THE HOT STORY

Saudi hands scope of some Vision 2030 projects to private sector

Saudi Arabia is transferring the scope of various Vision 2030 projects to the private sector to better manage timelines and avoid economic overheating, Economy Minister Faisal al-Ibrahim has said at the World Economic Forum in Davos. "The private sector is ready now and even more eager to participate," Ibrahim said, adding: "Recently, some entire scopes of projects were given to the private sector to deliver with some regulatory support and guidelines . . . We're very transparent. We're not going to shy away from saying we had to shift this project, delay it, re-scope it."

Reuters

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WORKFORCE

Emirates plans new crew village

Emirates Airline has signed an agreement with Dubai Investments Park to develop a new Cabin Crew Village, which will accommodate up to 12,000 crew members. Groundbreaking is set for the second quarter of 2026, with completion expected by 2029. The village will consist of 20 residential buildings, each 19 floors high, featuring one to three-bedroom units. Ali Mubarak Al Soori, Emirates’ chief procurement & facilities officer, said: "This investment is part of our broader commitment to supporting [worker] wellbeing." The development aims to provide a complete lifestyle destination with various amenities for crew members.

Gulfnews.com

Trade Arabia

HIRING

Saudi's HR ministry penalises recruitment offices

Saudi Arabia's Ministry of Human Resources and Social Development has taken legal action against 17 recruitment offices due to various violations. Inspections in Q4 2025 revealed breaches of recruitment rules, delays in refunds, and unresolved complaints. Six offices were suspended, while 11 had their licenses revoked for failing to address issues. The ministry said it aims to improve compliance and service efficiency in the labour market. It encourages users to report violations via the Musaned platform or the unified number 920002866. "We will continue to monitor recruitment offices," said a ministry spokesperson.

Saudi Gazette

Zawya EN

ECONOMY

IMF warns of trade tension risk to global growth

Trade tensions and a reversal in the artificial intelligence boom are among the main risks to global economic growth, the International Monetary Fund (IMF) has warned in its World Economic Outlook update, in which it nevertheless described the global economy as "steady," with growth expected to remain "resilient" this year. The IMF's forecast was produced ahead of US President Donald Trump's threat at the weekend to impose tariffs on eight European countries opposed to his proposed takeover of Greenland. The fund also said the independence of central banks was "paramount" for global economic stability and growth. The IMF said global growth was projected to reach 3.3% this year - an increase from its previous forecast of 3.1% - before slowing slightly to 3.2% in 2027.

Financial Times

Reuters

BBC News

Egypt signs agreement to develop integrated textile industrial complex

Egypt's Deputy Prime Minister for Industrial Development, Kamel Al-Wazir, has announced a new integrated spinning and textile industrial complex in New October City, backed by $350m in investments. The project, developed under the private free zones system, spans 800,000 square metres and aims to enhance local manufacturing and reduce import reliance. Al-Wazir said: "The project aligns with the state's strategy to revive the textile industry." Once operational, it is expected to create around 20,000 direct jobs, reinforcing Egypt's position as a regional textile hub.

Zawya EN

INVESTMENT

Saudi banks borrow abroad at fastest ever pace

Saudi banks are borrowing internationally at record levels, driven by rapid credit growth and tightening liquidity, as they adapt to economic changes and embark on ambitious projects.

Financial Times

INTERNATIONAL

Trump 'would immediately replace tariffs after court action'

The Trump administration would enact new tariffs almost immediately if the Supreme Court struck down sweeping global tariffs the president launched under an emergency law, U.S. Trade Representative Jamieson Greer had told the New York Times. He told the Times that the administration would “start the next day” to replace the tariffs with other levies, saying: “The reality is the president is going to have tariffs as part of his trade policy going forward.” Greer nevertheless expressed optimism that the Supreme Court, which is currently reviewing the president’s use of an emergency law that underpins most of his tariffs, would rule in the administration’s favour.

New York Times

Greece announces emergency measures to protect workers

Greece's Ministry of Labour and Social Security has implemented emergency measures to safeguard private sector workers from severe weather expected today. A circular issued on January 20 mandates a suspension of outdoor manual work in affected areas, with specific timeframes for different regions. Essential services are exempt but must ensure safety protocols. Non-compliance will result in a €2,000 fine per affected employee. The ministry also encourages teleworking and allows flexibility in work schedules to adapt to the extreme conditions. "Employers must implement all necessary health and safety measures," the ministry said.

GreekCitytimes

Capgemini plans to cut up to 2,400 French jobs

IT services group Capgemini plans to cut up to 2,400 jobs in France, or about 6% of its local workforce. The plan will proceed only on a voluntary basis and is subject to negotiations with unions, Capgemini said. The company said it would offer offer internal retraining programmes for workers in units affected by shifting client demand.

Reuters

Petroperu workers launch three-day strike over privatisation plan

At least 30% of 2,200 unionised workers at Peru's state-run oil company, Petroperu, have launched a 72-hour strike to protest a plan to privatise parts of the firm. Petroperu however said that all its facilities were operating normally, and observed that Peru's labour ministry had ruled the strike call "inadmissible." Jose Luis Saavedra, general secretary of the administrative workers' union, said: "The speed with which the government wants to privatise Petroperu is striking."

Reuters

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