How the pandemic allowed people to change careers

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Senka Ali, a 36-year-old woman from Bosnia who now lives in Dubai, decided to work for her husband’s car repair business after losing her job. (Supplied)
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Sadia Anwar Khan, an architect by education from India, used the popularity of online interaction to set up Storically, a platform used to sell personalized children’s books. (Supplied)
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Mehr Shafiei, a Dubai-based Canadian analyst at Euromonitor, said the pandemic has made all countries review how self-sufficient they are. (Supplied)
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Masroor Ahamd turned his passion for cooking into a career path. (Supplied)
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Farzana Kazemi, an HR consultant and executive coach from the UK, saw the pandemic widen her client base to the US, Canada and beyond. (Supplied)
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Updated 03 January 2021
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How the pandemic allowed people to change careers

  • Many have used the crisis to change careers, seek out new opportunities
  • While some lost their jobs during the pandemic, others have had their hours reduced or their salaries cut

DUBAI: Masroor Ahamd was working as a retail store manager in Dubai when the coronavirus disease (COVID-19) pandemic struck last year. Once his employer realized the full economic impact of the situation, he was forced to make the 38-year-old redundant, leaving the business marketing graduate worried about how he would pay his bills. Ahamd decided he had nothing to lose and thought about turning his passion for cooking into a career.
“I used to make biryani when I was 13 years old … We are six boys, no sisters. We used to help our mom make food,” Ahamd, who is originally from Pakistan but was born and raised in Dubai, told Arab News. “We all, the six boys, have special dishes that each one of us excel in … Mine was biryani.”




Masroor Ahamd turned his passion for cooking into a career path. (Supplied)


Using the skills he learnt as part of his education, he promoted the produce on social media and was soon able to turn it into a business, but he is not the only one who has adapted their skillsets to a new business as a result of COVID-19.
Senka Ali, a 36-year-old woman from Bosnia who now lives in Dubai, is another example. Her background is in customer service, but when she lost her job at a large company in Dubai she decided to go and work in her husband’s car repair business.
“It all came by chance,” she told Arab News. “I used to love cars, and I told my husband (to) let us do it together. Basically, he doesn’t have to deal with it all by himself.”
Ali described her new career as “very exciting,” adding she had brought the experience she learned in customer service to the family business.
Research has found that the experiences shown by Ahamd and Ali are not unique, and many residents in the Middle East have switched careers or gone back to retraining as a result of the pandemic.
A global survey in October also found that more than half of respondents said they feared they would be made redundant.
The survey by the World Economic Forum questioned 12,000 adults in 27 countries and while most were worried about their job prospects, two-thirds of workers worldwide said they could learn the skills needed for the jobs of the future through their current employer.
In Saudi Arabia, less than 20 percent of those who took part in the survey said they were worried about redundancy, while 39 percent of Saudis surveyed said they were confident of gaining the necessary skills to compete for new job opportunities in the future.
While some lost their jobs, others have had their hours reduced or their salaries cut. “There are different equations for different people,” said Farzana Kazemi, a human resources consultant and executive coach from the UK.
Some people changed their career paths, others either accepted lower salaries and reduced their lifestyle or started their own businesses. “There are people who lost their jobs and had no choice but to go back home,” she told Arab News.
In June 2020 Oxford Economics estimated that up to 900,000 jobs could be lost in the UAE, leading to thousands of expats leaving. While these figures have yet to be justified or officially recognized, Kazemi said it has undoubtedly been a tough year for jobseekers.
“The year has been a roller-coaster year, a black swan,” she said. “Nobody was expecting something like this or prepared for something like this.” However, she added that the pandemic has offered some new opportunities, which even she had not previously tapped into.
“In the past for me, as an executive coach, I had clients (and we meet) face-to-face. Now, all of a sudden, I am online and I can provide executive coaching to clients in America, or Canada, or Australia. The scope of reach has dramatically changed and widened. So that means the options are wider and better. People have seen that, and if they want to adapt and survive, they have got to review their careers and look at what they wanted to do,” she said.




Farzana Kazemi, an HR consultant and executive coach from the UK, saw the pandemic widen her client base to the US, Canada and beyond. (Supplied)


The pandemic and the lockdown, economic analysts agreed, have opened new opportunities in areas such as e-commerce and working from home. Mehr Shafiei, a Dubai-based Canadian analyst at Euromonitor, said it has made all countries review how self-sufficient they are.




Mehr Shafiei, a Dubai-based Canadian analyst at Euromonitor, said the pandemic has made all countries review how self-sufficient they are. (Supplied)


“Another kind of interesting thing is that there is a lot of room for growth in the UAE because the pandemic really opened the eyes of a lot of people to the fact you need domestic production, you do need domestic capabilities. you can’t just rely always on globalization and having everyone just import, so there will definitely (be) growth in (the) agriculture sector, in domestic manufacturing, e-commerce capabilities,” she said.
Sadia Anwar Khan, an architect by education from India and a mother of two children, used the popularity of Zoom and online interaction to set up Storically, a platform used to sell personalized children’s books.




Sadia Anwar Khan, an architect by education from India, used the popularity of online interaction to set up Storically, a platform used to sell personalized children’s books. (Supplied)


“How (has) COVID helped? It really helped me in terms of (saving me) traveling and commuting. I can do it all from my own home,” she told Arab News.
Like Khan, many people set up new businesses as a way to survive, but are now looking at them as serious career options. Ahamd pointed out that he originally was hoping that the market would improve so he could return to his retail job, but now he is seeing his biryani venture “as a business that can be taken a step further and become a restaurant in the future.”


Pakistan says expecting more high-level Saudi business delegations amid investment push

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Pakistan says expecting more high-level Saudi business delegations amid investment push

ISLAMABAD: Pakistan expects continued visits by high-level business delegations from Saudi Arabia in the upcoming weeks to further explore investment opportunities facilitated under the Special Investment Facilitation Council, the Foreign Office announced on Thursday.

The statement came just days after Prime Minister Shahbaz Sharif concluded his visit to Riyadh, where he addressed the two-day World Economic Forum conference.

During his visit, Sharif met with Crown Prince Mohammed bin Salman and several Saudi ministers to strengthen bilateral relations and economic partnerships between the two nations.

Prior to his visit to the Kingdom, Saudi Foreign Minister Prince Faisal bin Farhan was in Islamabad with a large delegation, saying the Pakistani administration’s resolve to strengthen the economy would yield “significant benefits.”

“Saudi investors have been coming to Pakistan in recent months, and engaged with the SIFC in terms of exploring opportunities for Saudi investments in Pakistan, and this is an ongoing process, and we expect similar high-level business delegations to undertake visits to Pakistan in the coming days and weeks as well,” Foreign Office spokesperson Mumtaz Zahra Baloch told reporters in her weekly media briefing.

She added that both countries were involved in robust and mutually beneficial dialogue that had gained significant momentum in recent months.

“Pakistan and Saudi Arabia are engaged in consultations with each other in terms of increased Saudi investments in Pakistan, including in the energy domain,” she added.

Asked about reports of Pakistan providing military bases to the US, Baloch called them rumors.

“Pakistani has no plan to provide any bases to a foreign country against any other country,” she said.

Speaking about the Organization of Islamic Cooperation’s summit in Gambia, the spokesperson said the country’s deputy prime minister, Ishaq Dar, would highlight the ongoing genocide in Gaza, the right to self-determination of the people of Jammu and Kashmir, the imperatives of solidarity and unity of the Muslim ummah, rising Islamophobia, issues of climate change, terrorism, and other contemporary global challenges.

She said Pakistan strongly condemned the escalating violations of human rights by Israel and increasing number of illegal Israeli settlements in the West Bank.

“Israel’s actions constitute a breach of international law, including humanitarian laws and other pertinent international laws, and these acts also undermine any prospects of a two-state solution,” she added.


Saudi authority imposes $11.4m in fines on investors for dodgy practices

Updated 10 min 41 sec ago
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Saudi authority imposes $11.4m in fines on investors for dodgy practices

RIYADH: Saudi Arabia’s Capital Market Authority slapped fines to the tune of SR42.9 million ($11.4 million) on 13 investors and others found in violation of the law.

A total of SR17 million fines have been imposed on 13 investors “for placing purchase orders that influenced the share price, some of which were linked to sale orders, while trading on the shares of listed companies.”

A CMA statement said: “They and other investors were obligated to pay a total of SR25.9 million for the illegal gains achieved in their investment portfolios.”

The authority clarified that the definitive decision of its Appeals Committee for the Resolution of Securities Disputes resulted from the coordination and mutual collaboration between the authority and relevant entities.

It added that the action was taken in light of the public criminal lawsuit filed by the Public Prosecution.

CMA underscored the importance of investor confidence in fostering the growth and advancement of the financial market. It reiterated its commitment to vigilantly observe any misconduct, apprehend wrongdoers, and ensure the implementation of appropriate measures to impose penalties.

Moreover, it stated that these actions are consistent with the authority’s endeavors to nurture an appealing atmosphere for investors of all types, shielded from unjust, precarious, deceitful, fraudulent, or manipulative activities.


Saudi energy minister lauds growing economic ties with Uzbekistan

Updated 02 May 2024
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Saudi energy minister lauds growing economic ties with Uzbekistan

RIYADH: Saudi Arabia and Uzbekistan’s economic cooperation models reflect mutual commitment to prosperity through shared goals in the two countries’ 2030 plans, said the Saudi energy minister.

During the main dialogue session of the third Tashkent International Investment Forum, Prince Abdulaziz bin Salman emphasized the distinguished relations between the two nations and the commitment of their leaderships to enhance and develop cooperation in all fields, particularly in the energy sector.

Uzbekistan President Shavkat Mirziyoyev also attended the meeting.

The Saudi minister pointed out that economic cooperation between the two countries serves as a model, especially in light of the “Uzbekistan 2030” strategy and the Kingdom’s Vision 2030, with their similar goals aimed at economic growth, diversification, and sustainable development, reflecting a mutual commitment to building a prosperous future for both nations, according to the Saudi Press Agency.

“The bilateral relations saw a notable advancement subsequent to a meeting between Crown Prince Mohammed bin Salman and President Mirziyoyev in Riyadh in 2022,” he said.

Prince Abdulaziz stressed the significance of the energy sector in the growing relations between the two nations, particularly in renewable energy, highlighting the substantial involvement of Saudi companies in Uzbekistan, exemplified by ACWA Power.

He elaborated on the investment flowing between the two countries in this domain, eclipsing $14 billion, with the aim of producing over 11 gigawatts of renewable energy electricity, affirming that Uzbekistan has demonstrated a serious commitment to achieving a fair and equitable energy transition, aligning with the Kingdom’s aspirations.

The energy minister further underscored the rational stances jointly embraced by both nations, placing significant emphasis on the critical aspects of energy security, development, and conservation.

He also underscored the two countries’ collaborative roles in addressing climate change through collective endeavors.

Recently, ACWA Power signed a power purchase agreement with the National Electric Grid of Uzbekistan for the Aral five-gigawatt wind power project worth SR18.2 billion ($4.85 billion).

Two weeks ago, ACWA Power announced it had secured an $80 million equity bridge loan from the Bank of China for its projects in Uzbekistan.

The Saudi entity said the fund will boost its Tashkent 200 megawatts solar photovoltaic power plant and 500 MW per hour battery energy storage system project in Uzbekistan.

“This transaction culminated the initial agreement reached during the 3rd BRF (Belt and Road Forum) summit in October 2023, where ACWA Power was represented by its chairman as a keynote speaker,” the company said in a statement.


Alvarez & Marsal opens regional headquarters in Riyadh 

Updated 02 May 2024
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Alvarez & Marsal opens regional headquarters in Riyadh 

RIYADH: Underscoring international confidence in the Saudi economy, global consulting firm Alvarez & Marsal has become yet another company to have opened its regional headquarters in Riyadh.

In a press statement, the US firm stated that the inauguration of the new regional headquarters underscores its commitment to contributing to the country’s transformation agenda. 

“As the company continues to deepen its roots in the country, with expertise across various sectors — from banking and tax to healthcare and disputes and investigations — this strategic move aims to leverage local insights in the Kingdom to drive sustainable growth and innovation.” the company said. 

Additionally, A&M announced that it has included 13 skilled Saudi graduates in the inaugural batch of its Bidayah Graduate Program. 

The company stated that these candidates were selected from a competitive pool of applicants, describing the chosen individuals as representing the bright future of the Kingdom and reflecting the potential that A&M sees in local talent. 

James Dervin, managing director of A&M in the Middle East and co-head in the region, stated that the program is designed to develop the next generation of execution-focused leaders in management consulting. It is guided by the A&M principles of leadership, action, and results. 

“Over the course of 12 months, participants will undergo rigorous training, engage in live project work, and receive mentorship from seasoned industry experts,” he said. 

Dervin added: “Coupled with the incorporation of our regional headquarters in Saudi Arabia, the program underscores A&M’s commitment to investing in the professional development of Saudi nationals and aligning with the Kingdom’s ambitious Vision 2030,” 

He further noted that the new graduates will have a significant, positive impact on his firm and the clients it serves. 

Commenting on the close alignment of A&M’s global brand with the local market dynamic in Saudi Arabia, Bryan Marsal, A&M’s CEO and co-founder, said: “The all-encompassing nature of the Saudi Arabian transformation is driving significant demand for A&M’s distinctive ‘get-stuff-done’ brand of services — for our ability to fix problems, our ‘skin in the game’, and our freedom from audit conflicts.” 

With over 9,000-strong workforce across six continents, A&M generates tangible results for corporations, boards, private equity firms, law firms, and government agencies grappling with intricate challenges, according to its website. 

More than 180 major global companies and organizations have already established regional headquarters in the Saudi capital. These include Apple, Microsoft and Alibaba, as well as the IMF, IBM, and Google.  

Other notable entities on the list include German consultancy firm TUV Rheinland, PwC Middle East, Aramex and Amazon. 


UAE banks’ aggregate capital, reserves exceed $136bn

Updated 02 May 2024
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UAE banks’ aggregate capital, reserves exceed $136bn

RIYADH: UAE-based banks’ aggregate capital and reserves reached 501.5 billion dirhams ($136 billion) at the end of February, up 14.4 percent year-on-year, according to new data. 

The latest statistics from the Central Bank of the UAE showed that on a monthly basis, the total capital and reserves grew 0.95 percent, reflecting an increase of approximately 4.7 billion dirhams, according to the Emirates News Agency, also known as WAM. 

This rise in figures falls in line with the central bank’s goal of enhancing monetary and financial stability in the country. 

Moreover, the data indicated that national banks accounted for around 86.5 percent of the aggregate capital and reserves of banks operating in the UAE. At the end of February, they recorded a total of 433.7 billion dirhams, an annual rise of 14.6 percent.

On the other hand, the share of foreign banks settled at 13.5 percent, hitting 67.8 billion dirhams at the end of the same month, reflecting a 13.2 percent surge compared to the same period a year earlier.  

Furthermore, at the end of February, the total capital and reserves of banks operating in Dubai alone stood at 246.4 billion dirhams, logging a year-on-year growth of 15.1 percent. 

Additionally, banks operating in Abu Dhabi recorded around 217 billion dirhams, up 13 percent from the corresponding period in 2023.  

Meanwhile, the cumulative capital and reserves of banks operating in other emirates combined reached an estimated 38.1 billion, reflecting a 15.5 percent climb in comparison to the same period a year prior. 

In March, a top executive at Roland Berger said that UAE bank branches were witnessing the highest revenues in the region, amounting to $18.6 million per branch.

This was driven by the nation’s digital transformation, which enabled financial institutions in the Gulf Cooperation Council to reduce the number of banking branches by 328 within three years, Saumitra Sehgal, the global consulting firm’s head of financial services in the Middle East, told WAM, at the time.  

Sehgal also pointed out at the time that the number of bank branches across GCC nations decreased from 4,067 at the end of 2019 to 3,739 by December 2022.   

He further noted that banks in the UAE saw the highest number of outlets merge and reduce with the support of digital transformation between 2019 and 2022.