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Middle East Edition
7th September 2026
 
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THE HOT STORY

Global watchdog identifies increasing misuse of informal money-transfer networks

The Financial Action Task Force (FATF), the global ​money laundering and terrorist financing watchdog, has said the misuse of informal banking networks, including hawala and other similar service ​providers (HOSSPs), which move payments through agents rather than ​regulated financial institutions, is a growing worldwide problem. FATF President Giles Thomson warned that sophisticated, commercially run networks now act as a “serious risk multiplier,” and make it easier for criminals to hide activities that harm people and communities around the world. FATF ​said in its report that professional service providers, including lawyers, accountants, auditors, consultants and real ​estate agents, are increasingly involved in facilitating the schemes.
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CYBERSECURITY

OpenAI commits $1bn to cyberdefence effort

OpenAI has said it would commit $1bn in subsidised access to its AI cybersecurity tools, training and technical ​support for organisations that protect critical services, amid growing concern over increasingly sophisticated AI-enabled cyberattacks. The "Daybreak for Frontline Defenders" programme will initially focus on US operators of essential ​services including water utilities, electric grid operators, and state and local ​governments. There are plans to soon expand to partner countries, OpenAI said. "In the ⁠coming months, AI-enabled cyber attacks will become far more widespread and sophisticated as models around ​the world become increasingly capable," the company said, adding: "Our goal ⁠is to use frontier AI to make the systems Americans depend on harder to attack and easier to repair."

Firms cannot outsource accountability to AI, Dubai regulator says

Sean McHugh, senior director of Market Assurance at the Virtual Assets Regulatory Authority (Vara), has said that virtual asset firms in Dubai cannot evade accountability through vendors or AI tools. Speaking at the FutureSec 2026 conference, he emphasised that firms are responsible for systems acting on their behalf. McHugh noted a significant increase in licensed firms, from 14 to 57, and highlighted the importance of customer protection and cybersecurity. He also mentioned that while on-chain hacks have decreased, vulnerabilities related to web interfaces and insider threats have risen, necessitating a robust approach to security.
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WORKFORCE

Older adults outnumber the youngest children worldwide

A new report from the U.S. Census Bureau reveals that last year, the global population of people aged 65 and over surpassed the number of children under five for the first time in recorded history, and the global population aged 65 and over will rise from 10.5% in 2025 to 19.6% by 2060. The bureau's August 2026 report, An Aging World: 2025, says this demographic shift is occurring more quickly than expected a decade ago and is creating an unprecedented, increasingly “top-heavy” age structure.
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TRAINING & DEVELOPMENT

Qatar unveils professional development plan to strengthen employees' skills

The Ministry of Education and Higher Education in Qatar has conducted a workshop to introduce its professional development training plan to employees. The event, themed “Explore Your Development Opportunities . . . and Be a Partner in Building Your Career Path,” aimed to help employees identify their training needs and align them with job requirements. Latifa Dismal Al Kuwari, head of the administrative training section, said the plan shifts focus from mere training attendance to creating a tailored development pathway.
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ECONOMY

Saudi consumer spending rises 11.5% in back-to-school boost

Saudi Arabia's consumer spending rose 11.5% to SR15.8bn ($4.21bn) in the week to August 29, driven by food and beverage purchases and continued back-to-school spending. Point-of-sale transactions increased 7.6% to 255.38m, according to Saudi Central Bank data. Food and beverage spending jumped 22.8%, while books and stationery rose 28.7% and telecommunications increased 26.7%. Economist Talat Hafiz said the figures suggested stronger consumer activity and larger purchases rather than inflation, which stood at 1.8% in July. Spending increased sharply in Jeddah, Makkah and Madinah, while hotel and jewellery transactions declined during the week.
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INTERNATIONAL

Former KPMG Australia executive sues firm over audit leak dismissal

Former KPMG Australia chief operating officer Eileen Hoggett has sued the accounting firm after being expelled from its partnership over a scandal involving the alleged misuse of confidential client information to pursue audit contracts. Hoggett stepped down as COO in June while remaining an audit partner but was expelled weeks later, a decision she has said was made without giving her an opportunity to respond. KPMG initially said the misconduct allegations were unsubstantiated but has since acknowledged that employees misused internal documents. The scandal, which has involved information belonging to clients including Lendlease and Optus, has also led to the resignations of KPMG Australia’s chair, chief executive, and head of audit. Hoggett said her expulsion meant she did not receive accrued annual leave or a partner retirement payment and is seeking an explanation from KPMG about the decision and her rights.

Gen Z graduates prefer office life

Phillippa O'Connor, UK chief people officer at PwC, says graduates are more enthusiastic about office working than older employees, particularly parents and carers who became accustomed to remote work during the pandemic. She says younger staff value being in the office for networking, learning from colleagues and gaining exposure to senior employees and clients. PwC expects staff to work in the office at least three days a week, while offering parents and carers greater flexibility. Research from PwC and the Social Market Foundation think-tank also found that the quality of a person’s first job can have a major impact on their career. Those starting in roles offering strong training, support and progression opportunities earned an average of £55,000 by age 35, compared with £27,000 for those entering lower-mobility roles.

Billionaire attorney defends firm's work-from-home policy

Billionaire attorney John Morgan has defended his personal injury firm Morgan & Morgan’s controversial work-from-home policy, which includes monitoring employees with cameras and productivity tracking. Describing on a podcast how the arrangement was introduced at America's largest injury law firm, Morgan said: "Here's what we're going to do. You can work from home, but guess what? We're going to put a camera on your computer. We're going to put a camera up your ass." He said 23 employees left within the first week.

Novartis could cut about 130 jobs in Switzerland

Drugmaker Novartis could cut ‌about 130 jobs in Switzerland as it relocates laboratory activities from Kleinbasel, an area of Basel, to its main campus ⁠in the city by the end of 2028. Reuters notes that the company has been investing heavily in sites in the United ​States as the pharmaceutical sector comes under pressure from the Trump administration to ⁠boost manufacturing there. It plans to spend $23bn to build and ​expand 10 facilities in the US over the next five ​years.
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OTHER

Engineers in WhatsApp group guide Nepal's flood rescue efforts

Rescue efforts in Nepal are being boosted by a WhatsApp group of over 500 experts who guide workers searching for survivors after the devastating flash flood on August 26. The flood left more than 1,200 dead and around 4,000 missing. Many are believed trapped in hydropower plant tunnels. Engineers are sharing vital information, including layout drawings, to navigate the altered terrain. Rescue teams continue to search despite challenging conditions and debris blocking access.
 
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