Category: HLB Quarterly Insights
The National Olympic Committee of the UAE honored Hisham Al Taher
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The National Olympic Committee of the UAE honoured Asian Chess Federation head Sheikh Sultan bin Khalifah Al Nahyan and General Secretary Hisham Al Taher, as well as 34 other Emirati sportsmen who occupy prominent positions at the Asian continental and International levels, at ceremonies held last week.
Hisham Al Taher receives the award from Minister Dr. Ahmed Belhoul Al Falasi (left)
HE Dr Ahmad Belhoul Al Falasi appointed as Minister of State for Entrepreneurship and SMEs
Under the new UAE Government structure established in July 2020, HE Dr Ahmad Belhoul Al Falasi has been designated as Minister of State for Entrepreneurship and SMEs. HE Dr Al Falasi is in charge of developing national initiatives to boost the UAE’s Small and Medium Enterprise (SME) sector, which is one of the country’s economic drivers, and to foster entrepreneurship in a multitude of sectors. He’s also in charge of setting the country’s strategic direction and developing a broad national policy for the tourist sector.
Partner’s Forum Organized
The Olympic committee also organized a Strategic Partners forum in the presence of Dr. Ahmed Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises, President of the General Sports Authority, and First Vice President Head of the Executive Office, Saeed Abdul Ghaffar Hussein, Secretary-General of the General Sports Authority and Azza bint Suleiman, Assistant Secretary-General for Administrative and Financial Affairs of the Olympic Committee.
In his remarks, Dr. Ahmed Belhoul Al Falasi, expressed his delight in the participation of the nation’s citizens in continental and International sports federations, citing them as a source of influence and sports diplomacy.
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Innovation to Boost Business Leaders’ Confidence at Rapid Pace
HLB Conducted ‘Survey of Business Leaders 2022’ - Powering your innovation engine
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The advent of new COVID 19 variations coupled with global economic considerations and inflation have posed challenges to the advancement of the corporate environment. Considering all these concerns, but investors and entrepreneurs are optimistic. According to the survey, 95 percent of firm executives believe that faster and more effective talent management innovations, as well as long-term investments in advancing technology, are critical elements in paving the way for future success.
HLB Survey of Business Leaders 2022
HLB surveyed 586 clients and senior executives from 46 countries to acquire a deeper understanding of the challenges and objectives of business leaders in 2022. Regardless of the fact that the virus outbreak has been a pretty awful and hard moment for the industry, executives have emerged more competent and confident in their ability to combat and address difficulties via innovation. These topics are covered in depth in the research, which also provides advice for business executives on how to better analyse their companies’ methodologies in the long run.
- In 2022, 54% predicted the global economy would accelerate, while 30% forecast it to remain unchanged.
- Inflation is identified as a worry by 61% of respondents.
- In comparison to pre-pandemic, 86% are more confident in their ability to innovate.
- Market instability inspires people to innovate, according to 69 per cent of respondents.
Exposure to evolving technology and innovation may be a driving element for firms, according to the great majority of company executives with AI, Cloud, and RPA being the most significant.
A copy of the full report can be viewed here: www.hlb.global/surveyofbusinessleaders
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HLB Global Expands and Welcomes New Members
“The future is HLB” stated the newly included prestigious US accounting firms
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As the accounting industry is evolving in this demanding business climate, HLB, the global advisory and accounting network, has prioritized addressing the diverse requirements. As a result, HLB continues to develop and expand, as seen by the recent induction of its newest member firms.
Rehmann, Whitley Penn, and Miller Cooper, three top US companies, have joined the member list of HLB to deliver a unique insight to increase collective knowledge and unlock new business prospects.
Choosing HLB over other alternate possibilities
HLB has a wealth of technical resources and support, global accessibility, and a commitment to customer service which gives them significant emphasis on technical advancements, such as the use of artificial intelligence (AI) in service delivery, and is continually growing its member intranet to better fulfill the demands of clients.
HLB CEO Marco Donzelli says, “We were happy to hear our new members remark, ‘the future is HLB,’ as it is fairly unusual to have three top 100 US corporations make a move like this at the same time. The depth of service, experience and geographic coverage these enterprises provide to the network considerably improves our market position and takes us closer to achieving our worldwide growth ambitions.”
HLB is currently the world’s 11th largest network, and it was named Network of the Year at the 2020 Digital Accountancy Awards.
Let’s take a glimpse at HLB’s newest members
- Rehmann
Leadership: Randy Rupp, CEO; Stacie Kwaiser, COO
Location: Headquarters in Troy, Michigan with 17 offices in Michigan, Ohio, and Florida
Ranking: #33 on the Accounting Today’s Top 100
- Miller Cooper
Leadership: Kristen Fitzpatrick, Managing Principal; Ross Pearlstein, Chairman
Location: Chicago, Illinois (3 offices)
Ranking: Top 50 US Firm and 10th largest accounting firm on Crain’s Chicago List
- Whitley Penn
Leadership: Larry Autrey, Managing Partner
Location: Headquarters in Fort Worth, Texas with a total of 8 offices in Texas.
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The new labor law in UAE has been implemented
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The UAE has issued Federal Labor Law No. 33 of 2021, which replaces Federal Labor Law No. 8 of 1980. The new law will enter into force on February 2, 2022, and will bring about a variety of reforms, some of which will have a considerable influence on current employment conditions.
The labor law reforms are significant, necessitating adjustments to current employment contracts as well as rules and processes related to long-term contracts with new hires. The New Law governs all current and prospective work relationships in the UAE’s private sector. Since the Dubai International Financial Centre and the Abu Dhabi Global Market have their own labor laws, the new law will not pertain to work interactions there.
The essential elements of the new labor law, some of the most significant changes are discussed below.
A. Contracts of Employment
The new law makes it mandatory to establish employment contracts with fixed periods that cannot run longer than three years and can be extended for the same duration or shorter with both parties’ approval. Existing labour law allows unlimited contracts to remain, but they must be converted to limited contracts inside one year of the new legislation’s adoption, or by February 2, 2023.
B. Period of Probation
Under the new labour legislation, the maximum probationary term stays at six months. Employers must offer a minimum of fourteen days’ written notice of their intention to terminate an employee’s employment contract if the individual is on probation, according to new legislation.
If an employee wishes to quit during their probationary term, they must comply with the following requirements:
- If resigning to work for another employer in the UAE, offer one month’s notice; or
- If the employee intends to depart the UAE, offer fourteen days’ notice.
C. End of Service Gratuity
The legislation lays out in detail how an employee’s gratuity will be calculated based on their duration of service. According to the new legislation, an ex-pat who has worked full-time for a company for a year or longer will be eligible for end-of-service bonuses based on basic salary. Each of the first five years of service will be compensated with a salary of 21 days, with each subsequent year being compensated with a compensation of 30 days.
D. Termination during the probationary period
- The employee may cancel the contract during the probationary period by presenting at least one month’s written notice.
- An employer may terminate an employee’s contract during the probationary period by giving the employee 14 days’ written notice.
E. Discrimination and harassment are prohibited
It is unlawful for an employer, coworkers, or superiors to engage in sexual harassment, bullying, or any other form of behavioural, emotional, physical, or mental hostility towards an employee. Discrimination based on sex, race, colour, religion, national or social origin, or disability is prohibited under the new regulation.
F. Parental Leave
Employees will be entitled to five days of paid leave in the six months following the birth of their child.
G. Leave of Compassion
The legislation provides for five days of paid leave in the case of the death of an employee’s husband or wife. The law provides for three days of paid leave in the case of the death of an employee’s parent, child, sibling, or grandparent.
H. Study leave
Employees are entitled to 10 days of study leave per year if they are enrolled in a reputable institution, and such leave will be granted only if the university issues a certificate.
I. Notice Periods
The minimum notice time for terminating an employment contract is still thirty days, but the maximum is now ninety days.
- Termination Criteria
Under the new law, redundancy termination is a legal reason for terminating an employment contract. Redundancy was not recognised under the previous legislation. - Job-Search Leave
During the notice period, employees are now eligible to one day of unpaid absence every week to search for new work.
The UAE Cabinet is scheduled to release executive regulations, which would presumably offer much-needed clarification on the execution of the new law’s several new sections and amendments. Once the Executive Regulations are released, the modifications made by the new law must be carefully studied and reconsidered. The Ministry of Human Resources and Emiratization will continue to provide advice on a set of critical issues.
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