Regional News Qatar
Swift Action Required Over Qatarisation Targets
DOHA: Tough ministerial talk on boosting the rate of Qatarisation in HR departments should be met with a swift response by Qatar-based firms. Hussein Al Mulla, Undersecretary at the Ministry of Labour, said in press interviews recently that the post of HR Director in companies that are government-owned or partially-owned by a Qatari national must be given to local citizens. He also said companies ignoring a directive to set aside 20% of its jobs for nationals will “face the music”. Recruiters are warn companies against hesitating over the move, stressing that talented Qataris who can fill senior HR
Saudi Arabia
positions will be much more expensive to hire in years to come.
UAE
Emiratisation accelerates for organisations to fulfil contribution towards drive
They are also urging companies to immediately establish training and recruitment systems within their HR departments in order to secure and DUBAI: As Emiratisation efforts develop talented locals from a small intensify across the country to attract demographic pool. UAE nationals to a diverse workforce, Careers UAE 2013 organisers have According to the Qatar Statistics reported that interest from exhibitors is at Authority, non-Qataris still dominate an all-time high ahead of the event, which the country’s private sector workforce is an unrivalled platform for seeking job due to a combination of private sector opportunities, training and networking. ambivalence over hiring locals and Taking place from 30 April to 2 May Qataris themselves favoring Government 2013, the exhibition is organised and posts. A further factor is the limited size hosted by Dubai World Trade Centre, of the Qatari employee pool. bringing over 90 companies face-toface with job seekers. Careers UAE represents a broad range of sectors such as government and semi-government, finance, education, recruitment, trade and commerce, IT, hospitality, oil and gas, transportation and telecommunications. Last year, the KSA Government The event is held under the patronage revealed that it had signed healthcare projects worth around SAR3bn. So far of His Highness Sheikh Mohammed around 102 hospitals with a total bed bin Rashid Al Maktoum, UAE Vice capacity of 2,300 and five medical cities President, Prime Minister and Ruler of with a 6,200-bed capacity are being Dubai, who recently announced that constructed; the latest budget will fund creating jobs for UAE nationals will be a these along with 19 new hospitals and priority in 2013 and that stated initiatives and policies will be launched to make medical centres. Emiratisation a national priority at all levels.
Saudi Arabia boosts 2013 medical services spend by 16%
RIYADH: Affirming its prioritisation of the health and well-being of its residents, the Kingdom of Saudi Arabia has increased funding for medical services by 16% in 2013; Around SAR100bn has been allotted for the Kingdom’s medical services and social development throughout the current year.
KSA to invest over SAR 502 billion for energy and water projects in 10 years RIYADH: Energy consumption in the Kingdom of Saudi Arabia is witnessing an unprecedented growth, prompting a wave of investments expected to reach SAR 502.5 billion for various power generation and water projects in the next decade. Being the third largest water consuming country in the world with an average consumption reaching 280 liters per day per capita, KSA has earmarked up to SAR 202.5 billion in various water projects to be completed by 2022, while energy projects are expected to cost SAR 300 billion, including SAR 13.875 billion in lighting projects recently awarded by the Saudi Ministry of Water and Electricity. Khaled Daou, Project Manager of Saudi Energy at Riyadh Exhibitions Company, said: “The sharp increase in energy consumption in Saudi Arabia has been driven mainly by rapid social
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and economic development. As energy requirements hit new record highs each year, we are also seeing an increasing number of local and international suppliers, manufacturers and contractors offering a wide array of innovative products, services and technologies that complement the KSA Government’s efforts to address the Kingdom’s spiraling energy generation needs.”
Saudi Energy will run from May 26 to 29, 2013, at the Riyadh International Convention and Exhibition Centre. It will be attended by exhibitors from Austria, Bahrain, China, Germany, India, Canada, Czech Republic, Egypt and France, Italy, Korea, Romania, Saudi Arabia, Taiwan, Thailand, Turkey and the UAE. There will also be country and national pavilions from China, Korea, Romania, Turkey, Saudi Arabia and the UAE.
Egypt
H.E. Helal Saeed Almarri, Director General, Dubai Department of Tourism and Commerce Marketing (DTCM) and CEO, Dubai World Trade Centre (DWTC) explained: “As talented Emiratis explore the vast array of career choices available in the UAE workforce to contribute to a vibrant economy, employers continue to come on board to develop UAE national talent by offering diverse and quality job opportunities at Careers UAE. With Emiratisation a national priority at all levels, the event is a vital catalyst in this process to bridge the gap between prospective employees and companies that are compatible with their career ambitions.” Open exclusively for UAE Nationals and HR practitioners, Careers UAE 2013 will be held in Halls 5 - 8 at Dubai World Trade Centre. The event will take place from 30 April - 2 May 2013 from 10am to 6pm daily, and on 1 May from 10am - 1pm the event will be open to females only. Prospective participants can register and access more detailed information about the available opportunities via the Careers UAE 2013 website: www.careersuae.ae.
US Tax Disclosure discussions at Union of Arab Bank Forums HURGHADA: The implications of the new US Foreign Account Tax Compliance Act (FATCA) are being discussed at the FATCA-focused conference, organised by the Union of Arab Banks in Hurghada, Egypt.
The impact of FATCA will be widely felt across the financial industry with banks, insurance companies, mutual funds, investment funds, broker-dealers, custodians, intermediaries, and private equity firms all having to comply.
FATCA, which came to effect on January 1 2013, makes it compulsory for FFIs to collect, manage and report all information that could reasonably point to individual’s liability for US taxation to the Internal Revenue Service (IRS). Although the Act is intended to prevent tax evasion among US citizens living and working abroad, it has also been raising concerns among financial institutions that want to honor international policies and yet are hesitant to possibly compromise the confidentiality of client information.
“FATCA is a ground-breaking law that intensifies global efforts against tax evasion. This new law is expected to cause some confusion and hesitancy among FFIs who will be obliged to comply with the law. The conference being organised by the Union of Arab Banks is an important platform for understanding the underpinnings of FATCA, its operational and legal implications, and the tools and processes available to ensure its proper implementation,” said Hazem Mulhim, CEO of EastNets.