THE HOT STORY

IMF says UAE economy remains resilient

Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), has highlighted the strong capital and liquidity buffers of UAE banks following an IMF staff visit. The IMF team praised the UAE economy's resilience amid geopolitical tensions, attributing it to sound fundamentals and timely support measures. Said Bakhache, head of the IMF staff team, noted: "The UAE economy has demonstrated significant resilience amid the geopolitical conflict in the Middle East."

Zawya EN

HIRING

Saudi Arabia begins three-month iqama renewals for domestic workers

Saudi Arabia has introduced new residency permit terms for domestic workers, allowing employers to issue or renew iqamas for three months and other flexible durations. The change, launched by the Ministry of Interior in collaboration with the Ministry of Human Resources and Social Development, aims to ease financial burdens on households. Employers can now select residency periods ranging from three to 24 months and pay fees quarterly. The initiative is part of Saudi Arabia's efforts to modernise residency services and enhance digital access. "The new system provides greater flexibility for employers," said a ministry spokesperson.

Saudi Gazette

Gulfnews.com

LEADERSHIP

FAST appoints Hashim Mahmood as head of people

Hashim Mahmood has been appointed as Head of People and Culture at FAST, a Dubai-based marketing technology group. He joins from TikTok, where he was regional HR director for METAP and CSA. Mahmood will oversee the integration of 200+ human employees and 180 AI agents, aiming to enhance collaboration between them. Waseem Afzal, founder and chief executive of FAST, noted that the company is hiring more AI-equipped staff than ever, which is crucial for growth. Mahmood expressed a desire to tackle the challenges of integrating AI into workforce dynamics.

Zawya EN

SUSTAINABILITY

Oman champions sustainable development goals

Oman participated in the High-Level Political Forum on Sustainable Development at the United Nations, where Abdulhalim Mubarak Al Rawahi, a member of Oman's Permanent Mission, reaffirmed the country's commitment to the 2030 Agenda. He highlighted the integration of sustainable goals into Oman Vision 2040 and the 11th Five-Year Development Plan, focusing on economic diversification and digital transformation. Al Rawahi noted the importance of international partnerships and funding for achieving net-zero carbon neutrality by 2050, stating: "Peace and development are two inseparable paths." Oman aims to enhance its investment environment and support sustainable development goals.

TimesofOman

STRATEGY

Saudi seeks tech ties with Korea

Saudi Minister of Communications and Information Technology Abdullah Alswaha met with Korean technology executives to enhance collaboration in future technologies. Accompanied by CST Governor Haytham AlOhali and Faisal AlKhamisi, Alswaha discussed partnerships in artificial intelligence, semiconductors, and cloud computing. He engaged with the Korea Software Industry Association and Samsung Electronics, focusing on digital infrastructure and 6G technologies. Alswaha also met with SK Group's Chey Tae-won to explore joint innovation in the digital economy. These meetings aim to strengthen Saudi Arabia's position as a global tech hub and attract high-value investments.

Saudi Gazette

TECHNOLOGY

Countries sign accord to establish world AI organisation

On Thursday last week, 29 countries signed an agreement in Shanghai to establish the World Artificial Intelligence Cooperation Organisation (WAICO). This independent intergovernmental organisation will be headquartered in Shanghai. Founding members include Kazakhstan, Laos, Pakistan, Russia, and Indonesia. The WAICO aims to promote international cooperation and governance in AI, ensuring its development is beneficial, safe, and fair. The agreement emphasises a people-centred approach and adherence to the UN Charter, with a commitment to extensive consultation and joint contributions for shared benefits. "The organisation will uphold the purposes of the UN Charter," the agreement stated.

Trade Arabia

REGULATION

Organised crime groups 'move billions through crypto'

The Paris-based Financial Action Task Force, an ⁠intergovernmental anti-money laundering group, has said criminals are taking advantage of gaps in regulation to move billions in illicit proceeds through the ‌crypto sector. In its latest review into the role of virtual assets and illicit finance, the group said crypto-enabled crime had become more "complex and interconnected" in the past year, and national regulators, financial institutions and crypto companies face "significant and ongoing challenges" in detecting and stopping money-laundering flows coming from scam compounds and investment fraud networks.

Reuters

INTERNATIONAL

UK financial firms tighten employee scrutiny

UK financial firms are sharpening their scrutiny of employee conduct ahead of new rules from the Financial Conduct Authority (FCA) that are set to take effect on September 1. The changes, which will amend conduct rules and fitness-for-office tests to add serious, work-related bullying, harassment and violence against colleagues, clarify how firms should take non-financial misconduct into account when assessing employees' fitness and propriety. The new regime puts the onus on managers, rather than human resources departments, to identify, investigate and report potentially serious cases. Lawyers report that some companies are dismissing staff suspected of misconduct before the rules increase accountability. Wendy Saunders, a partner at law firm Lewis Silkin, says she has seen two or three instances where firms appeared to "dress up a minor conduct issue as non-financial misconduct" to dismiss an underperformer.

Reuters

Luxury brands' offices searched in labour abuse probe

Chanel says it is co-operating with Italian authorities after its offices were searched by investigators probing allegations of labour exploitation in the luxury industry’s supply chain. Italian police on Thursday visited the headquarters of nine luxury brands, including Chanel, Moncler and Brunello Cucinelli, seeking documents related to ⁠governance and supply chain controls as part of an investigation into alleged worker exploitation at subcontractors. Italy's government has previously come to the defence of the country's luxury brands. Industry Minister Adolfo Urso said last year that the reputation of Italian brands was "under attack".

Euronews

Financial Times

Reuters

OTHER

Dubai adds nearly 1,900 food businesses in six months

Dubai's food sector continued to expand rapidly in the first half of the year, with 1,898 new food establishments opening, bringing the emirate's total to more than 29,300. During the same period, Dubai Municipality carried out 31,563 inspections to ensure compliance with food safety and health standards. The emirate also received more than 144,000 food consignments through its ports, reinforcing its role as a regional food trade hub. Officials said imported food is monitored through a risk-based inspection system before arrival, at entry points and after distribution, while digital inspection tools are helping improve efficiency and strengthen food safety oversight.

Gulf News

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