< Previous12 Vol. 22/15, October 2021 Upfront NE WS IN NUMBER S The top news and business headlines from the region OCT OBER 2 0 2 1 $2.7bn $966m MARKETS REAL ESTATE The capital raised by Solutions by stc during its IPO on the Tadawul The value of London projects Shuaa Capital aims to deliver in the next eight months The UAE’s decisive, rapid and world leading response to the pandemic has caught the attention of the world’s wealthy who continue to fl ock to Dubai, snapping up the most expensive homes in locations such as the Palm Jumeirah. UAE residential property: Roaring back to life Residential property values in Dubai and Abu Dhabi have expanded at their fastest pace since 2015, according to provisional data for the third quarter from Knight Frank S our c e: Knight F rank, REIDIN Number of $10m homes sold in Dubai 60 50 40 30 20 10 0 201020112012201320142015201620172018201920202021 Q1-Q3 Bradley Moran, associate at BSA Ahmad Bin Hezeem and Associates LLP, elaborates on the latest amendments to Dubai International Financial Centre’s Employment Law and what they mean for the hub’s employees and employers. Notable changes for all DIFC employers and employees include: • Seconded employees now benefi tting from settlement agreements and non-discrimination. • Employees may also bring claims against their employers during their employment rather than only post-termina- tion but no later than six months post-termination. • For short fi xed-term contracts THE EXPLAINER of six months or less the probation period “may not exceed more than half the period of the fi xed term contract”. • Employees can now carry forward at least fi ve days and may, subject to agreement with their employer, carry forward all untaken vacation leave for a maximum of twelve months. • Male employees on paternity leave shall continue to accrue their vacation leave. • Certain employer health and safety duties for employees working from home. • A period of secondment no longer qualifi es as a period of service for the purposes of achieving the one-year minimum to be entitled to any end of service gratuity or contributions into DEWS. • Multiple fi xed-term contracts must be in succession to be aggregated for the purposes of determining the total period of service to calculate any end of service gratuity or contribu- tions into DEWS. • Any arrangement or agree- ment with an employee which has the effect of reducing an employee’s basis wage by making wage related payments appear discretionary, non-regu- lar or in reference to the profi ts of the employer are deemed null, void and unenforceable. What do the changes mean? The overall theme and focus of the amendments enacted is that of clarifi cation. It is clear from the adjustments made that these amendments serve to clear up existing ambiguity, oversight, and unintended interpretations of the existing employment law. DIFC Employment Law’s new amendments explained Changes serve to clarify ambiguities regarding the existing law and will increase the fi nancial centre’s attractiveness u The DIFC has made adjustments to the laws surrounding paternity leave and remote working17-20 OCT 2021 17-21 OCT 2021 DUBAI WORLD TRADE CENTRE TRULY, THE WORLD'S BIGGEST TECH SHOW OF THE YEAR 4000+ COMPANIES FR OM 140+ COUNTRIES, 700+ STAR TUPS AND 450+ LEADERS LIVE ON STA GE. GITEX GL OBAL#GITEX2021 Platinum Sponsors Bronze SponsorsSilver Sponsors Organised byVIP Majlis SponsorInnovation Partner World's fastest mobile network GITEX Conference Sponsors14 Vol. 22/15, October 2021 C OMMENT / By Kate Midttun, CEO and founder of Acorn Strategy WHAT WE’RE WITNESSING IS JUST the beginning, not just of a six-month programme, but of an incredible sea change. Over the next six months we’ll see the launch of innovations and ideas that will change our futures, all set against the incredible backdrop Dubai has spent years designing and u Expo 2020 Dubai aims to present how mankind can enjoy living in harmony with nature in a high-tech future CO MM ENNNN TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT /////////////////////////////////// By Kate Midttu constructing to welcome visitors from all over the world. Quite simply, we will see history being made and every single one of us should be excited for what’s to come. I was six-years-old when I experienced Expo 88 in Brisbane; a very different personal experience to what I expect from Expo 2020 Dubai. I have vivid memories of the event, from the passports to entertainment, watching the monorail whizz around overhead, performances, and learning new experiences in every pavilion. My siblings reminisce about Gondwana Land, Footrot Flats at the New Zealand Pavilion, the Dreamtime Theatre and the Glow Worm cave. Four of us have collectively lived professional careers and family life across dozens of countries, no doubt inspired by the discovery and excitement of Expo 88. The once overgrown country town became a Why we should all be excited for Expo 2020 Dubai As the most anticipated event of the year, the emirate is set to welcome 191 participating countries that all aim to build a better, more sustainable tomorrowC OMMENT ArabianBusiness.com 15 Q ASSISTING EMPLOYEES TO RECOVER FROM THE TRAUMATIC PANDEMIC IS NOT ONLY RESPONSIBLE, IT ALSO MAKES PRUDENT BUSINESS SENSE” vibrant hotspot where the world descended to show off the best it had to offer. It was an exciting time and anyone then living in Brisbane or able to travel to the expo, will undoubtedly have different memories, but one thing remains the same: Everyone’s eyes light up with excitement when you remember Expo 88 – and that’s some 33 years later. Similar to the Expo 2020 Dubai site, Expo 88 Brisbane spurred a major redevelopment of an underutilised part of the city. A 40-hectare industrial area along the Brisbane River and opposite the CBD, it was redeveloped to first become the Expo 88 site and what is now known as South Bank. Today, South Bank is a thriving mixed-use site and a strong culture and leisure hub – a central part of our lives, city and tourism. A visit home almost always requires a visit to South Bank. The legacy of Expo 88 is far more than just a distant memory. It saw the launch of high-definition TV (at the Japan pavilion) and text- based internet (at the Swiss pavilion), two technologies that are at the core of our daily lives today. The physical assets of Expo 88 are still used across the country, the most popular of which are the Expo 88 lettering that adorned the entrance, the piazza where most of the live entertainment was staged throughout the event, the skyneedle and the Nepal $6.8bn The cost of building the Expo 2020 site in Dubai South Pagoda, which are still at the site. The legacy of expo is physical, practical and memorable. As an Australian who witnessed an expo on home soil, I’m excited to have the opportunity to see another one here in the UAE. I’m excited to see my three kids exploring the 191 countries, exploring the world every Q WE WILL SEE HISTORY BEING MADE AND EVERY SINGLE ONE OF US SHOULD BE EXCITED FOR WHAT’S TO COME” u The event will seek to fi nd solutions to the world’s biggest challenges through the use of technology u The expo will create a meaningful impact through a range of programmes and initiatives spread over 182 days weekend and igniting lifelong interests. I’m excited to connect innovation with business and attend Expo 2020 with my team to develop the company for the future. This is just the beginning. It’s so much more than the Business Olympics. Get excited. Get your kids researching and plotting pavilions and the themes that inspire them the most. Figure out which business innovations are important for your business and plan your away days. Get excited and be prepared for Expo 2020 to be part of your life far beyond 2022. Q WE’LL SEE THE LAUNCH OF INNOVATIONS AND IDEAS THAT WILL CHANGE OUR FUTURES, ALL SET AGAINST THE INCREDIBLE BACKDROP DUBAI HAS SPENT YEARS DESIGNING AND CONSTRUCTING”16 Vol. 22/15, October 2021 C OMMENT / By Tess Pereira, corporate performance and transformational coach THE UAE BEGAN COVID-19 prevention measures in March 2020. Although normal life halted, businesses still needed to operate despite the global crisis. Consequently, many of us worked from home, often alone, with periodic Zoom or Teams meetings. Deadlines were met and we frequently toiled u Sportswear company Nike gave staff at its US headquarters a paid week off to destress and recover from the pressures of the pandemic beyond our contractual hours, whilst either balancing or foregoing family and or respite time. The stress and isolation exacerbated some people’s pre-existing mental health issues, while others felt they were teetering between flourishing and languishing. Two years later, the world is beginning to tentatively exhale, as it reverts to some semblance of normality. Workplaces are reopening their office doors. Some employees may be apprehensive to return to the 9-to-5 grind with lengthy commutes to and from work, whilst others may relish the trust and autonomy that came with remote working. Others may crave the structure and companionship of an office environment and prefer opportunities for real face- to-face team building that teleconferencing simply could not deliver. Employers must demonstrate empathy and prudence as employees Just do it – Why sportswear giant Nike has the right idea The Oregon-based apparel manufacturer is one of an increasing number of companies that are extending holiday leave or reducing work responsibilities to prevent burnout of staffC OMMENT ArabianBusiness.com 17 Q ASSISTING EMPLOYEES TO RECOVER FROM THE TRAUMATIC PANDEMIC IS NOT ONLY RESPONSIBLE, IT ALSO MAKES PRUDENT BUSINESS SENSE” reintegrate into the workforce. They must prioritise employee mental health needs, particularly to avoid or to help with burnout post Covid-19. The World Health Organisation (WHO) describes burnout as “a syndrome conceptualised as a result of unmanaged chronic occupational stress”. It is characterised by exhaustion, pessimism, and alienation from the workplace; a sense of ineffectiveness; and or a perceived lack of accomplishment. Physical symptoms of burnout include fatigue, body aches, headaches, gastrointestinal issues, appetite changes, increased susceptibility to common illnesses, and sleep disruption. Taking a step Recently, sportswear company Nike gave staff at its US headquarters a paid week off to destress and recover from the pressures of the pandemic. Matt Marrazzo, senior manager of Global Marketing Science at Nike, ordered staff not to work but instead: “Take the time to unwind, destress and spend time with your loved ones.” Nike is one of an increasing number of companies that are extending holiday leave or reducing work responsibilities to prevent burnout triggered by home working and regular video conferencing, which has blurred the line between personal and professional lives over these two years. LinkedIn staff were granted a week off in April to focus on their mental health and wellbeing, while employees of dating app Bumble were gifted with a week’s paid leave this summer to avoid “collective fatigue”, as described by a top Bumble executive. In fact, numerous studies have demonstrated annual leave lowers levels of stress and exhaustion. Assisting employees to recover from the traumatic pandemic is not only responsible, it also makes 77% The percentage of organisations across UAE, KSA and Kuwait which have placed employee health and well-being as a key priority, according to Mercer’s Shape of Talent report 2020 prudent business sense. Employees who are stressed have a detrimental effect on productivity and output. This has a ripple effect throughout the team since most employees work collaboratively. Providing breaks, rewarding employees who go above and beyond the call of duty, and thanking them in ways that are more meaningful than money, are all effective ways to enhance employee morale, loyalty and ultimately preventing burnout. Employee wellbeing The harsh reality is that most businesses do not have the capacity to provide additional time off for overworked employees. Employers must, however, continue to recognise the critical importance of their employees’ mental health and prioritise continuous workplace wellness programmes and initiatives. Perhaps mental health awareness in the workplace is Covid-19’s only silver lining. u LinkedIn staff were granted a week off to focus on their mental health and wellbeing u Employees of dating app Bumble were gifted with a week’s paid leave this summer to avoid collective fatigueTHE BIG PICTURE 18 Vol. 22/15, October 2021 PHO T O: EXPO 2020 DUB AI The world map is displayed at the Al Wasl Dome – the heart of Expo 2020 Dubai. Powerful visuals were beamed across the dome, which is the world’s largest 360-degree projection screen. More than 3,000 lighting fixtures and 1,000 speakers are installed for the event.Next >