Dubai Ranks First in Risk Factor

Dubai Skyline

According to a new survey taken by Aon, a US-based human resources company, Dubai came out on top as the Middle East’s least risky city, and scored 29th when compared to 130 other cities worldwide.

The Aon Hewitt 2012 People Risk Index measured 131 cities for crime, violence, terrorism as well as ease of recruitment, employment and relocation. New York City in the United States was ranked first overall as the world’s safest city, with Toronto and Singapore coming in second and third.

Aon explained that Dubai’s excellent risk status is due to its, “demographics, government support and talent development. In terms of demographics, Dubai has a young population with a projected growth of 0.4 per cent year on year in working age population in the next 10 years."

Other international cities which earned a similar ranking to Dubai’s are Washington, DC, Zurich, Sydney, Amsterdam and Oslo.

Perfume Specialist Rasasi to Open Additional Store in Muscat

Rasasi Perfumes

Rasasi Perfumes will be opening their 15th store in Oman in the Lulu Hypermarket at Darsayt in Muscat. The opening of the outlet helps to strengthen the company’s presence not only in Oman, but in the rest of the GCC region.
The stores newest location will be placed within the upscale shopping center in a position to maximize convenience and traffic for potential customers. The Rasasi store will feature the entire range of their product portfolio, including oriental sprays, essential oils, bukhoor (incense,) environmental perfumes and western-style fragrances.
Specially trained staff will be able to give excellent service to all customers, from the most knowledgeable to the newest of newcomers to the world of perfume and fragrances. The decision to open this new store in Muscat comes on the heels of a previous decision to also open a new outlet in Sohar.

Mideast Markets Tumble After Downgrade

From Dubai to Tel Aviv, Mideast markets tumbled as news of the S&P downgrade of US credit struck its first victims.

Dubai fell 4.4 percent and Tel Aviv fell 5 percent. Saudi Arabia’s stock exchange which had opened on Saturday plunged more than 5 percent. Complicating matters was the report that Dubai’s largest builder, Arabtec posted a profit loss in Q2 of 74%. This along witht he sell off smashed Arabtec’s stock lowering 5.6 percent.

In Tel Aviv the TA-25 fell 6% and the TA 100 fell 6.5%. The Delek Group led the plunge with 7.4% loss as well as Discount Bank at 7.5% fall.

High Unemployment Rates in Bahrain and Oman

The asset management firm Al Masah Capital published a report revealing that Oman and Bahrain have the highest unemployment rates than other Gulf countries.

The Great Job Rush

The Dubai-headquartered firm released ‘MENA: The Great Job Rush’, which described rates of 15% unemployment in each of the two Gulf states. In comparison, neighboring Qatar has an unemployment rate of 0.5%.

Saudi Arabia also revealed its own high unemployment rate of 10.8% while in the midst of a program of nationalization designed to help reduce this rate.
Kuwait’s jobless rate is also low, hovering at about 2.2%.

The report stated that “there is an urgent need for action.”

“Joblessness is a structural problem, particularly among the youth in the region. Short term solutions will not remove problems which took generations to fester. Deep structural changes are required, changes that go to the heart of cultural mentality.”

The MENA region has the highest unemployment rate in the world, with North Africa at 9.8% and the Middle East at 10.3%.

Youth Hit Hard

Saudi Arabia faces a serious unemployment problem among the young of the nation. The Kingdom’s youth are out of work at a rate double that of the global rate of jobless people, at 25.9% compared to 12.6% for the rest of the world.

A report of the World Bank published in 2003 predicted that the MENA region will need to create about 100 million new jobs during the 20 years between 2000 and 2020 in order to overcome a severe unemployment crisis.

Ayse Arkut Joins Gulfbankers as Country Managing Partner

The prestigious regional provider of professional management solutions, Gulfbankers Executive Search has announced that they have chosen Ms. Ayse Arkut to join the firm as the Country Managing Partner for Egypt and the United Arab Emirates.

Gulfbankers specializes in the Banking and Financial Industry, especially focused in the Gulf, the Middle East and North Africa, and is headquartered in Dubai.

Ms. Arkut appears especially suited to her appointment, with much experience as a C-level executive. Her most recent employment was as a Head of Banking at a famous recruiting and consulting firm. Her past experience also includes senior level jobs at well-respected global companies including Glaxo Smithkline, IIR Middle East and ITP.

The Chief Executive Officer of Forum International, Mr. Adel Al Alawi remarked on Ms. Arkut’s appointment: "We have been patient in our search to add value to our current corporate vision and expand and diversify our long horizon-strategies. I am very excited about Ms. Arkut corporate vision; she brings a wealth of experience in the Executive Search industry."