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UAE’s Major Shift on Working Week is Unprecedented Boost for Economy: deVere CEO

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The United Arab Emirates announced today that it will transition to a four and a half-day working week, with Friday afternoon, Saturday and Sunday forming the new weekend. 

The new working week will commence January 1, 2022, across the federation of seven emirates (Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaimah, Sharjah and Umm Al Quwain) that make up the UAE.

Currently the working week is Sunday to Thursday.

Of the major news, Nigel Green, the CEO and founder of Dubai-headquartered deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organisations, says: “This is a major cultural, societal and economic shift that can be expected to provide a massive boost for the UAE economy.

“The UAE, and in particular Dubai and Abu Dhabi are already recognised as two of the most powerful business and financial hubs in the world by international investors who are lured by the incredible possibilities offered in terms of finance, trade and commerce, plus the famous ‘can do’ attitude and the low tax environment in these destinations.

“The transition to a four and a half day working week which now aligns with most major economies around the world will prove to be another significant ‘pull’ for international corporations that are currently based elsewhere.”

He continues: “We can expect there to be a steady influx of new wealth and job creating businesses relocating to the UAE on the back of this announcement.

“It provides a further compelling impetus for an already established commerce hub that has an independent judicial system, a global financial exchange, a stable, pro-business government, a high proposition of high net worth individuals, a dynamic business community, world-class infrastructure and telecommunications, English as its de-facto business language, and their enviable, central geographical location and time zone.”

The news follows the rollout of new legislation in which the UAE will allow 100% ownership of businesses for foreign nationals from December 1, 2020. Previously, all businesses were required to have a UAE citizen sponsor.

At the time of that announcement, Nigel Green said: “The appeal of the UAE has just sky-rocketed further due to the reform of the business ownership law.”

The deVere boss is a long-time advocate for the country where the Group has a major presence across several emirates and is headquartered.

Earlier this year, he said that over the next decade, the UAE will become one of the world’s top ten international financial hubs to rival and more aggressively compete with stalwarts such as London, New York and Hong Kong.

Mr Green concludes: “The working week announcement is a game-changer for the UAE, significantly ramping up its already impressive competitive advantage.”

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IWD: Unity Bank Partners SkillPaddy to Train 1,000 Female Software Engineers

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Nigerian lender, Unity Bank Plc is partnering with SkillPaddy in its  “Count Her In” tech Programme focused on empowering no fewer than 1000 female beneficiaries in Software Engineering Training.

The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry.

About 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024.

With women making up just 33% of the tech-related workforce globally, this initiative seeks to boost women’s participation in the tech industry by delivering a sustainable, impact-driven programme that addresses gender disparity and deepens inclusion within the tech industry.

All beneficiaries of the programme will be trained on different aspects of software development and provided with mentorship and resources that they need to succeed, including learning life skills like critical thinking, communication, innovation & problem-solving.

Speaking on the partnership, the Managing Director/Chief Executive Officer of Unity Bank Plc, Mrs. Tomi Somefun said the initiative aligns with the theme of the IWD 2024, #InspireInclusion, adding that empowering young women reflects the Bank’s commitment to driving inclusion, equality and diversity across industries.

She stated, “As a bank committed to fostering economic empowerment and gender equality, we are proud to partner with SkillPaddy on this initiative to contribute to the training and empowerment of 1,000 female software engineers. Through this programme, we are not only investing in the future of these talented women but also driving innovation and diversity within the tech industry. By providing access to skills training and mentorship, we aim to unlock opportunities and create a more inclusive and thriving digital economy for all.”

You may recall that in line with the Bank’s Corporate Social Responsibility, it also recently partnered with a software training provider, AltSchool Africa to sponsor female students to acquire specialist software development skills.

The International Women’s Day, IWD is a day set aside globally to celebrate the social, economic, cultural and political achievements of women and reflect on action to accelerate gender equality. This year’s theme #InspireInclusion emphasises the importance of creating environments where all individuals, regardless of gender, feel valued, respected, and included.

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South Korean Doctors Walk Off Jobs, Demand Better Conditions

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A significant portion of South Korea’s medical workforce, consisting of over 7,800 interns and residents, have resigned from their positions to protest against working conditions and policy directives.

The mass resignation, emblematic of deep-seated discontent within the medical community, has thrust the nation’s healthcare system into turmoil.

Ryu Ok Hada and Park Dan, representative of the disenchanted junior doctors, highlight a chorus of voices calling for improved pay, reduced work hours, and increased recognition.

The doctors, often hailed as a crucial cog in South Korea’s esteemed medical infrastructure, decry being overworked, underpaid, and unheard.

The protests stem from a broader dissatisfaction with the status quo, with hospitals witnessing a surge in canceled surgeries and turned-away patients amidst the walkout.

Such disruptions underscore the pivotal role junior doctors play, particularly in emergency rooms, intensive care units, and operating theaters, where their absence is acutely felt.

At the heart of the issue lies the grueling work hours endured by South Korean doctors, who routinely face shifts lasting over 36 hours, far exceeding international standards.

Park Dan, head of the Korean Intern Resident Association, emphasizes the demanding workload, with doctors often exceeding 100 hours of work per week, all for meager compensation ranging from 2 to 4 million won ($1,500-$3,000) monthly.

The government’s response, marked by threats of arrest and license revocations, has only escalated tensions.

Despite orders to return to work, the doctors argue that such measures are unconstitutional and infringe upon their rights.

Prime Minister Han Duck-soo’s assurances of extended hospital hours fail to address the core grievances raised by the medical community.

Central to the doctors’ demands are calls for legal protection from malpractice suits, equitable compensation, and structural reforms within the healthcare system.

While acknowledging the plight of their patients, doctors like Park Dan express the difficulty of navigating a system that prioritizes policy over practitioner welfare.

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Kaduna Electric Implements 10% Salary Hike Amidst N110 Billion Debt Crisis

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Kaduna Electricity Distribution Company (Kaduna Electric) has announced a 10% salary increase for its workforce, despite grappling with a debt of N110 billion and operational challenges.

The decision follows the dissolution of the company’s board of directors by the Nigerian Electricity Regulatory Commission (NERC) due to its failure to settle the substantial debt owed within the Nigeria Electricity Supply Industry framework.

Umar Hashidu, appointed by NERC as the company’s administrator under Section 75 of the Electricity Act, emphasized the strategic significance of the salary increment during a meeting with the management team.

Hashidu stressed the importance of boosting employee morale and enhancing overall company performance amidst economic uncertainties.

The salary adjustment is a proactive measure aimed at motivating staff in the face of prevailing economic challenges, noted Hashidu, acknowledging the pressing need to address the escalating cost of living crisis.

Despite Kaduna Electric’s struggles in meeting market obligations and complying with NERC performance indices, Hashidu expressed optimism in overcoming these hurdles through concerted efforts.

The announcement signals a period of transition and reform within Kaduna Electric, following the resignation of the former Managing Director, Yusuf Yahaya.

Despite the company’s debt burden and leadership changes, the salary hike reflects a commitment to prioritize employee welfare and maintain operational stability.

As Kaduna Electric navigates through its financial challenges and strives for improved performance, the salary increase serves as a testament to the company’s dedication to supporting its workforce amidst adversity.

It remains to be seen how this move will impact the company’s trajectory in the Nigerian Electricity Supply Industry landscape.

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