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Real Estate Agent Salaries in Dubai

Posted on October 9, 2023 | by AI Guest Posts

Real Estate Agent Salaries in Dubai: Comprehensive Guide on Earnings & Career Growth

Dive deep into the dynamic world of Dubai’s real estate salaries. Discover insights on average earnings, commission structures, and growth trajectories. Equip yourself with the knowledge to thrive in the city’s bustling property market.

Dubai, the glittering jewel of the Middle East, is known for its towering skyscrapers, man-made islands, and, most significantly, its thriving real estate market. With properties ranging from opulent villas to modern apartments, the city is a beacon for real estate investors and enthusiasts. For those interested in the profession or those planning to move to Dubai as a real estate agent, understanding the salary dynamics and growth potential is essential. Here’s a deep dive into the real estate agent salaries in Dubai.

1. The Baseline: Understanding the Average Salary

The average salary of a real estate agent in Dubai can vary based on experience, the company they work for, and the number of successful transactions they close. As of 2022, entry-level real estate agents can expect to earn a basic salary ranging from AED 5,000 to AED 8,000 per month. However, it’s important to remember that many real estate agents work on a commission basis, so the monthly take-home can be considerably higher if they’re able to close substantial deals.

2. Commission Structures: The Real Earnings

Most real estate companies in Dubai provide agents with a base salary and then a commission on every successful transaction. This commission can range anywhere from 1% to 3% of the property’s sale or lease value. For high-end properties, this can mean a single transaction bringing in tens or even hundreds of thousands of dirhams. Consequently, an agent’s motivation and ability to close deals play a huge role in determining their overall earnings.

3. Career Growth and Earnings Potential

Dubai’s real estate market is dynamic and offers agents a plethora of opportunities to grow. Typically, an agent starts as a junior agent or associate. With experience, network development, and consistent performance, they can move up to being a senior agent or even a team leader. At these advanced levels, apart from direct commissions, agents can also earn overrides on the transactions closed by their team members. This provides an additional revenue stream and further boosts the earning potential.

4. Factors Influencing Salaries

Several factors influence an agent’s salary in Dubai:

Experience: Like most professions, experience is gold. Experienced agents have a more extensive network, better knowledge of the market, and often can close deals faster. Their salaries reflect this expertise.
Networking Skills: Building relationships with property developers, investors, and other stakeholders can significantly impact an agent’s success and, consequently, their earnings.
Specializations: Agents focusing on specific niches like luxury properties, commercial real estate, or off-plan sales can sometimes command higher commissions due to the specialized knowledge and client base they cater to.
Economic Conditions: Dubai’s real estate market, while robust, is affected by global and regional economic conditions. Fluctuations in the market can impact agents’ earnings, especially if they are heavily dependent on commissions.

5. The Future: Digital Transformation and Earnings

With the rise of digital platforms and virtual tours, real estate agents in Dubai are increasingly leveraging technology to close deals. This not only expands their potential client base to international investors but also reduces the time spent on physical viewings. As the digital transformation wave continues, agents adept at using these platforms may see a more significant chunk of the commission pie, leading to increased earnings.

Conclusion

A career as a real estate agent in Dubai is both challenging and rewarding. While the base salaries provide a safety net, it’s the commission-based earnings that truly elevate the income potential. By understanding the market, continuously upskilling, and adapting to the digital transformation, agents can not only sustain but also thrive in Dubai’s vibrant real estate landscape.

Dell Technologies Growing Generative AI Portfolio Speeds Business Transformations

Posted on October 5, 2023 | by Akeela Zahair

Dell Validated Design for Generative AI with NVIDIA for Model Customization helps customers more quickly and securely extract intelligence from their data
Dell Professional Services streamline GenAI strategy development, data preparation, platform development and increase operational efficiencies
Dell Technologies and Starburst offer an open, modern data lakehouse solution to tap multicloud data for AI efforts

Dell Technologies (NYSE: DELL) expands its Dell Generative AI Solutions portfolio, helping businesses transform how they work along every step of their generative AI (GenAI) journeys.

“To maximize AI efforts and support workloads across public clouds, on-premises environments and at the edge, companies need a robust data foundation with the right infrastructure, software and services,” said Jeff Boudreau, chief AI officer, Dell Technologies. “That’s what we are building with our expanded validated designs, professional services, modern data lakehouse and the world’s broadest GenAI solutions portfolio.”

Customizing GenAI models to maximize proprietary data

The Dell Validated Design for Generative AI with NVIDIA for Model Customization offers pre-trained models that extract intelligence from data without building models from scratch.

This solution provides best practices for customizing and fine-tuning GenAI models based on desired outcomes while keeping information secure and on-premises. With a scalable blueprint for customization, organizations now have multiple ways to tailor GenAI models to accomplish specific tasks with their proprietary data. Its modular and flexible design supports a wide range of computational requirements and use cases, spanning training diffusion, transfer learning and prompt tuning.

Dell Validated Designs for Generative AI now support both model tuning and inferencing, allowing users to more quickly deploy GenAI models with proven infrastructure including the Dell PowerEdge XE9680, the industry’s best performing AI server,1 or the Dell PowerEdge XE8640, with a choice of NVIDIA® Tensor Core GPUs and NVIDIA AI Enterprise software, which offers frameworks, pre-trained models and development tools, such as the NVIDIA NeMo™ framework, and Dell software. By combining compute power with storage options, such as Dell PowerScale and Dell ObjectScale, customers can rapidly feed models with multiple storage data types with the validated design. The infrastructure is also available as a subscription via Dell APEX.

“We’re implementing Dell PowerEdge XE9680 servers with NVIDIA H100 Tensor Core GPUs into the high performance computing cluster at Princeton for large language modeling to help drive new levels of discovery,” said Sanjeev Arora, the Charles C. Fitzmorris Professor in Computer Science, Princeton. “This system gives researchers in natural sciences, engineering, social sciences and humanities the opportunity to apply powerful AI models to their work in areas such as visualization, modeling and quantum computing.”

Preparing data, people and processes for GenAI

Dell is applying its process and expertise to help customers generate better, faster business results with expanded GenAI professional services capabilities:

Data Preparation Services provide customers with a clean, accurate data set in the right format enabling AI projects to move smoothly while simplifying data integration and delivering quality data output.
Dell Implementation Services establish an operational GenAI platform for inferencing and model customization, accelerating time to value. Paired with Dell Managed Services, Dell can operate the full NVIDIA-based GenAI solution, improving operational efficiency and allowing customers to focus on building their proprietary GenAI use cases.
Education Services help customers gain the critical skills to close the GenAI capabilities gap.

“Our recent study on Generative AI use in the enterprise made it clear organizations are adamant about being able to use their own data to customize key foundation models, but also need assistance in helping prep their data for that work,” said Bob O’Donnell, president and chief analyst, TECHnalysis Research. “Dell’s latest Generative AI solutions and partnerships offer a broad set of capabilities that help companies capitalize on this potential, bridging knowledge gaps and ensuring data drives discernible, impactful business results.”

Modernizing data infrastructure for AI and analytics

Dell and Starburst are strengthening their relationship to help customers accelerate AI and analytics efforts. This will culminate with an open, modern data lakehouse solution.

The solution will integrate Starburst’s analytics software with Dell’s PowerEdge compute platform, combined with Dell industry-leading storage,2 helping customers extract insights from data wherever it resides. Built with open software principles, customers will gain easy and secure access to multicloud data to get the most value for analytics and AI-driven workflows and deployments.

“Our customers have made it clear they need a robust data platform for accessing distributed data across multicloud environments to drive and operationalize AI efforts,” said Justin Borgman, CEO, Starburst. “By integrating our deep analytics capabilities with Dell’s leading infrastructure and global enterprise services, we can offer customers an open, multicloud data lakehouse solution that quickly and easily makes data available to AI workflows anywhere.”

Availability

Dell Validated Design for Generative AI: Model Customization is available globally through traditional channels and Dell APEX starting late October.
Dell Professional Services for Generative AI are available in select countries starting late October.
The Dell open, modern data lakehouse solution with Starburst has planned global availability in the first half of 2024.

The Rise of AI in Forex Trading. Can Machines Outperform Humans?

Posted on October 5, 2023 | by AI Guest Posts

Introduction

Over the past few years, the popularity of Forex and cryptocurrency trading has grown significantly in the Middle East and Africa. As a result, the need for reliable Forex brokers has also increased. FXCL has been providing Forex brokerage services since 2006 and is a popular broker in South Africa and Nigeria.

Historical Context

From the days of manual trading, where decisions were based solely on human intuition and analysis, we have transitioned to automated systems that rely on algorithms. Initially, there was scepticism surrounding automated trading. The evolution of Forex markets has seen major events that shaped its growth, and the role of technology has been integral, transitioning from basic computerized systems to advanced AI algorithms.

Understanding AI in Forex Trading

In the context of Forex trading, AI algorithms are designed to analyze vast amounts of data, recognize patterns, and make trading decisions based on this analysis. Different AI algorithms, such as neural networks and deep learning, are employed in Forex trading. One significant aspect that traders often ponder upon is the difference between cent and standard accounts. While cent accounts allow trading with minimal funds, offering a stepping stone for beginners, standard accounts are more suited for experienced traders, handling larger volumes. Integrating AI can assist in determining the best account type for an individual based on their trading patterns and risk appetite.

The Game-Changer: Traditional vs. AI-Driven Systems

The real game-changer in Forex trading is the difference between traditional automated systems and AI-driven systems. While the former follows a set of pre-defined rules, the latter learns from the data, continuously improving its trading strategies. AI-driven systems are dynamic, adapting and optimizing their strategies over time.

Benefits of AI in Forex Trading

The integration of Artificial Intelligence (AI) into the Forex trading landscape has brought about a paradigm shift, offering a multitude of advantages:

• Speed and Efficiency

One of the most notable benefits of AI is its unparalleled speed and efficiency. In the fast-paced world of Forex trading, where market conditions can change in the blink of an eye, AI’s ability to process vast amounts of data in real-time is invaluable.

• Precision and Accuracy: Human traders, no matter how experienced, are susceptible to errors, especially when handling vast amounts of data. Conversely, AI operates with a level of precision that significantly reduces the chances of errors in market predictions. This heightened accuracy can lead to more informed trading decisions and potentially higher returns.

• Adaptability

The Forex market is influenced by many factors, from geopolitical events to economic indicators. AI systems are inherently designed to learn and adapt. This continuous learning process allows AI to adjust to new trading patterns, global events, and market shifts, keeping the trading strategy aligned with the current market dynamics.

Challenges and Concerns

The integration of Artificial Intelligence (AI) into the world of Forex trading, while promising, is not without its hurdles. Despite the myriad of advantages AI brings to the table, there are significant challenges that traders and institutions must be aware of:

• Over-reliance on AI

Dependence Dilemma: The allure of AI’s speed, efficiency, and data-driven decisions can sometimes lead traders to become overly reliant on it. This dependence can overshadow the importance of human intuition, experience, and judgment in trading decisions.
Limitations of AI: While AI excels in processing vast amounts of data and identifying patterns, it might not always capture the subtleties or unexpected events in the market. For instance, geopolitical events or sudden market shocks might require a nuanced human understanding.
Balanced Integration: Traders must strike a balance. While leveraging AI for its strengths, it’s equally important to maintain human oversight to ensure that trading strategies are holistic and consider all potential market dynamics.

• Ethical Concerns

Potential Misuse: With the power of AI comes the potential for misuse. There’s a growing concern that AI-driven trading systems could be employed for market manipulations, front-running, or other unfair trading practices.
Transparency Issues: The “black box” nature of some AI algorithms can make understanding how certain trading decisions are made challenging, raising questions about transparency.
Regulatory Implications: As AI becomes more prevalent in Forex trading, there’s a pressing need for robust regulatory frameworks. These frameworks should ensure that AI is used ethically and transparently.

• Technical Challenges

Robustness and Reliability: AI systems, no matter how advanced, can have vulnerabilities. It’s crucial to ensure that these systems are reliable, can handle large volumes of trades, and are resilient to potential cyber-attacks.
Bias and Fairness: AI models are trained on historical data. If this data contains biases, the AI system might perpetuate or amplify them in its trading decisions.
Continuous Evolution: AI algorithms need regular updates and refinements to stay relevant and effective. This requires ongoing research, monitoring, and adaptation to ensure that AI systems remain attuned to the latest market developments.

Comparing AI and Human Traders

Regarding trading, both AI and human traders have their strengths and weaknesses. AI traders can process data faster, work without emotions, and operate 24/7. On the other hand, human traders bring experience, intuition, and a deeper understanding of market nuances. Real-world performance comparisons have shown that while AI can outperform humans in certain scenarios, the human touch remains irreplaceable in many aspects of trading.

Future Outlook

The future of AI in Forex trading looks promising. As AI algorithms become more sophisticated, we can expect even more accurate predictions and strategies. There’s also potential for innovations that combine the strengths of both AI and human traders, ensuring that the Forex market remains both competitive and inclusive. The advent of quantum computing might further revolutionize AI in Forex trading.

Conclusion

The integration of AI in Forex trading marks a significant shift in how trading is done. While AI offers numerous advantages, the human element remains crucial. Continuous learning, staying updated with the latest technological advancements, and adaptation will be the keys to success in this ever-evolving landscape.

UAE Businesses Outpaces Asian Counterparts in Last-Mile Excellence, Sustainability & Customer Experience

Posted on September 28, 2023 | by Akeela Zahair

The report captures a comprehensive analysis of responses from businesses from India, the UAE, Indonesia, and other Asian countries across key last-mile logistics metrics

Locus, a market-leading dispatch management SaaS company, released a new research report, Decoding Asia’s Last-Mile Maturity, uncovering valuable insights about the current state of last-mile logistics in India, Indonesia, the UAE, and other Asian countries. It also shows progress and gaps in the ecosystem and the pivotal role of technology in driving business success.

The report reveals that 79% of businesses across Asia are harnessing the technology to enhance their last-mile efficiency, but a staggering 84% lack confidence in their processes to drive growth and enhance customer experiences. These findings underscore that there’s widespread adoption of technology in the industry however, a majority of businesses are not able to leverage it to its full potential.

“Solving deep-seated last-mile challenges requires a deep understanding of your business’s last-mile maturity. Therefore, to help businesses across sectors gauge their maturity and supercharge their last-mile growth, we recently launched the Last-Mile Maturity Assessment. Data from these responses has shown that today only 40% of businesses in Asia have scratched the surface of tech-driven last-mile prowess, showing that there is an untapped opportunity for businesses to achieve success. We want this report to reflect key trends and opportunities for businesses, so can they get inspired to optimize their logistics and achieve greater revenues and superior customer experiences”, says, Mehul Kapadia, Chief Revenue Officer, Locus.

The report unveils the performance of the businesses across five key logistics metrics, including Last-Mile Excellence, Customer Experience, Workforce Empowerment, Advanced Analytics, and Sustainability.

Some key findings:

India emerges as a leader in Advanced Analytics with a score of 3.59 out of 5, pointing to the growing reliance of businesses on big data analytics and other new-age technologies to optimize and transform their last-mile into revenue-generating machinery.
India excels in Workforce Empowerment in last-mile logistics with 3.42 out of 5, indicating that the businesses are investing in and leveraging robust tech solutions such as advanced route planning, geocoding, etc., to make the lives of the delivery drivers better.
The UAE leads in Last-mile Excellence with an impressive score of 3 out of 5. In fact, a whopping 70% of the UAE businesses are embracing multiple last-mile technologies, reshaping customer expectations in the booming e-commerce landscape in the region.
In Customer Experience scores, the UAE leads with an average of 3.73 out of 5, surpassing the industry average of 3.53, followed by India, Indonesia, and others.
The UAE again leads in Sustainability with a score of 4.16 out of 5, followed by India at 3.78, while Indonesia falls below the global average at 2.55.

Furthermore, the report offers vital industry insights into 3PL & CEP, e-commerce, retail, manufacturing, and other sectors. For instance, it highlights a common trend where sustainability, though considered strategically important, often lacks comprehensive follow-through. Specifically, carbon emissions tracking is overlooked in 3 out of 5 industries. Overall, the analysis shows that 49% of global organizations lack confidence in tracking sustainability metrics to reduce emissions and fuel consumption.

Understanding Artificial Intelligence’s (AI) Role in Accelerating Africa’s Healthcare Momentum

Posted on September 21, 2023 | by Akeela Zahair

By Eyong Ebai, General Manager Sub-Saharan Africa at GE HealthCare (www.GEHealthcare.in/)

In Africa, as in much of the world, artificial intelligence (AI) is the latest buzzword amongst healthcare professionals. Globally, we saw an explosion last year of various AI generative platforms, promising unparalleled potential to solve some of the continent’s biggest problems.

This has triggered a (sometimes breathless) dialogue regarding the potential for AI in the African context. Could it help the healthcare sector leapfrog to the latest technologies and overcome a host of complex challenges that have hampered healthcare for decades?

Answering that question is more complex than a simple ‘Yes’ or ‘No.’

While it is absolutely true that AI can play a role in Africa’s healthcare evolution, it cannot be our starting point. We must start with the “ABCs”, as it were. Then we can leverage AI in the service of these broader goals.

The ABCs of Healthcare

More than 10 years ago, Khalish Chand, who received an OBE for his service to the United Kingdom’s National Health Service (NHS), outlined the ABCs of healthcare (Access, Behavior and Clinical governance) as a prescription to overhaul the NHS. His framework remains a powerful tool to help us think about Africa’s healthcare prioritization, sequencing and resource allocation.

In Africa, this means ensuring that all people have access to the full range of quality health services they need, when and where they need them, and without enduring financial hardship. This requires investing in the infrastructure, logistics and health financing models that enable adequate access to care for the most vulnerable people in our communities.

The behavior of Africa’s doctors, nurses, community health workers and all healthcare providers toward their patients must always be empathetic, understanding and respectful. We must work with African patients to shift them from passive recipients of care to proactive and empowered “own-health advocates.” At the same time, investing in Africa’s healthcare workforce is critical to ensuring the health sector can attract, train and retain the best people to serve our communities.

For health ministries and private providers, this requires a robust clinical governance framework that encompasses appropriate risk management, compliance and standards, and quality information and evidence-based approaches to managing healthcare systems. This means the right laws, regulations and policies must be put in place to ensure the best health outcomes.

Structural transformation

We can see a commitment to these ABCs in the New Public Health Order for Africa, launched by the African Union in 2021. This initiative addresses deep structural public health deficiencies at national, regional and global levels by focusing action in five areas: fortifying public health institutions; strengthening the public health workforce; expanding African manufacturing of vaccines, diagnostics and therapeutics; increasing domestic resources for health security; and building respectful and action-oriented partnerships.

ABC to lead, AI to support

With this context, it is clear that AI and broader digitization can help fulfil the ABCs in an African context.

However, it is important to note that this is made possible, in part, because of Africa’s enormous success at leveraging digitization to innovate African solutions to African challenges. For example, mobile money was born in Kenya and revolutionized the financial, economic, and social landscape for millions of Africans. Africa enjoys high mobile phone penetration rates, and a growing youthful population is conversant and comfortable with an increasingly digitized lifestyle.

This infrastructure and outlook make it much easier for healthcare providers to deploy digital connectivity solutions such as telehealth consultations or remote health monitoring. One result is more people can access more primary and specialized care, even in remote locations.

Beyond consultations, this digitization includes devices such as handheld ultrasound machines that can extend the reach of this important diagnostic tool to rural and remote primary health centers.

Another example: in a region facing a shortage of nurses and hospital beds, technologies such as remote ECG (electrocardiogram) devices mean doctors can send patients home and still ensure they are being monitored safely and confidentially over the internet.

When it comes to behavior, smart wearables can help patients keep track of important health data, while AI-enabled medical imaging equipment can help technicians complete scans more accurately and more quickly, shortening scan times by 75% or more, and giving clinicians better information to enhance diagnostics and treatment. AI-enabled electronic medical record software can help clinicians spend more time with patients by reducing time spent on simple decisions and paperwork.

Both access and behavior can be addressed through a just-signed agreement whereby GE HealthCare will develop AI-assisted ultrasound imaging auto-assessment tools. Seeking to expand access in low-and-middle income countries across diverse points of care, the Bill&Melinda Gates Foundation has provided a grant to support development of tools to aid healthcare professionals—even those without specialized training or experience with ultrasound—with clinical decision information in areas of obstetrics, maternal and neonatal lung ultrasound screening, and pediatric lung health.

For health ministries and hospital groups, connecting data from equipment and operations to AI-powered software in a secure cloud platform can generate clinical and productivity insights that can help doctors improve diagnoses and facilities optimize patient flow. That’s a clear win for clinical governance.

As I wrote earlier this year (https://apo-opa.info/45UZZ6p), this is an important and exciting time for African healthcare. The determination, the vision, and the funding are available to make major strides in country after country. We must continue this momentum by prioritizing development of primary, secondary and tertiary healthcare infrastructure and other interventions that support the early detection and prevention of disease. We must promote skills development and job creation, and approach all these needs from a holistic perspective that is not siloed by technology, geography, disease, or organization.

To accelerate this momentum, all stakeholders must come together to pursue what patients and populations need now: increased healthcare access, expanded infrastructure, more healthcare workers with the training they need, and healthcare systems and care pathways that are holistic.

AI can play a valuable role. It is not, however, the answer. Making it so would be a distraction that could impact care to millions.

GE HealthCare is committed to working with regional partners across Africa to create a world where healthcare has no limits. At this moment of unbounded potential, those of us working in African healthcare must remain focused on the ABCs of high-quality, patient-focused healthcare to all people and communities across the continent.

Kaspersky Examines How to Eliminate the Cybersecurity Risks When Buying a Business

Posted on September 6, 2023 | by Akeela Zahair

With the global business landscape becoming increasingly interconnected, mergers and acquisitions (M&A) have been surging as companies look for growth, diversification, and strategic positioning. According to an E&Y report, in the Middle East region there was a 42% increase in the total value of merger and acquisition (M&A) deals in Q1 2023 compared to the same period in 2022. Overall, the first quarter of the year saw 165 deals amounting to US$25.8b. This emphasizes the region’s prominence in global business. However, Kaspersky experts warn that such an upswing in M&A also underscores the need for vigilant cybersecurity practices.

Acquiring or merging with another business invariably means integrating digital systems, networks, and data. This integration process can expose both parties to cyber threats if not managed correctly.

Alexey Vovk, Head of Information Security Department at Kaspersky, cautions: “Acquiring an already established business can be an attractive option for example for entrepreneurs, given its potential for quick profitability, or similarly for large corporations that want to acquire innovative assets or intelligence that can expand their business. But over and above traditional legal, financial and governance due diligence during such a process, cybersecurity must be a focal point too.”

Some of the cybersecurity assessments that should be considered at a minimum, before buying a new business, include:

Existing cybersecurity measures: Investigate any past cybersecurity audits the company may have undertaken, even if they are self-conducted.
Valuable assets: Identify the most valuable digital assets of the business. For an e-commerce platform, this might be the website, so a thorough vulnerability check is essential.
Hosting and data management: Inquire about the company’s Web hosting provider and their reputation. Past security incidents might necessitate a change in hosting.
Security standards: Depending on the nature of the business, there might be specific cybersecurity standards to adhere to. Even businesses without critical assets should have baseline security to thwart common threats like ransomware.
Company reputation and data breaches: Research past data breaches and the subsequent remediation steps. Data leaks can tarnish a company’s reputation and invite legal repercussions.

However, Vovk goes on to caution that even beyond all the aforementioned sound advice, employee errors are also a concern and that can lead to significant data breaches. This is demonstrated in recent Kaspersky research carried out among employees in the Middle East, Turkiye and Africa region. A test with a phishing simulator built into the Kaspersky Automated Security Awareness Platform (KASAP) showed that 20% of employees would click on a malicious link, falling for scam emails with claimed corporate announcements.

“When buying a business, the acquiring organisation must consider any previous cybersecurity training conducted for staff as well as non-disclosure agreements when it comes to employees and third parties handling sensitive data. Fundamentally, proper access controls for company resources must be implemented within the new entity to ensure data access is limited and revoked appropriately when employees depart,” says Vovk.

Additionally, it is also crucial to be familiar with laws pertaining to data protection and cybersecurity. This includes understanding the regional regulations and laws that outline the prescribed conditions for responsibly processing personal data.

“It must be stressed that when acquiring a company, you assume responsibility for its risks as well. Attaining and maintaining optimal business cyber resilience is an ongoing process. But, protecting yourself from new tricks by threat actors requires additional investments in digital business solutions, tools and skills, setting the rules that comply with the law, and reviewing cybersecurity policies and new protections. Checking your cybersecurity level from the very beginning will help you reduce the likelihood of incidents, set a clear path for development, and achieve new goals,” concludes Vovk.

54% of Middle East Respondents Express Concerns About Meeting Medical Needs, Reveals Cigna Healthcare Survey

Posted on August 31, 2023 | by Akeela Zahair

5% Pledge aims to tackle employee concerns and achieve overall individual and business well-being.

Global economic shifts driven by pandemics, food shortages, and inflation have led to unprecedented uncertainty for businesses and their employees. To gain a better understanding of the challenges confronting employers within this new landscape, Cigna Healthcare, the leading global health services company, conducted a comprehensive survey involving nearly 9,000 individuals worldwide, including 1,100 participants each from the UAE and KSA. The survey aimed to uncover their concerns, assess their current health status, and gain insights into the support needed to promote healthier lives in these challenging times.

Economic Challenges and a Looming Health Crisis

The survey revealed that rising inflation and the escalating cost of living stand as major concerns for individuals globally, with 25% of respondents in the Middle East identifying the inflation crisis as their primary concern. Rising bills and sluggish economies are leading to heightened uncertainty, causing stress levels to mount and mental and physical health to decline. Regionally, 72% of respondents felt that these rising costs were making it challenging to maintain good health, and 54% expressed uncertainty in their ability to meet their own or their family’s medical needs.

Workplace Well-being Requires More Attention

Dr. Dawn Soo, Cigna Healthcare’s Regional Medical Officer for the Middle East and Asia, stressed the need for employers to provide holistic healthcare benefits, initiatives, and a supportive culture where employees can openly discuss challenges. The survey further highlighted the critical connection between employee mental and physical health and productivity, underscoring the necessity of prioritizing employees’ health security as a core ESG imperative.

Recognizing that poor employee mental health isn’t just detrimental to individuals but also impacts organizations’ financial health, Cigna Healthcare introduced the 5% Pledge, urging business leaders to invest 5% of their work time to enhance employee mental health and well-being.

Jerome Droesch, CEO of Domestic Health and Health Services, International Health, Cigna Healthcare, reflected on the survey’s findings: “The survey underscores the delicate balance individuals face in accessing essential healthcare. These figures underscore the critical need to address the affordability of medical services for our workforce.”

He added: “Recognizing the pivotal role of employee well-being in driving organizational success, Cigna Healthcare introduced the 5% Pledge. The Pledge is a commitment to empowering employees with the tools they need to navigate today’s challenges. By prioritizing mental well-being and creating a supportive workplace culture, we are fostering not only healthier employees but also a more resilient business.”

The Path Forward

As uncertainties continue to reshape the business landscape, the Cigna Healthcare 360 Global Well-being Survey highlights the urgency for companies to prioritize employee well-being. By dedicating resources to the health and mental well-being of their workforce, businesses can ensure their resilience and success in an ever-changing world.

UN and South Sudan Join Forces to Boost Rural Development Through Producers’ Organizations and Access to Finance

Posted on August 25, 2023 | by Magdalena Lew

As South Sudan’s food security deteriorates due to localized conflict, displacement triggered by the Sudan crisis, and climate-related shocks like flooding, the UN’s International Fund for Agricultural Development (IFAD), the UN’s Development Programme (UNDP) and the Government of South Sudan today signed a financial agreement for a seven-year, US$25.6 million project that aims to improve food security, increase income and generate resilience for rural households. The project is expected to reach 160,000 people, with a focus on women, youth, returnees and people with disability.

In collaboration with South Sudan’s Ministry of Agriculture and Food Security (MAFS), the Rural Enterprises for Agriculture Development (READ) project will help develop 500 rural producers’ organizations, as well as policies and regulatory frameworks that promote good governance and accountability systems vis-à-vis their constituencies. READ will also facilitate overall access to rural finance.

“As the lead implementing agency, I’d like to express my profound commitment and capacity of the national Ministry of Agriculture and Food Security to work hand-in-hand with IFAD and all other relevant stakeholders to ensure the success of this project and improve food and nutrition security for all people of South Sudan,” said Josephine Joseph Lagu, South Sudan’s Minister of Agriculture and Food Security.

©️IFAD – Alberto Trillo Barca

“There’s a recognition that the potential for rural sector in South Sudan is massive. The READ Project will lift the majority of our people out of poverty and will foster an entrepreneurial culture which will not only expand employment opportunities but also support economic recovery after this long conflict,” said Dier Tong Ngor, South Sudan’s Minister for Finance and Economic Planning.

IFAD will fund almost 80 per cent of project costs through a US$20 million grant from the Global Agriculture and Food Security Program (GAFSP). Additional co-financing will be provided by the Cooperative Bank of South Sudan (US$1.8 million), UNDP (US$1.5 million), the Government of South Sudan (US$ 1.4 million), and project participants (US$ 0.75 million).

Food security as precondition to achieve peace

According to the UN’s Office for the Coordination of Humanitarian Affairs, a record 9.4 million people — 76 per cent of the country’s population — are likely to require aid in 2023 as the country continues its march towards “freedom, equality, justice, peace, and prosperity,” as stated in the South Sudan Vision 2040.

“Providing viable livelihood opportunities to rural populations is an essential step toward peace and prosperity. This means supporting small-scale farmers and rural producers with access to loans, financial services and business skills, while at the same time ensuring they have the capacity to cope with ever-increasing climate shocks,” said Alvaro Lario, President of IFAD.

“As an implementing partner and the development agency for the READ Project, the UNDP is committed to the collaboration between the private sector, rural producers’ organizations, and rural financial institutions to facilitate access to financial services, to technology, and to markets. By strengthening the country’s economic recovery and diversification through agricultural value chain development, the READ project contributes to South Sudan’s peace, recovery and stabilization agenda by reinforcing the social fabric within communities and creating livelihood opportunities for the rural population, including returnees and internally displaced people,” said Dr. Samuel Doe, Resident Representative, UNDP South Sudan.

The project will be implemented between 2023 and 2029 in six states (Central Equatoria, Eastern Equatoria, Northern Bahr el Ghazal, Upper Nile, Western Equatoria, and Yambio) in South Sudan with a “conflict-sensitive approach.”

IFAD has been engaged in South Sudan since its independence in 2011. Its investments boost food production and rural employment, increase resilience, help farmers adapt to climate change and strengthen human and institutional capacities. Working closely with the Government, IFAD has channelled US$77.26 million in investments to three rural development projects, reaching 76,800 rural households. South Sudan has recently doubled its pledge to replenish IFAD’s resources for the next three years, sending a strong message of support to IFAD and the donor community.

From City to Seasine: Saudi Arabia’s Top Travel Destinations

Posted on August 23, 2023 | by Akeela Zahair

IHG Hotels & Resorts reveals a line-up of must-visit spots throughout the Kingdom, with strategically located properties available to travellers at each destination

In a remarkable fusion of luxury and leisure, Saudi Arabia continues to emerge as one of the most captivating regional travel destinations. With its diverse landscapes and rich culture, the Kingdom boasts a range of enchanting experiences that cater to immersive weekend getaways, adventurous escapes, and relaxing retreats.

From the vibrant streets of Jeddah to the bustling ports of Yanbu, this curated selection of must-see destinations across Saudi Arabia promises to bring the best of the Kingdom’s nature, architecture, and gastronomy to the fore, with thoughtfully designed IHG Hotels & Resorts properties available for guests’ convenience across each of the signature spots.

Travel to Saudi Arabia is especially accessible through the end of August, as SAUDIA – its flagship carrier – has announced 50 percent off economy and business class tickets for flights between the Kingdom and the airline’s international destinations.

Jeddah

Nestled on the Red Sea’s shoreline, Jeddah serves as a hub of history and heritage. The timeless charm of the Al-Balad district and its souks meets the cutting-edge marvels of the King Abdulaziz Centre for World Culture, creating a cultural journey that transcends time. The city’s iconic Corniche, fringed by blue waters and promenades, inspires further wonder of the surrounding attractions. As a crossroad of culture, commerce, and creativity, Jeddah stands as a testament to Saudi Arabia’s future, while honouring its storied past.

IHG Hotels & Resorts owns four properties in Jeddah, each with a distinct flair and line-up of amenities: InterContinental Hotels Jeddah, Crowne Plaza Jeddah, Holiday Inn Jeddah Gateway, and Crowne Plaza Jeddah Al Salam.

Riyadh

As the dynamic capital of Saudi Arabia, Riyadh blends tradition and modernity for a uniquely Arabian experience. Featuring golden desert sands, buzzing city souks, and contemporary museums, Riyadh offers a cultural tapestry of attractions that immerses visitors in the city’s local rhythm. It is the beating heart of the Kingdom with lots to offer for both leisure and business travellers.

IHG Hotels & Resorts has 12 properties throughout Riyadh, uniquely designed to cater for guest preferences around affordability, location, luxury, and amenities. InterContinental Riyadh, voco Riyadh, Crowne Plaza Riyadh Palace, and Holiday Inn Riyadh – The Business District are some of the city’s most popular stay options.

Taif

Located in the heights of the Sarawat Mountains, Taif is a hidden gem in the Kingdom’s touristic landscape. Known as the “City of Roses”, it’s characterised by its cool weather and fragrant gardens, offering visitors a tranquil setting in the rural fields of Saudi Arabia. Taif’s farms produce citrus fruits such as grapes, berries, and figs, and the city centre features a host of historical monuments and local markets.

The InterContinental Taif, located between the city centre and Taif Airport, blends luxury hospitality with the historic charm of the mountain destination for a uniquely immersive stay experience.

Yanbu

Saudi Arabia’s capital of diving, Yanbu, is one of the Kingdom’s most remarkable maritime cities on the West Coast. Divided into Yanbu Al Bahr, Yanbu Al Nakhal, and Yanbu Industrial, the underrated coastal oasis boasts a diverse range of treasures for travellers to discover. The city blends its seafaring heritage with historical architecture, artisan shops, local cuisine, and watersport activities for an outdoor vacation underpinned by rich Arabian tradition.

Holiday Inn Yanbu is located close to both the Red Sea and the Yanbu Prince Abdul Mohsen Airport, promising both convenience and proximity to the atmospheric port of Yanbu Old Town.

As a leading global hospitality group, IHG Hotels & Resorts continues to be set apart as a brand of choice across popular tourist destinations. With a diverse line-up of properties throughout the Kingdom, IHG guarantees a stay experience suited to visitors’ individual preferences and maintains delivery of high-quality hospitality experiences.

Africa Can Become New Global Supply Chain Force: United Nations Conference on Trade and Development (UNCTAD)

Posted on August 16, 2023 | by Akeela Zahair

African economies should seize the opportunity to better integrate into technology-intensive global supply chains and boost prosperity, but this depends on their ability to harness key market and investment trends, the UN’s trade and development body UNCTAD said on Wednesday.

In a new report, UNCTAD shows that Africa can become a major exporter of higher value-added goods, creating growth and jobs, and fuelling a rise in productivity and wages.

Launching the report in Nairobi, UNCTAD Secretary-General Rebeca Grynspan insisted it would offer a better future for the continent’s economies.

Diversifying trade “builds resilience and enhances innovation”, Ms. Grynspan said, adding that diversifaction was “key” for private sector development and employment opportunities for Africa’s growing population.

Africa’s competitive advantage

Ms. Grynspan highlighted three factors driving the “huge” opportunity for the continent. From a geopolitical point of view, countries and businesses are seeking to diversify their suppliers and thus reduce risk. Africa is well placed to tap into this trend, Ms. Grynspan said, which together with the African Continental Free Trade Area offers “great synergies” for participating in global supply chains.

Africa also has a unique advantage amid the rise of the renewable energy market, as it is a vital source of raw materials for technology-intensive industries – for instance lithium, essential to the production of electric car batteries. It has the possibility to become a destination for manufacturing and should seek to export more complex finished goods rather than just commodities, Ms. Grynspan said.

As for demographics, Africa boasts not only a dynamic, young workforce, but also a “burgeoning” middle class offering local consumer markets for hi-tech goods.

‘Untapped potential’

The report analyses “untapped potential” for African countries to strengthen their position in the automobile, solar energy and pharmaceutical industries.

Encouragingly, Ms. Grynspan noted that Africa’s tech ecosystem growth has already proven impressive, as “hubs in artificial intelligence, 3D printing, blockchain, fintech [financial technology] and e-commerce are thriving” in countries such as Kenya, fostering innovation and strengthening Africa’s chance to capture technology-intensive global supply chains.

Higher wages and resilience

Creating an environment conducive to technology-intensive industries will raise wages, the UNCTAD chief said, underscoring that the average wage on the continent is $220 per month while in the Americas, in comparison, it is nearly $670.

According to UNCTAD, deeper integration into global supply chains would also diversify African economies, boosting their resilience to future shocks.

Attract investment

However, for this to happen, more investment will be needed, Ms. Grynspan said. The report highlights the fact that currently, only about two per cent of global investments in renewable energy go to Africa.

Paul Akiwumi, Director of UNCTAD’s Division on Africa, Least Developed Countries and Special Programmes, said that in order to drive more large-scale private investment, regulatory barriers will have to be removed and regional industrial development plans put in place.

Mr. Akiwumi cited the example of a regional agreement between the Democratic Republic of the Congo and Zambia, allowing for the creation of an industrial zone for the production of electric car batteries. He also highlighted the importance of product registration and intellectual property in order to attract investors.

Urgent debt relief needed

Ms. Grynspan stressed that in order for Africa to be able to seize its competitive advantage, the continent’s economies need debt relief to create fiscal space so that countries can invest in strengthening supply chains and in education for their workforce.

She recalled that African countries pay four times more for borrowing than the United States and eight times more than European nations, as shown in UNCTAD’s recent “World of Debt” report.

‘Change the rules’

“This must change if Africa is to achieve its full economic potential and be a major actor in global supply chains,” the UNCTAD chief insisted, pledging the UN’s unwavering support to nations across the continent.

Ms. Grynspan highlighted UN Secretary-General António Guterres’ advocacy to “change the rules that reproduce these asymmetries” and fix the “distorted” perception of risk which international investors hold in relation to developing economies.

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FuturMaster Empowers Digital Transformation in the Middle East and North Africa Region’s Supply Chain with DFYA, Accelerating the Realization of Vision 2030

Posted on August 16, 2023 | by Magdalena Lew

FuturMaster, a market leader in Supply Chain Planning and Trade Promotion Management & Optimization (TPx) solutions, has entered into a strategic Value-Added Reseller (VAR) agreement with DFYA, an innovative player in supply chain management. This partnership aims to amplify digital transformation across the Middle East and North Africa (MENA) region, with DFYA selling and implementing FuturMaster’s advanced solutions.

This strategic agreement unites FuturMaster’s state-of-the-art solutions and industry expertise with DFYA’s advanced exobrain technology, enabling rapid reach in an essential and expanding marketplace. The partnership seeks to enhance supply chain decision-making capabilities and operational efficiency across the region, particularly in the Gulf Cooperation Council (GCC) countries. It aims to facilitate their journey through expansive digital transformation.

Working in alignment with Vision 2030 – Saudi Arabia’s roadmap for digital and economic diversification – the FuturMaster and DFYA partnership will work to transform the region. The partnership aims to enhance the non-oil sectors of the economy while supporting the region’s adaptation into a global hub connecting Asia, Europe, and Africa through the provision of innovative solutions.

“FuturMaster has always been at the forefront of turning the complexity of supply chains into competitive advantages,” said Yacine Zeroual, EMEA General Manager at FuturMaster. “Our VAR agreement with DFYA solidifies our commitment to this mission, driving growth in the MENA region and equipping businesses with the advanced tools they need to excel within the framework of Vision 2030.”

Amine Benmesbah, Founding Partner at DFYA, shared the enthusiasm about this partnership. “Representing FuturMaster in the MENA region is a significant step towards a technologically advanced supply chain in this area. Together, we are bringing FuturMaster’s next-generation, AI-driven solutions to the market, catalyzing the ongoing digital transformation. We’re confident that this partnership will support the region in achieving the ambitious objectives outlined in Vision 2030, and we are proud to be part of this transformative future.”

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Africa Climate Summit 2023: Driving Green Growth and Climate Finance Solutions for Africa and the World

Posted on August 10, 2023 | by Magdalena Lew

Registration is now open for the inaugural Africa Climate Summit (ACS) and the annual Africa Climate Week 2023, landmark events co-hosted by the Republic of Kenya, the African Union Commission, and the United Nations Framework Convention on Climate Change (UNFCCC) respectively.

Scheduled to take place from 4th to 6th September in Nairobi, the ACS will convene Heads of State and Government, policymakers, civil society organizations, the private sector, multilateral institutions, and youth representatives from across Africa and beyond to address the pressing challenges posed by climate change and foster collaboration for a sustainable future. Guided by the theme, ‘Driving Green Growth and Climate Finance Solutions for Africa and the World,’ Africa will, through ACS, seek to consolidate global climate action around climate financing and climate positive development, solidify her standpoint on climate change going forward, and use the Summit to showcase her immense climate action potential and attract new partnerships in green growth, especially in niche sectors such as renewable energy, sustainable agriculture, and critical minerals among others.

“We are deeply honored as Kenya to have been picked by the African Union and the United Nations Framework Convention on Climate Change (UNFCCC) to host both the first-ever Africa Climate Summit and the 2023 annual Africa Climate Week. We acknowledge the huge task entrusted to us and assure our co-hosts, the African Union Commission and UNFCCC, and the entire world of a successful twin event from September 4th to 8th here in Nairobi. As Kenya, we have a strong legacy of catalyzing global climate action and are glad that we are shepherded through the organization of the Africa Climate Summit and the Africa Climate Week by our President, H.E Dr William Ruto, who is also the current Chairperson of the Committee of the African Heads of State and Government on Climate Change (CAHOSCC),” said Hon Soipan Tuya, Kenya’s Cabinet Secretary for Environment, Climate Change and Forestry.

She added: “The Africa Climate Summit provides a platform for the African continent to consolidate its climate action potential and standpoint, take lessons from the rest of the world and collectively shape climate finance solutions that empower the continent and inspire the world. Kenya will play its part in ensuring that the objectives of the Africa Climate Summit as established by the African Union are met.”

“The summit will provide a platform for policymakers and private sector players to discuss and develop climate finance solutions for African economies,” said Mr Joseph Ng’ang’a, Africa Climate Summit CEO. “As LMIC countries, we are committed to pursuing a holistic approach that intertwines economic growth, climate action, global cooperation, and inclusive development. We embrace a Green Growth Agenda, taking a global cost curve view, securing advance purchase commitments, accelerating investment for resilience, and ensuring just transitions. We are playing our part to solve the global crisis and forge a sustainable future for all,” Mr Ng’ang’a added.

Climate change is undeniably one of the most pressing global challenges of our time. According to the latest report by the Intergovernmental Panel on Climate Change (IPCC), global temperatures have risen by approximately 1 degree Celsius since 1900. The consequences of inaction are dire, with devastating impacts on ecosystems, public health, and economies worldwide.

Acknowledging the vital role of youth in shaping our collective future, the Africa Climate Summit 2023 places a strong focus on amplifying youth voices. The United Nations Population Fund estimates that approximately 63% of Africa’s population is under the age of 25, presenting a valuable opportunity to harness their passion, innovation, and determination for sustainable progress. The Summit, therefore, aims at empowering the youth as key stakeholders in climate action, providing a platform for them to showcase their perspectives and contribute to shaping an inclusive and sustainable future.

To achieve transformational change, it is crucial to adopt a new narrative that transcends traditional boundaries and fosters collaboration. The Africa Climate Summit seeks to challenge the outdated North versus South debate by emphasizing the interconnectedness of global challenges and the importance of shared responsibility. This new narrative not only promotes dialogue among stakeholders but also highlights the potential for collaborative solutions that leverage the strengths and resources of all regions.

The Africa Climate Summit’s agenda will include key topics such as “Redesigning Climate Finance, Trade, and Investment for the Global South,” “The Investment Opportunity for Food Sovereignty in Africa,” and “Accelerating Climate Resilient Water Investments in Africa.” Participants can expect dynamic discussions, knowledge sharing, and opportunities to showcase climate action initiatives and best practices.

By signing up for the Africa Climate Summit, individuals and organizations will be able to contribute to a new narrative of collaboration, resource pooling, and transformative change that will shape the continent’s collective future in climate action. Register now for the Africa Climate Summit and/or the Africa Climate Week at africaclimatesummit.org to be part of the movement to confront climate change head-on and build a sustainable future together.