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Saudi Arabia among top 10 globally in business skills: Coursera report 2022

Saudi Arabia ranks among the world’s top 10 nations for its workforce’s overall business skills, according to US-based massive open online course provider Coursera’s latest Global Skills Report.
The Global Skills Report draws data from 100 million learners in more than 100 countries who have used Coursera to develop a new skill during the past year.
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While the Kingdom has improved its overall business skills proficiency ranking one spot from 11th to the 10th position globally, proficiency in technology and data science can be further improved, the report points out, especially to meet the goals of the digital transformation outlined in the Saudi Vision 2030.
Learners in the Kingdom demonstrated 91 percent business skills proficiency, with strengths in accounting, human resources, and strategy and operations.
The report urges the country’s workforce leaders to find ways to build on this advantage and expand into additional business skills, such as finance, business analytics, and digital marketing.

Most in-demand skill areas

The report benchmarks three of the most in-demand skill areas driving employment in the digital economy — business, technology, and data science, with rankings of 75 percent or above as cutting-edge, 50 percent to 75 percent as competitive, 25 percent to 50 percent as emerging, and 25 percent or below as lagging.
According to the report, Saudi Arabia has 682,000 Coursera learners with a median age of 34 years and about one-third of all being women. More than half (58 percent) pursue their learning on mobile devices.

Saudi learners showed cutting edge proficiency levels in human resources (97 percent) followed by accounting, and strategy and operations (93 percent each), sales (89 percent), leadership and management (88 percent), and communication (84 percent).
Saudi Arabia, however, ranks 62nd globally in technology skills proficiency and 88th in data science skills. And while learners have cutting-edge technology skills in security engineering (96 percent), computer networking (87 percent) and operating systems (76 percent), the skills are competitive in software engineering (62 percent).
Their skills come in the emerging category across databases (44 percent) and mobile development (40 percent), and as lagging in computer programming and cloud computing (each 21 percent), and web development (11 percent).
In data science skills, the Kingdom’s learners showed emerging skills in mathematics (38 percent), but were seen as lagging in machine learning (19 percent), data analytics (16 percent), and data management (12 percent).

Coursera’s Global Skills Report 2022 states that as the Kingdom transitions to a more sustainable economy, leaders across industry, workforce development, and higher education should reinforce its workforce strengths with the World Economic Forum reporting that Saudi Arabia was among the top 10 countries globally for digital literacy.

Two global trends

Anthony Tattersall, Vice-President for EMEA at Coursera, said: “Saudi Arabia has embarked on an ambitious journey towards digital transformation, and a strong focus on enhancing the skills of its youthful workforce. The Kingdom is already preparing for its future through the Human Capability Development Program, a part of the Saudi Vision 2030. As more impactful strategies are implemented to usher in the digital economy, building a competitive and skilled workforce, especially in areas such as technology and data science, will bring long-term returns.”
As Vice President of Europe, Middle East & Africa for Coursera, Tattersall brings more than 20 years’ experience in the Learning industry and has worked in multiple areas of HR and education solutions, with a significant focus on Learning and Development.
“Following the pandemic, we have seen two trends gain traction globally – the Great Resignation and increased automation of work processes. These have also underlined the need for more investment in nurturing human capital, with priority placed on enhancing digital and human skills required for a competitive workplace. Our data shows that students and employees need fast-tracked training pathways to prepare them for digital jobs today and for the future, and in turn support the national development goals,” Tattersall added.
With over 100 million learners, 7,000+ institutions, and more than 5,000 courses from 250 of the world’s leading universities and industry educators, Coursera has one of the largest data sets for identifying and measuring skill trends.

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Abu Dhabi Overtakes Oslo for Sovereign Wealth Fund Capital in Global SWF’s First City Ranking

Today, industry specialist Global SWF published a special report announcing a new global ranking of cities according to the capital managed by their Sovereign Wealth Funds (SWFs). The findings show that Abu Dhabi is the leading city that manages the most SWF capital globally, thanks to the US$ 1.7 trillion in assets managed by its various SWFs headquartered in the capital of the UAE. These include the Abu Dhabi Investment Authority (ADIA), Mubadala Investment Company (MIC), Abu Dhabi Developmental
Holding Company (ADQ), and the Emirates Investment Authority (EIA). Abu Dhabi now ranks slightly above Oslo, home to the world’s largest SWF, the Government Pension Fund (GPF), which manages over US$ 1.6 trillion in assets. Abu Dhabi and Oslo are followed by Beijing (headquarters of the China Investment Corporation), Singapore (with GIC Private and Temasek Holdings), Riyadh (home to the
Public Investment Fund), and Hong Kong (where China’s second SWF, SAFE
Investment Corporation, operates from). Together, these six cities represent two thirds
of the capital managed by SWFs globally, i.e., US$ 12.5 trillion as of October 1, 2024.
For the past few decades, Abu Dhabi has grown an impressive portfolio of institutional
investors, which are among the world’s largest and most active dealmakers. In addition
to its SWFs, the emirate is home to several other asset owners, including central banks,
pension funds, and family offices linked to member of the Royal Family. Altogether, Abu
Dhabi’s public capital is estimated at US$ 2.3 trillion and is projected to reach US$ 3.4
trillion by 2030, according to Global SWF estimates.
Abu Dhabi, often referred to as the “Capital of Capital,” also leads when it comes to
human capital i.e., the number of personnel employed by SWFs of that jurisdiction, with
3,107 staff working for funds based in the city.
Diego López, Founder and Managing Director of Global SWF, said: “The world ranking
confirms the concentration of Sovereign Wealth Funds in a select number of cities,
underscoring the significance of these financial hubs on the global stage. This report
offers valuable insights into the landscape of SWF-managed capital and shows how it is
shifting and expanding in certain cities in the world.”

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AM Best Briefing in Dubai to Explore State of MENA Insurance Markets; Panel to Feature CEOs From Leading UAE Insurance Companies

AM Best will host a briefing focused on the insurance markets of the Middle East and North Africa (MENA) on 20 November 2024, at Kempinski Central Avenue in Dubai.
At this annual regional market event, senior AM Best analysts and leading executives
from the (re)insurance industry will discuss recent developments in the MENA region’s
markets and anticipate their implications in the short-to-medium term. Included in the
programme will be a panel of chief executive officers at key insurance companies in the
United Arab Emirates: Abdellatif Abuqurah of Dubai Insurance; Jason Light of Emirates
Insurance; Charalampos Mylonas (Haris) of Abu Dhabi National Insurance Company
(ADNIC); and Dr. Ali Abdul Zahra of National General Insurance (NGI).
Shivash Bhagaloo, managing partner of Lux Actuaries & Consultants, will his present
his observations in an additional session regarding implementation of IFRS 17 in the
region. The event also will highlight the state of the global and MENA region
reinsurance sectors, as well as a talk on insurance ramifications stemming from the
major United Arab Emirates floods of April 2024. The programme will be followed by a
networking lunch.
Registration for the market briefing, which will take place in the Diamond Ballroom at the
Kempinski hotel, begins at 9:00 a.m. GST with introductory comments at 9:30 a.m.
Please visit www.ambest.com/conference/IMBMENA2024 for more information or to
register.
AM Best is a global credit rating agency, news publisher and data analytics
provider specialising in the insurance industry. Headquartered in the United
States, the company does business in over 100 countries with regional offices in
London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.

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Future of Automotive Mobility 2024: UAE Leads the Charge in Embracing Digital Car Purchases and Alternative Drivetrains

-UAE scores show highest percentage among the region in willingness to purchase a car
completely online
– Openness to fully autonomous cars has grown to 60% vs previous 32%.
– More than half of UAE respondents in the survey intend to move to hybrid cars during
next car purchase, while less than 15% intend to move to fully electric car.
– UAE sees strong use of new mobility services such as ride-hailing (Uber, Careem, Hala
Taxi)
– The perceived future importance of having a car is not only increasing in UAE but is
higher than any other major region globally, even China

Arthur D. Little (ADL) has released the fourth edition of its influential Future of Automotive Mobility (FOAM) report, presenting a detailed analysis of current and future trends in the automotive industry. This year’s study, with insights from over 16,000 respondents across 25 countries, includes a comprehensive focus on the United Arab Emirates (UAE). The report examines car ownership, electric vehicles,
autonomous driving, and new mobility services within the UAE.

“The UAE is at the forefront of automotive innovation and consumer readiness for new mobility
solutions,” said Alan Martinovich, Partner and Head of Automotive Practice in the Middle East
and India at Arthur D. Little. “Our findings highlight the UAE’s significant interest in
transitioning to electric vehicles, favorable attitudes towards autonomous driving technologies,
and a strong inclination towards digital transactions in car purchases. These insights are critical
for automotive manufacturers and policymakers navigating the evolving landscape of the UAE
automotive market.”
Key Findings for the UAE:
1. Car Ownership:
o Over half of UAE respondents perceive that the importance of owning a car is
increasing, with the study showing the increase higher than any other major
region, including China.
o Approximately 80% of UAE respondents expressed interest in buying new (as
opposed to used) cars, above Europe and the USA which have mature used
vehicle markets

2. Shift to Electric and Hybrid Vehicles:
o While a high number of UAE respondents currently own internal combustion
engine (ICE) vehicles, more than half intend that their next vehicle have an
alternative powertrain, with significant interest in electric and plug-in hybrid
(PHEV) options. Less than 15% plan to opt for pure battery electric vehicles
(BEVs).

3. Emerging Mobility Trends:

o Ride-hailing services are the most popular new mobility option among UAE
residents, with higher usage rates than traditional car sharing and ride sharing.
The study indicates a strong openness to switching to alternative transport modes
given the quality and service levels available today.

4. Autonomous Vehicles:
o UAE consumers are among the most open globally to adopting autonomous
vehicles, with a significant increase in favorable attitudes from 32% in previous
years to 60% this year versus approximately 30% in mature markets. Safety
concerns, both human and machine-related, remain the primary obstacles to
broader adoption.

5. Car Purchasing Behavior and Sustainability:
o The internet has become a dominant channel for UAE residents throughout the car
buying process, from finding the right vehicle to arranging test drives and closing
deals. UAE car buyers visit dealerships an average of 3.9 times before making a
purchase, higher than any other region in the world, emphasizing the need for
efficient integration of online and offline experiences.
o Upwards of 53% of respondents from the region would prefer to ‘close the deal’
and complete the purchase of their car online, which is the highest for any region
in the world.
o Sustainability is a key factor cited by UAE consumers as influencing car choice.
The UAE scored among the top half of regions, highlighting the importance of
environmental considerations.

“Our study confirms the promising market opportunities for car manufacturers (OEMs) and
distributors in the UAE” commented Philipp Seidel, Principal at Arthur D. Little and co-Author
of the Global Study. “Consumers in the Emirates show a great and increasing appetite for cars
while being among the most demanding globally when it comes to latest vehicle technologies
and a seamless purchase and service experience.”
The comprehensive report, “The Future of Automotive Mobility 2024” by Richard Parkin and
Philipp Seidel, delves into global automotive trends and their impact on various regions,
including the UAE. This study is an invaluable tool for industry stakeholders seeking to navigate
and leverage the dynamic changes driving the future of mobility.

 

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