#cioarabmagazine

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Saudi Arabia Dazzles at Malaysia’s Global Halal Trade Fair

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Recognizing Emiratization: Emerging trends that are changing the UAE Workforce’s Future

The UAE is one of the nations that has amazed everyone with how quickly its advances have changed. As the country enters 2024, the UAE Workforce Future is set for significant transformation.

Being one of the most well-known nations in the world, this vibrant city will be experiencing several developments that will greatly influence its corporate environment. A striking 75% of UAE respondents to a global study of 70,000 working adults said they are actively seeking new opportunities while currently employed. This trend highlights the need for employers to improve staff retention and enhance strategic initiatives. Employees now have varied expectations for the UAE Workforce Future, including professional development, flexible work schedules, and an enhanced candidate experience.

To adapt to the UAE Workforce Trends, companies need to adopt fresh approaches that balance workplace culture and worker productivity. Here are some emerging trends that are changing the UAE’s workplace:

Artificial Intelligence The use of AI tools will greatly simplify and expedite HR operations. Analytics is crucial for increasing an organization’s productivity in areas such as employee engagement, retention, and skill gap identification. The UAE Workforce Future is closely tied to advancements in AI, with the UAE being the first nation to appoint a minister of artificial intelligence.

Significant changes to anticipate include:

– Robotic automation improves customer satisfaction and productivity in industries like logistics and customer service.

– AI monitoring user activity, network traffic, and system logs to identify risks that traditional methods might miss.

– HRM solutions using data insights to boost productivity and growth.

Processes Automation The pandemic digitized most operations, fundamentally changing the meaning of work for many firms. Employees felt more at ease due to this transition, which enabled quick and effective task completion through automation software. In line with UAE Workforce Trends, HR professionals are developing self-service methods to enhance efficiency.

With automation, both employers and employees benefit from:

– A smoother HR experience.

– More time for HR to focus on complex tasks that support organizational growth.

– Handling labor-intensive operations like payroll and expense reporting.

Acceptance of Remote and Flexible Work Arrangements The UAE has embraced the hybrid work paradigm more than any other country, primarily to meet the demands of its diverse workforce. Following the pandemic, 98% of UAE-based businesses are exploring hybrid work arrangements to enhance employee satisfaction. This shift represents a key component of the UAE Workforce Future.

According to a workspace study, the UAE may soon become “a global center for hybrid working,” with 70% of Gen Zers preferring hybrid models. The hybrid approach:

– Provides access to a broader talent pool and improves work-life balance, boosting productivity.

– Enhances performance through digital workstations as part of HR solutions.

– Aligns with goals for economic diversification, such as UAE Centennial 2071, which emphasizes developing the non-oil economy.

Integrating E-commerce and Digital Solutions In 2024, most enterprises have transitioned to digital platforms, fueling technological advancements and consumer demand. This shift is central to understanding UAE Workforce Trends.

– E-commerce is booming as the UAE populace becomes more tech-savvy, from AI-driven customer experiences to digital payment options.

– Flourishing industries include IT services, digital marketing firms, and cybersecurity services.

– Companies benefiting from this trend include those in digital payments, software development, and retail.

Motivating Gen Z and Millennials to Take the Initiative Data indicates that by 2025, younger generations will constitute 75% of the UAE’s workforce. As noted by Gulf News, “Young workers are changing workplace dynamics to reflect their priorities.” Millennials and Gen Z are becoming increasingly prominent due to their proficiency in navigating digital workplaces. Organizations are replacing manual processes with software and applications, enhancing productivity among these tech-savvy generations.

In Conclusion

The UAE Workforce Future is evolving, and staying attuned to emerging trends is critical for the growth of any business. By adopting and adapting to these UAE Workforce Trends, companies can position themselves as more productive and aligned with their objectives. For many prominent firms in the UAE, recognizing employees as invaluable resources and prioritizing their holistic development is especially vital.

By proactively engaging with and integrating these trends, organizations can cultivate a dynamic and adaptable workplace, resulting in increased productivity and the achievement of organizational goals. Embracing these UAE Workforce Trends can transform your company, establishing it as a forward-thinking enterprise poised for long-term success in the UAE’s competitive business landscape.

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China and Arab Nations Pledge to Strengthen Trade and Economic Relations

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Saudi Arabia intends to invest forty billion dollars in AI

In its latest manifestation of the stampede toward a technology that is already changing how people live and work, the Saudi Arabian government plans to set up a fund worth about $40 billion to invest in artificial intelligence. Three people briefed on the plans said this initiative represents a major step toward AI development in Saudi Arabia.

Saudi Arabia’s Public Investment Fund has discussed a possible partnership with one of Silicon Valley’s most powerful venture capital firms, Andreessen Horowitz. Such a collaboration could significantly enhance Saudi investment in AI technology, according to sources familiar with the discussions who spoke anonymously because they weren’t authorized to comment publicly.

The proposed tech fund would establish Saudi Arabia as the world’s largest investor in artificial intelligence, exemplifying this oil-rich country’s ambitions in international trade, economic diversification, and rising geopolitical influence. With over $900 billion in assets, this Middle Eastern nation is aggressively pursuing these goals through its sovereign wealth fund, which is crucial for AI development in Saudi Arabia.

Officials from the Saudi fund have elaborated on how this initiative might operate and how Andreessen Horowitz, already an active investor in AI, could play a pivotal role. This partnership would provide a substantial boost to Saudi investment in AI technology, positioning the kingdom at the forefront of the industry.

Wall Street banks are aiding in the construction of this Saudi tech fund, a new entrant into a lucrative market. Amid investor enthusiasm for identifying the next Nvidia or OpenAI, the global fixation on AI has driven the valuations of both private and public companies to new heights. For instance, the start-up Anthropic raised nearly $7 billion in a single year, underscoring the scale of Saudi investment in AI technology.

Funding AI projects will be very costly. Reports indicate that Sam Altman, the CEO of OpenAI, has sought large sums from the United Arab Emirates government to increase production of the chips that drive artificial intelligence. In much the same way, AI development in Saudi Arabia requires substantial capital investment.

Saudi officials have expressed keen interest in funding various AI-related tech start-ups, including chip manufacturers and large data centers essential for next-generation computing. They are also reportedly considering launching their own artificial intelligence businesses, emphasizing a commitment to keep Saudi investment in AI technology within the kingdom.

According to two individuals, the autumn of 2024 is likely when Saudi Arabia’s new investment push will gain momentum. With a $40 billion fund, the Saudi government and Andreessen Horowitz could emerge as major players in the competitive AI landscape, significantly influencing AI development in Saudi Arabia.

There has also been discussion about the possibility of establishing an office for Andreessen Horowitz in Riyadh, the nation’s capital. This step would be instrumental in laying the foundations for AI development in Saudi Arabia and attracting more international partners.

The Public Investment Fund, established in 1971, is closely monitored due to its vast financial power and rapidly evolving goals, particularly concerning Saudi investment in AI technology.

Despite a tarnished reputation following the killing of dissident journalist Jamal Khashoggi in 2018, Saudi Arabia is emerging as a significant destination for investment firms and entrepreneurs seeking financial support in technology, especially in AI.

In 2022, the Saudi government invested billions of dollars in a firm involving Jared Kushner, son-in-law of former President Donald J. Trump. This deal exemplifies the complexities of Saudi investment in AI technology and its broader implications for international relations.

Although Saudi Arabia has historically struggled with technology investments, including a $3.5 billion investment in Uber in 2016 and a $45 billion commitment to SoftBank’s Vision Fund, the current initiative marks a new trend in AI development in Saudi Arabia.

The kingdom’s interest has captured attention across Wall Street and Silicon Valley. Recent interactions between Horowitz and al-Rumayyan during high-profile events, such as the World Cup and Super Bowl, illustrate the growing engagement and potential for significant Saudi investment in AI technology.

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Saudi medical firms to benefit from $250m fund launched by TVM Capital Healthcare

RIYADH: Private equity firm TVM Capital Healthcare Saudi has announced its second $250 million capital pool for the Middle East, aimed at enhancing Saudi healthcare investment and supporting local medical enterprises. The international growth capital investment fund has been active in the Middle East since 2009 and will extend its reach to Southeast Asia in 2021.

According to a press statement, the launch of this new fund builds on TVM Capital Healthcare Saudi’s prior achievements in the region, offering attractive returns and demonstrating its proficiency in locating deals and fostering the expansion of sustainable businesses within Saudi healthcare investment.

The completion of this deal, according to Bandr Al-Homaly, managing director and CEO of Jada Fund of Funds, represents a significant turning point in the flow of private investment into Saudi Arabia’s healthcare industry. “We are happy to spearhead the investment, contributing funds to help the industry grow following Vision 2030,” he expressed.

TVM Capital Healthcare Saudi focuses on addressing medical requirements by making strategic investments in business endeavors within Saudi healthcare investment. These initiatives yield substantial returns for investors and have long-lasting beneficial effects on nearby communities.

The company has established a solid reputation as a global fund manager that finances and manages significant medical businesses in the Kingdom. For the benefit of these companies’ aspirations to expand in Saudi Arabia and the larger Gulf Cooperation Council, TVM Capital Healthcare Saudi also invests in healthcare growth transactions in the US and Europe.

Through this two-pronged approach, TVM Capital Healthcare Saudi hopes to strengthen the Saudi economy and improve the region’s access to innovative goods, services, and technologies. Helmut M. Schuehsler, the company’s chairman and CEO, expressed pride in attracting a sizable group of institutional and family investment groups from Europe, the GCC, and Saudi Arabia. They are funding domestic businesses in the Kingdom as well as foreign businesses in the market through a specialized capital pool.

“Our leadership team includes local Saudi healthcare experts along with executives with extensive experience in Europe and the US who have developed strong international networks over their careers, which puts us in a unique position for success,” he said.

With a particular focus on Saudi healthcare investment since 2015 through their former portfolio firms, ProVita International Medical Center and Cambridge International Medical Center, the chairman noted that their investment journey in the GCC and Egypt spans more than 13 years.

“We are really pleased about our ability to improve access to high-quality patient care, medical products, and treatment regimens throughout the Kingdom today by strengthening the local and regional healthcare ecosystem on a much larger scale,” Schuehsler stated.

The fund’s initial investments include DEBx Medical, an Amsterdam-based developer and manufacturer of cutting-edge products for treating chronic wounds poised to enter the Saudi market, and Baraya Extended Care, a chain of long-term, post-acute care and rehabilitation clinics headquartered in Riyadh. Furthermore, the Munich-based Neurocare Group, which offers individualized mental health treatments and products with facilities in the US, the Netherlands, and Australia, is preparing to expand into Saudi Arabia and the GCC.

Other agreements include manufacturing and diagnostics, oncology and medicines, and lifespan and genetics, the release stated. Along with supporting operations in Boston and Munich, TVM Capital Healthcare Saudi has offices in Ho Chi Minh City, Singapore, Dubai, and Riyadh.

The firm was represented at the fundraiser by the international law firm Morgan Lewis. Read More : Click here 

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Saudi Arabia Projects $315.73 Billion in Revenue for FY2025 Amid Fiscal Reforms

Saudi Arabia expects $315.73 billion in revenue for FY2025, focusing on fiscal reforms, diversification, and growth in non-oil sectors as part of its Vision 2030, despite global challenges.

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Oil Prices Surge 2% Amid Middle East Tensions, Brent at $75.42/bbl

Oil prices spike as escalating conflict in the Middle East raises concerns over supply disruptions, while OPEC+ output plans and U.S. crude stocks cap further gains.

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Building Techo-savvy Businesses: The Role of Arab CIOs in Tech Inclusion

The Arab world is witnessing a digital revolution, fueled by rising internet penetration, smartphone adoption, and a growing awareness of the transformative potential of technology. However, this progress risks exacerbating existing inequalities unless a conscious effort is made towards tech inclusion.

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Digital Transformation Champions: How Arab CIOs are Leading the Way?

The Arab world is undergoing a significant digital transformation, driven by a surge in internet penetration, smartphone adoption, and a growing awareness of the potential benefits of technology. At the forefront of this transformation are Chief Information Officers (CIOs), who are playing a pivotal role in shaping the future of businesses and governments in the region.