logo
Jordan: 'Rapid' labour market shifts push Arabs to rethink economic models — minister

Jordan: 'Rapid' labour market shifts push Arabs to rethink economic models — minister

Zawya22-04-2025
AMMAN: The accelerating transformations in global and Arab labour markets have compelled countries to conduct comprehensive reviews of their national economies in order to adapt to evolving dynamics, Minister of Labour Khaled Bakkar said on Sunday at the Arab Labour Conference.
Speaking at the 51st session of the conference, held in Egypt from April 19 to 26 under the theme "Economic Diversification as a Path to Development: Promising Economies in Arab Countries," Bakkar said that the rapid pace of change has affected all three key stakeholders in the production process of governments, employers and workers.
The minister emphasised the need to reduce reliance on traditional resources and to open up to emerging sectors capable of generating high-value employment, the Jordan News Agency, Petra, reported.
He highlighted the increasing influence of the digital economy on labour markets, pointing to the "widening" skills gap, the "disappearance" of conventional jobs, and the emergence of new professions.
Bakkar called for "substantial" investment in digital infrastructure and the modernisation of technical and vocational education systems.
The minister identified the digital economy as a 'foundational' pillar for economic diversification and sustainable development in Arab countries.
Bakkar also underscored the importance of boosting public-private partnerships in digital transformation projects, offering incentives for investments in innovation and entrepreneurship, and implementing training programmes linked directly to employment.
He noted that Jordan has established sectorial skills councils to define training curricula, set evaluation standards, and license programmes in coordination with relevant authorities.
Bakkar noted that Jordan has developed the Economic Modernisation Vision 2023–2033, aimed at unlocking the country's full economic potential and improving quality of life for citizens.
Addressing regional developments, Bakkar said that the conference is taking place amid 'exceptional' economic and social challenges, driven by escalating political instability.
He cited the humanitarian crisis in Gaza, caused by Israeli aggression, as a 'key' factor adding urgency to regional labour and economic discussions.
He also congratulated the Arab Labour Organisation on its 60th anniversary, expressing appreciation for its 'longstanding' efforts to promote labour rights and policy coordination across the Arab world.
The conference brings together labour ministers, representatives of workers' and employers' organisations, and labour experts from 21 member states of the Arab Labour Organisation.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Banks' solid earnings drive Qatar's QSE to cross 11,200; M-cap adds $879mln
Banks' solid earnings drive Qatar's QSE to cross 11,200; M-cap adds $879mln

Zawya

time2 hours ago

  • Zawya

Banks' solid earnings drive Qatar's QSE to cross 11,200; M-cap adds $879mln

Qatar - The consumer goods, banking, telecom and industrials witnessed higher than average demand as the 20-stock Qatar Index rose 0.3% to 11,220.76 points, recovering from an intraday low of 11,143 points. Solid earnings, especially in the banking sector, led the Qatar Stock Exchange to gain more than 33 points, and its key index crossed the 11,200 levels and capitalisation added more than QR3bn. The consumer goods, banking, telecom and industrials witnessed higher than average demand as the 20-stock Qatar Index rose 0.3% to 11,220.76 points, recovering from an intraday low of 11,143 points. The Gulf institutions were seen increasingly bullish in the main market, whose year-to-date gains improved further to 6.15%. The Arab retail investors turned net buyers in the main bourse, whose capitalisation added QR3.2bn or 0.48% to QR663.8bn mainly on small and microcap segments. The Gulf individuals were increasingly net buyers in the main market, which saw as many as 2,141 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.02mn trade across two deals. The domestic funds' weakened net selling had its influence on the main bourse, whose trade turnover and volumes were on the decline. The Islamic index was seen gaining slower than the other indices of the main market, which saw no trading of treasury bills. The local retail investors' lower net profit booking had its effect on the main bourse, which saw no trading of sovereign bonds. The Total Return Index gained 0.41%, the All Islamic Index by 0.17% and the All Share Index by 0.51% in the main market. The consumer goods and services sector index rose 0.84%, banks and financial services (0.7%), telecom (0.44%) and industrials (0.43%); while real estate declined 0.43%, transport (0.2%) and insurance (0.04%). Major gainers in the main market included Salam International Investment, Mannai Corporation, QNB, Beema, Qatar Islamic Bank, Gulf International Services and Qamco. In the junior bourse, Techno Q saw its shares appreciate in value. Nevertheless, Commercial Bank, Ezdan, Qatar General Insurance and Reinsurance, Woqod and Doha Bank were among the shakers in the main market. The Gulf institutions' net buying strengthened noticeably to QR10.32mn compared to QR4.56mn on July 23. The Arab individuals were net buyers to the tune of QR2.52mn against net sellers of QR3.75mn the previous day. The Gulf individual investors' net buying expanded perceptibly to QR1.23mn compared to QR0.62mn on Wednesday. The Qatari retail investors' net selling declined substantially to QR14.81mn compared to QR41.16mn the previous day. The domestic institutions' net profit booking weakened markedly to QR12.81mn against QR18.4mn on July 23. However, the foreign individuals turned net sellers to the extent of QR4.55mn compared with net buyers of QR0.88mn on Wednesday. The Arab institutions' net profit booking strengthened noticeably to QR1.13mn against QR0.21mn the previous day. The foreign institutions' net buying weakened substantially to QR19.22mn against QR57.5mn on July 23. The main market saw a 2% fall in trade volumes to 203.97mn shares, 8% in value to QR481.64mn and 3% in deals to 20,486. In the venture market, a total of 4,783 equities valued at QR0.01mn changed hands across two transactions. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (

Hamas says French pledge to recognise State of Palestine 'positive step'
Hamas says French pledge to recognise State of Palestine 'positive step'

Khaleej Times

time2 hours ago

  • Khaleej Times

Hamas says French pledge to recognise State of Palestine 'positive step'

Palestinian militant group Hamas hailed France's pledge on July 24 to recognise a State of Palestine as a "positive step" and urged all countries to do the same despite Israeli opposition. "We consider this a positive step in the right direction toward doing justice to our oppressed Palestinian people and supporting their legitimate right to self-determination," Hamas said in a statement, after French President Emmanuel Macron's announcement that France would formally state its recognition in September. "We call on all countries of the world --especially European nations and those that have not yet recognised the State of Palestine — to follow France's lead," Hamas added. French President Emmanuel Macron said on July 24 his country would formally recognise a Palestinian state during a UN meeting in September, the most powerful European nation to announce such a move. Macron said the "urgent priority today is to end the war in Gaza and rescue the civilian population". "We must finally build the State of Palestine, ensure its viability and enable it, by accepting its demilitarisation and fully recognising Israel, to contribute to the security of all in the Middle East," he wrote on social media. At least 142 countries now recognise or plan to recognise Palestinian statehood, according to an AFP tally — though Israel and the United States strongly oppose the move. Several countries have announced plans to recognise statehood for the Palestinians since Israel launched a bombardment of Gaza in 2023 in response to the October 7 attacks by Hamas. Macron's announcement drew immediate anger from Israel, with Prime Minister Benjamin Netanyahu saying it "rewards terror" and poses an existential threat to Israel. Netanyahu said in a statement that the decision "risks creating another Iranian proxy, just as Gaza became", which would be "a launch pad to annihilate Israel — not to live in peace beside it".

Bankruptcy court 'will make UAE more attractive to foreign firms'
Bankruptcy court 'will make UAE more attractive to foreign firms'

The National

time3 hours ago

  • The National

Bankruptcy court 'will make UAE more attractive to foreign firms'

The announcement of a new bankruptcy court in Abu Dhabi is expected to broaden the UAE's appeal to foreign firms considering setting up operations in the country, according to experts. The Arab world's second-largest economy on Thursday announced the establishment of the bankruptcy court, which will adjudicate requests and disputes arising from bankruptcy cases. More branches of the court can be established in other emirates, and these will have the same jurisdiction as the headquarters, the Ministry of Justice said. 'Foreign companies considering onshore operations – particularly in FinTech, private credit and digital assets, will welcome enhanced insolvency frameworks,' said Andrew Mackenzie, partner and regional head of litigation, arbitration and regulatory at DLA Piper Middle East. 'The ability to restructure, exit or resolve disputes efficiently is now a credible legal assurance, making onshore incorporation a more attractive proposition.' The UAE is continuing to attract foreign direct investment as the economy grows amid diversification strategies. The UAE received Dh167 billion ($45.5 billion) in foreign direct investment last year, up 48 per cent compared to the previous year, and the country has its sights firmly set on an aggregate FDI target of Dh1.3 trillion by 2031. The UAE accounted for 37 per cent of the total foreign investment flows in the region, according to a social media post on X last month by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai. Cepa boost The Emirates is also signing new Comprehensive Economic Partnership Agreements that are helping to attract more foreign direct investment into the country. It has concluded 27 Cepas with different partners across the globe, with 10 of those deals now being implemented. The establishment of a dedicated bankruptcy court marks 'a significant step in further strengthening the UAE's legal infrastructure', Zubair Mir, senior partner at law firm Norton Rose Fulbright, said. 'It is likely to enhance investor confidence by ensuring transparent, efficient resolution of financial disputes and insolvency cases – all key considerations for foreign entities looking to invest or establish operations in the region,' Mr Mir said. UAE's new reforms In 2020, the country overhauled its commercial companies' law to attract more foreign capital and annulled the requirement for onshore companies to have an Emirati shareholder. It also unveiled the NextGen FDI programme, which aims to speed up licensing, increase the issuance of bulk or golden visas, improve banking services and provide commercial and residential lease incentives for technology companies seeking to relocate to the country. The new bankruptcy court is expected to strengthen emerging financial sectors such as crypto, private credit and modern banking. 'These sectors depend on robust legal frameworks that can swiftly and securely resolve creditor issues and restructuring protocols,' Mr Mackenzie said. 'This court greatly enhances legal certainty around new finance models, attracting greater institutional interest and investment.' Regional advantage The new move is also expected to help the UAE position itself ahead of regional peers and attract more FDI. 'While jurisdictions like Saudi Arabia have modernised insolvency laws, many still rely on commercial or generalist courts, and these courts often delay formal restructuring,' Mr Mackenzie said. 'Establishing a dedicated judicial forum places the UAE ahead of regional rivals – making it the go‑to jurisdiction for financial dispute resolution in the Gulf region.' The introduction of a dedicated bankruptcy court in Abu Dhabi is 'an extremely positive step towards providing additional certainly and security to both international and local businesses operating in the UAE', said Mark Gilligan, partner at global law firm Morgan Lewis 'The introduction of a dedicated bankruptcy court will increase the already strong reputation of the UAE as a global commercial and financial centre.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store