Inflation in UAE: Firms consider allowing employees to work from home
Recruitment consultants suggest that workers ask for more benefits
The UAE firms are considering inflation allowances for employees to offset the impact of inflation.
With inflation rising due to high fuel, food and rents rates, recruitment consultants suggested that employees can expect and should request to have more benefits, such as work from home days to help reduce fuel bills and provide training and development in additional skills that will increase their chances for promotions and increments in tough economic times.
Vineet Mehra, director of Sales at Adecco Middle East, a global recruitment firm, said companies in the UAE are still discussing inflation-related allowance internally in order to help employees beat inflation.
The UAE government recently introduced an inflation allowance for low-income citizens to support them against the rise in inflation occurring worldwide due to high oil and food prices. As part of this social support program, the government doubled the budget to Dh28 billion.
Under this scheme, UAE citizens will get allowances for fuel, water and electricity and food.
“This is still being discussed internally and not confirmed yet. However, a few steps are being taken into consideration such as re-looking at the fuel reimbursement part for the employees who are out in the market. Companies are also ensuring that there is enough opportunity for the employees to plan their work from home, for the ones who can manage back-end operations from home,” added Mehra.
He said local firms are taking a wait-and-watch approach to understand how inflation is trending and then re-look at introducing any new incentives which not only benefit the employee but eventually give better results to the employer as well.
With inflation rising, Waleed Anwar, managing director of Upfront HR, suggested that it is definitely a good time to bring up and negotiate a pay increase with the employer.
He said employees can expect and should request to have more benefits, such as work-from-home days, training and development in additional skills for example in digital and technology to bridge the learning gap.
“High inflation doesn’t always justify increasing salaries or changing packages. For example, during negative inflation companies don’t reduce packages and vice-versa. Employees now are looking for better work-life balance, flexibility, autonomy and career progression. Companies who offer these types of conditions and benefits will have the best staff and attract the best talent,” he said.
Amidst high inflation and the cost of living rising, he said companies need to re-evaluate their employee packages in order to retain and attract new hires.
UAE residents brace for higher cost of living, cutting back on household expenses.
Rents continue to surge as Dubai house prices moderate.
Dubai: Sheikh Mohammed announces incentives for property investment funds
He issues decree covering all real estate in Emirate, including properties in private development zones and free zones
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued Decree No. (22) of 2022, introducing incentives for property investment funds in Dubai.
The Decree covers all real estate investment funds licensed and regulated by government authorities as well as private development zones and free zones, including the Dubai International Financial Centre (DIFC).
The Decree also covers all real estate in Dubai, including properties located in private development zones and free zones, excluding DIFC.
Register of Property Investment Funds
As per the new Decree, a ‘Register of Property Investment Funds’ will be established at the Dubai Land Department. The Decree outlines the terms, conditions, and procedures for listing in the Register. Funds seeking to be listed in the Register should be licensed by government authorities including the Securities and Commodities Authority and the Dubai Financial Services Authority, DIFC’s independent regulator of financial services.
The value of real estate assets owned by the fund at the time of application for listing in the Register should be Dh180 million or above. Funds should not be suspended from trading in Dubai’s financial markets at the time of application.
Committee for Property Investment Funds
The Decree also directs the establishment of a ‘Committee for Property Investment Funds,’ whose purpose is to identify areas and properties that funds are allowed to invest in either through full ownership or lease for a period not exceeding 99 years.
The value of properties that funds invest in should be Dh50 million or above. The properties should be listed as commercial properties and comply with Decree No. (4) of 2010. Funds are allowed to relinquish ownership of properties only after approval from the Committee.
Property investment funds listed in the Register are entitled to receive the incentives specified by the Decree.
Decree No. (22) of 2022 authorises the Chairman of The Executive Council of Dubai to amend the incentives specified by the Decree or add new ones. The Chairman of the Dubai International Financial Centre is also authorised to amend incentives for property investment funds operating within DIFC’s jurisdiction.
Accredited valuation specialist
The Decree also directs the Dubai Land Department to appoint a valuation specialist accredited by the Dubai Real Estate Regulatory Agency (RERA) to determine the value of properties owned by property investment funds.
Apart from the resolutions issued by the Chairman of The Executive Council of Dubai in accordance with Decree No. (22) of 2022, the Director General of the Dubai Land Department is authorised to issue other resolutions necessary to implement the provisions of the new Decree.
Any legislation that contradicts the new Decree will be annulled. The Decree is effective from its date of publication in the Official Gazette.
Dubai: Over 40,000 virtual jobs to be created as new metaverse strategy announced
Number of blockchain and metaverse companies to increase five times in five years
A new strategy announced on Monday aims to make Dubai among the world’s top 10 metaverse economies as well as a global hub for the metaverse community. The Dubai Metaverse Strategy aims to build on the emirate’s achievement of attracting more than 1,000 companies in the fields of blockchain and metaverse.
The metaverse will support 40,000 virtual jobs and add $4 billion to Dubai’s economy in five years, according to a tweet by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai. It would also support the UAE government’s vision of increasing the number of blockchain companies by five times.
Sheikh Hamdan stressed the importance of consolidating the emirate’s “status as a hub offering the most advanced ecosystem for the metaverse and as a frontrunner in adopting digital solutions globally”.
He said Dubai is making “great strides” in enhancing its position as a global testbed for metaverse technology while “investing judiciously in building capabilities and talent in creating the region’s most robust and largest ecosystem for the metaverse community”.
Dubai aims to use future technologies to create new work models in vital sectors and increase the metaverse’s impact on regional and global economies, he added.
Omar bin Sultan Al Olama, Minister of State for Artificial intelligence, Digital Economy and Remote Work Applications, and Deputy Managing Director of the Dubai Future Foundation, said the metaverse would drive the UAE’s and Dubai’s efforts to provide innovative solutions, positively impact people’s lives, and transform the city into one of the smartest hubs worldwide offering new economic opportunities.
The Dubai Metaverse Strategy aims to foster innovation, enhance the metaverse’s economic contributions through R&D collaborations, and promote advanced ecosystems utilising accelerators and incubators that attract companies and projects to Dubai.
The strategy emphasises fostering talent and investing in future capabilities by providing the necessary support in metaverse education aimed at developers, content creators and users of digital platforms in the metaverse community.
The strategy supports the development of Web3 technology and its applications to create new government work models and development in vital sectors, including tourism, education, retail, remote work, healthcare, and the legal sector. The strategy also aims to develop global standards in building safe and secure platforms for users and develop metaverse infrastructure and regulations to accelerate the adoption of these technologies.
The strategy’s key pillars focus on extended reality (which blends the physical and virtual worlds), augmented reality, virtual reality, mixed reality, and digital twins (a virtual representation of an object or system). The strategy aims at leveraging real-time data, using machine learning and IoT, and employing AI simulation and blockchain to enhance the human thinking processes.
Data, network, cloud, and edge computing are technology pillars of the metaverse strategy that focus on real-world data that is obtained, validated, stored, processed, and managed. Other pillars include promoting the full deployment of 5G networks to enable edge computing and provide on-demand computer system resources. Edge computing allows data to be collected, stored, and processed locally via smart devices and local networks instead of the cloud.
Boosting the economy
VR and AR are two key enablers of the metaverse, responsible for 6,700 jobs and contributing $500 million to the UAE’s economy. The metaverse provides an array of economic opportunities. Globally, the value of venture capital and private equity financing in the metaverse reached $13 billion in 2021, while real estate sales in the metaverse surpassed $500 million last year.
Second Life – a virtual world in which participants can explore fantasy landscapes and build their own – contributed more than $650 million to global GDP in 2021. The metaverse also achieved 200 strategic partnerships with Sandbox, a decentralised gaming virtual world, which includes the launch of the Warner Music Group as a music-themed virtual world in the metaverse.
Analysts estimate that the metaverse will contribute up to $5 trillion to the global economy by 2030. The market value of NFTs is expected to reach $80 billion, while consumer spending on in-game purchases is reckoned to reach $75 billion by 2025. Recent studies show that the daily active users on Roblox, one of the leading global metaverse communities, has increased to 55 million. At the same time, 59 per cent of global consumers are keen to transition at least one of their everyday activities to the metaverse.
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UAE-India flight: Indigo aircraft from Sharjah to Hyderabad diverted to Pakistan
This is the second Indian flight being diverted to Karachi in the span of two weeks
aircraft was diverted to Karachi,” IndiGo said in a press release.
Another Indian flight, a Hyderabad-bound IndiGo airliner from Sharjah, was diverted to Pakistan’s Karachi airport after the pilot reported a technical defect.
“IndiGo flight 6E-1406, operating from Sharjah to Hyderabad was diverted to Karachi. The pilot observed a technical defect. Necessary procedures were followed and as a precaution, the aircraft was diverted to Karachi,” IndiGo said in a press release.
It further added that an additional flight will be sent to Karachi to fly the passengers to Hyderabad.
This is the second Indian airline to make a precautionary landing in Karachi in two weeks.
Earlier, on July 5, a Dubai-bound SpiceJet flight from New Delhi made a precautionary landing in Pakistan’s Karachi airport after the plane developed a technical glitch.
“SpiceJet flight from Delhi to Dubai diverted to Karachi. Boeing 737 engine has developed a technical fault. The captain of the aircraft sought a precautionary landing and was given permission. All passengers on board are safe. The call sign of the aircraft is SG11,” sources told ANI on Tuesday.
According to the Karachi airport officials, the flight was diverted when it was on the way to Dubai.
“The plane landed in Karachi 8.03am (local time), 53 minutes after being airborne. It has been on-ground for the past four hours. Passengers are being looked after. The plane has been parked in the designated area where engineers are assessing the problem,” Pakistan’s civil aviation authority (CAA) official said.
“On July 5, 2022, SpiceJet B737 aircraft operating flight SG-11 (Delhi – Dubai) was diverted to Karachi due to an indicator light malfunctioning. The aircraft landed safely at Karachi and passengers were safely disembarked,” the spokesperson of the airline said on Tuesday.
No emergency was declared and the aircraft made a normal landing at Karachi airport.
COVID - 19
The UAE Ministry of Health and Prevention on Friday reported 1,421 cases of the Covid-19 coronavirus, along with 1,543 recoveries and no deaths.
Total active cases stand at 17,422.
The new cases were detected through 295,990 additional tests.
The total number of cases in UAE as on July 16 are 972,007, while total recoveries stand at 952,260. The death toll now stands at 2,325.
The World Health Organization said on Tuesday that Covid-19 remains a global emergency, nearly 2.5 years after it was first declared.
The Emergency Committee, made up of independent experts, said in a statement that rising cases, ongoing viral evolution and pressure on health services in a number of countries meant that the situation was still an emergency.
Meanwhile, visa applications for Umrah are now open, said the Ministry of Haj and Umrah.
Visa applicants must be vaccinated with a vaccine approved by Saudi Arabia’s government. The vaccine certificate issued by official authorities of their respective countries must be presented.
International pilgrims have been able to apply from Thursday, 14 July. Local pilgrims in Saudi Arabia can get Umrah permits through the “Eatmarna” application, according to the Saudi Press Agency (SPA).
Which materials work best for kitchen cabinet construction?
Kitchen Cabinets are the essence of any kitchen space, these add up to the look of your space. werfixer provide a range of designs, colors, and themes for the aesthetic touch of your kitchen.The “Building Materials”, yes even the building materials can make a difference in how your kitchen would look after a transformation. The common cabinet materials which can be used are:
Solid Wood- Being used by the home owners for ages, the cabinets made with solid wood creates a distinctive look. You can choose the colors, textures, and grains the way you want.
The essential component of any kitchen space, kitchen cabinets enhance the appearance of your room.Werfixer offers a variety of patterns, hues, and themes for your kitchen’s visual appeal. Even the “Building Materials,” well, the building materials, might affect how your kitchen will appear after a makeover. The typical cabinet components that can be used are:
Solid Wood: Solid wood cabinets have a distinctive appearance and have been utilized by homeowners for decades. The grains, textures, and colours can all be customized to your preferences.
Laminates: This type of material is constructed of wood but has layers of plastic resin that give it a bit extra sturdiness and durability. A beautiful appearance can be preserved even without frequent polishing.
PVC- Sheets made of PVC (vinyl chloride) are trendy. This material is reasonably priced and simple to install. This substance is simple to maintain because it is oil and waterproof.
Aluminum or Stainless Steel: If you want your kitchen cabinets to have a metallic appearance, you can choose between aluminum and stainless steel cabinets. There are many other designs and patterns you can choose from, but this is a pricey option!
Therefore, if you’re thinking of experimenting with the materials for your kitchen cabinets, think very carefully about the style, spending limit, colour scheme, and theme before you make it.