to find the irony in the situation. “The lawyers who did nothing but damage Tesla want $6 billion. Criminal,” Elon Musk fired back on X on Friday. For comparison, Reuters noted that in a securities fraud […]
11 months ago
The immediate aftermath of the Ukraine war, Russian oil immediately traded down to a discount of as much as 30% below spot Brent as the entire western world suddenly found itself locked out of access to the most valuable Russian export (which also meant that China and India were the only natural buyers left) and the price of Russian oil had to reflect the explicit plunge in demand? Well, that’s no longer the case because in the two years since the start of the Ukraine conflict, it became apparent that Western sanctions were merely a theatrical publicity stunt as the alternative – strict enforcement – would have sent oil prices soaring and that would be unacceptable to a Biden administration terrified of losing the November elections if and when oil and gasoline prices surges. And as fear of enforcement became a non-issue over time, so did the discount of Russian oil to Brent, which brings us to today, and Goldman’s “chart of the week” which illustrates the collapse in the discount on Russian crude oil close to zero relative to Brent, according to the bank’s estimates using the most recent customs data for December. According to Goldman, which estimates the effective price […]
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