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Middle East Edition
4th September 2025
 
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THE HOT STORY

Egypt's non-oil sector still shrinking

Egypt’s non-oil private sector contracted for the sixth straight month in August, with the S&P Global PMI falling to 49.2. Weak demand drove declines in output and new orders, but easing cost pressures and marginal job growth provided limited relief. David Owen of S&P Global noted that inflation continues to weigh on business outlooks. Despite subdued confidence and cautious purchasing, real GDP grew 4.77% in the third quarter, buoyed by non-oil manufacturing and tourism. Stabilising inflation and major foreign investments, including IMF and EU funding, support Egypt’s broader economic resilience and reform agenda.
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WORKFORCE

ConocoPhillips to cut thousands of jobs

ConocoPhillips plans to lay off up to 25% of its workforce, affecting between 2,600 and 3,250 employees globally. The company, which has around 13,000 workers, confirmed the layoffs as part of cost-cutting measures. A spokesperson stated: "We are always looking at how we can be more efficient with the resources we have." The majority of reductions are expected before the end of 2025. ConocoPhillips reported second-quarter earnings of $1.97bn, down from $2.33bn a year earlier, and has identified over $1bn in cost reductions.

Rising costs dim Dubai’s appeal

The Daily Mail looks at how Dubai’s once-irresistible appeal for British professionals is fading as rising living costs, job competition, and unclear tax rules prompt some expats to leave. “Dubai has been the jewel in the crown for British expats,” said Ross Irvine of expat insurer William Russell, but noted the city is “starting to lose its shine.” Rents, schooling, and everyday expenses have surged. Viral TikTok trends like “Habibi, don’t come to Dubai” reflect growing disillusionment. Entrepreneur Charlie Morgan, despite earning £30m there, also left, citing the city’s transient nature: “Everyone plans to leave... it’s a revolving door.”
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SUSTAINABILITY

Dutch pension fund drops BlackRock

PFZW, one of Europe’s largest pension funds with €250bn in assets, has withdrawn a €14.5bn mandate from BlackRock, citing concerns over the firm’s voting record on sustainability. The decision underscores growing tensions between European and American investors over ESG standards. While US firms have pulled back from sustainability amid shifting political winds, Dutch activists are pressing pension funds to cut ties with managers not backing climate resolutions. PFZW confirmed that BlackRock now manages only a smaller portion of its money market holdings. According to BlackRock, its support for environmental and social recommendations from shareholders decreased from 4% in 2024 to 2% in 2025. The asset manager said many of them lacked economic merit or were unduly prescriptive, which is why they fell.
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TRAINING & DEVELOPMENT

Kuwait's education revolution: new calendar

Kuwait's education ministry has introduced a new five-year academic calendar, aiming to enhance stability and learning outcomes. Minister of Education Jalal Al Tabtabaei announced that the last week of Ramadan will be a holiday for students and staff. This comprehensive calendar covers all education sectors and establishes fixed schedules for classes, exams, and holidays. Al Tabtabaei stated: "This approach balances the need for a structured rest period with the uninterrupted continuation of the academic year." The initiative aims to reduce absenteeism and save nearly KD 51m annually for reinvestment in student programs.
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PRODUCTIVITY

Employees embrace AI, companies scramble

Employees are increasingly adopting AI tools independently, creating challenges for companies. According to Microsoft's Work Trend Index, 75% of employees use AI at work, with 80% of users in small and medium-sized firms bringing their own tools. This trend, known as Bring Your Own AI (BYOAI), raises significant risks, including data privacy issues. Nearly 60% of employees reported making mistakes due to AI errors. Allison Spagnolo, chief privacy officer at Guidepost Solution, stated: "When employees use external AI services without the knowledge of their employers... we tend to think about risks like data loss." Companies must adapt by empowering employees with clear guidelines and training.

AI revolutionising business operations now

AI is reshaping business operations, similar to the industrial revolution. According to Capgemini's AI in Action Report, companies integrating AI have reduced costs by 26% to 31%. In 2025, 21% of organisations used AI agents, up from 10% in 2024. The Executive Programme in AI for Business at IIMA aims to equip professionals with essential AI skills. Prof. Adrija Majumdar stated: "Leaders need to understand AI's capabilities, limitations, and its effects on the workforce." The programme covers technical and business aspects, focusing on driving growth and innovation.

Prompt engineering: the new accounting skill

Generative AI tools, particularly large language models (LLMs) like ChatGPT, are significantly impacting the accounting profession. Prompt engineering, the skill of crafting effective instructions for LLMs, is becoming essential for producing accurate outputs. Major firms like PwC and Deloitte are investing heavily in AI capabilities, with PwC committing over $1bn to AI and cloud infrastructure. Jian (Jane) Zhang, Ph.D., emphasises the need for accounting educators to integrate prompt engineering into curricula, stating: "By integrating prompt engineering into accounting curriculum, we prepare our students to become not just users of AI tools but also informed collaborators." However, challenges such as the rapid evolution of technology and concerns about academic integrity must be addressed to effectively teach this new skill.

Clock botching: The new workplace trend

“Clock botching” is a rising trend where employees appear busy but fail to produce meaningful results. Ryan Zhang, chief executive of Notta.ai, explains that this behaviour stems from burnout and disengagement, not laziness. He states: “Clock botching occurs when employees are physically there but emotionally gone.” This trend can lead to decreased productivity and morale, affecting entire teams. Alari Aho, CEO of Toggl Hire, warns that ignoring early signs of disengagement risks spreading the issue. Companies should focus on addressing the root causes to improve employee engagement and retention.
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TECHNOLOGY

AI reshapes workforce at Salesforce

Artificial intelligence is significantly transforming job roles at Salesforce, as chief executive Marc Benioff revealed on “The Logan Bartlett Show.” The company reduced its support staff from 9,000 to 5,000 due to the efficiency of AI agents, which can autonomously handle tasks like customer inquiries and marketing. Benioff stated: “Humans are not going away,” emphasising a partnership between AI and employees. While AI is expected to replace some entry-level positions, it also creates new opportunities. Despite the potential for job reduction, Salesforce has successfully redeployed hundreds of employees into other areas. Research from McKinsey & Co. indicates that while many companies have adopted generative AI, they report “no material impact on earnings.”
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CORPORATE GOVERNANCE

C-suite romances lead to CEO exits

The recent ousting of Nestle chief executive Laurent Freixe highlights a trend of C-suite executives losing their positions due to office romances. Freixe's dismissal follows similar cases, including Astronomer CEO Andy Byron and Kohl CEO Ashley Buchanan. Kabrina Chang, a business ethics professor, remarked: "It confounds me that in 2025 they think they can get away with this.” The Society for Human Resource Management's 2025 report indicates that 67% of HR professionals view perceived favouritism as a major concern. Despite the risks, many employees still engage in workplace relationships, raising questions about corporate ethics and transparency.

Neuberger Berman boosts MENA team

Neuberger Berman has appointed Mohammad Alderbass as managing director for its Middle East North Africa (MENA) team. Alderbass, who previously worked at Goldman Sachs Asset Management in Dubai, will focus on institutional client coverage and MENA equities portfolio management. Neuberger Berman manages $538bn in assets globally.
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EVENTS

Smart Data Summit celebrates a decade

The Smart Data Summit, hosted by Expotrade Global, will take place on 22–23 April 2026 at the JW Marriott Hotel Marina in Dubai. This milestone 10th edition focuses on AI in Data and Smart Data strategies. The MENA region's AI market, valued at nearly $12bn in 2023, is expected to contribute over $320bn to GDP by 2030. Shail Bisht, Regional Director of Expotrade Global, stated: "The 10th edition is both a celebration and a commitment to driving the next chapter of growth in the MENA region." The event will feature over 60 speakers and extensive networking opportunities.
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INTERNATIONAL

New UK fraud law a 'fundamental shift' in corporate accountability

A new "failure to prevent fraud" law came into effect in the UK on Monday in what Irwin Mitchell described as a "fundamental shift" in corporate accountability. The law, which means companies could be prosecuted and face unlimited fines if they fail to prevent fraud that their firm profits from, will apply to large organisations that meet at least two of three criteria: having more than 250 employees, £36m turnover or £18m in total assets. Companies must now prove it took reasonable steps to prevent the fraud at the time of wrongdoing. Sam Tate, global head of the regulatory and investigations at Clyde & Co, commented: "The hidden danger lies in complacency; relying on outdated controls, assuming whistleblower policies or anti-corruption controls are enough. The offence casts a wide net with dishonest sales practices, misleading investor communications, and market manipulation all in scope."
 
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