STOCKHOLM: Furloughed over coronavirus, airline and hotel employees in Sweden are retraining to work in hospitals and nursing homes as the Scandinavian country’s death toll nears 900.
A new initiative offers cabin crew — mostly from SAS Scandinavian airlines which said last month it would place 10,000 crew on furlough — courses to qualify to assist in hospitals and training for hotel workers to work in nursing homes.
“I never could have imagined when we started the new year 2020 that I would end up working here,” said Leena Engblom, a member of SAS’s cabin crew who signed up to train at Sophiahemmet University, a nursing school and also a private hospital.
After a three-day crash course in communicable diseases, hygiene and treating patients and one day of practical training, Engblom, 48, started working as a medical assistant at the redbrick hospital in Stockholm.
Participants from the course have been sent to work at Sophiahemmet and other hospitals in the Stockholm region, which pay their salaries.
Engblom now does administrative tasks, helps to clean and welcomes patients.
University president Johanna Adami said the crews’ work experience meant they already had many of the necessary skills.
“They are trained in first aid, the most common diseases, and also safety and how to care for people,” Adami told AFP.
The training started at Sophiahemmet University, but after Sweden decided to close higher education establishments it is now carried out remotely online.
The assistants’ work allows other staff to focus on the rising number of COVID-19 patients.
More than 850 patients have died from the disease in Sweden and the country has registered around 9,600 confirmed cases — although authorities stress this figure is likely much higher.
Only severe cases, patients with symptoms seeking hospital care, health-care personnel and staff at retirement homes are being tested.
Near to the building where Adami usually delivers her lectures, now empty of students, two yellow tents have been erected outdoors to test suspected COVID-19 cases, manned by doctors and nurses from the hospital who duck in and out in protective clothing. Patients needing treatment are then taken to other hospitals in Stockholm.
Doctor Hilmar Gerber said the scheme’s graduates were proving useful. “It’s very helpful and a very good resource,” he said.
While his staff were working in the tent and treating their regular patients, the assistants had spent a day preparing protective clothing for the nurses and doctors carrying out the tests.
The first round of training for 30 SAS cabin crew took place on March 31, and another 300 will be trained in the coming weeks.
SAS announced it was placing nearly 10,000 of its staff on furlough because of the drop in demand for flights amid the pandemic.
The scheme — the Skill Shift Initiative — was launched shortly afterwards by recruitment agency Novare, SAS and the Wallenberg Foundations, whose director Oscar Stege Unger is also on the board of the Scandinavian airline.
Unger said it was a “tough decision” to furlough such a large number of staff. One of the foundations provided seven million kronor ($705,000) for the program, and has since launched an initiative with Stockholm’s Grand Hotel to retrain hospitality workers to care for the elderly.
In a conference room in the exclusive waterfront hotel, some 25 hotel employees watched as nurses demonstrated how to lift frail patients, help them stand and make beds.
The three-day course will land them in a care facility in the capital.
Instructor Christina Riddeback, a Stockholm region nurse, said the initiative was well-timed given the rising cases in Sweden’s nursing homes.
“Slowly COVID-19 is spreading among this group of people,” she said, standing next to a gurney with a dummy laid out for the students.
“Here in the Stockholm region we are in big need of this kind of support,” she said.
Furloughed staff in Sweden retrain to help hospitals
https://arab.news/vckat
Furloughed staff in Sweden retrain to help hospitals
Saudi Arabia dominates MENA VC landscape, securing $750m in 2024
RIYADH: Saudi Arabia has retained its position as the top destination for venture capital funding in the Middle East and North Africa region, raising $750 million in 2024, according to a new report.
This marks the second consecutive year the Kingdom has topped the regional VC rankings.
Data from regional venture platform MAGNiTT showed that Saudi Arabia accounted for 40 percent of the total VC capital deployed in MENA in 2024, with a 16 percent year-on-year increase in deal flow.
The Kingdom closed 178 deals, the most of any MENA nation, reflecting strong investor confidence and a thriving startup ecosystem.
The largest deal in the region was secured by Saudi-based e-commerce enablement platform Salla, which raised $130 million.
The UAE ranked second in regional funding with $613 million raised, while leading in deal volume with 188 transactions and 12 exits.
Emerging venture markets snapshot
MENA startups collectively raised $1.9 billion in 2024, reflecting a 29 percent decline compared to 2023.
Despite the drop, MAGNiTT noted that “funding levels in 2024 were still higher than 2020 levels, prior to the 2021 and 2022 boom years, signaling continued growth in the venture space.”
The Middle East accounted for $1.5 billion of the funding, spread across 461 deals — a 10 percent annual increase. Total investor participation in the region grew by 14 percent, reaching 392 investors, while exits totaled 24.
Venture capital performance in emerging venture markets — which include the Middle East, Africa, Southeast Asia, Pakistan, and Turkiye — slowed significantly in 2024.
Total VC funding in these regions fell by 40 percent, with deal volumes dropping 20 percent compared to 2023. Both metrics also dipped below 2020 levels.
Southeast Asia led among EVMs with $5.6 billion raised across 564 deals, while Africa recorded the weakest performance, raising $1.07 billion through 294 deals.
Mega deals and early-stage activity
Global VC trends, such as reduced late-stage funding, were reflected in EVMs. Mega deals — valued at $100 million or more — declined for the third consecutive year, falling 56 percent compared to 2023.
The first quarter of 2024 saw the lowest mega deal funding since the fourth quarter of 2019, with late-stage investments hardest hit.
However, early-stage activity showed resilience. The focus on seed and pre-series A funding increased, with $1 million to $5 million ticket sizes rising by 5 percentage points year on year.
According to MAGNiTT, this emphasis on early-stage investments is critical for sustaining future deal flow growth.
Philip Bahoshy, CEO of MAGNiTT, highlighted a potential recovery in the venture market. “In 2024, we witnessed a decline in funding across EVMs driven by reduced late-stage investment activity. However, the positive development is that 2024 also saw a gradual decline in interest rates, both in mature markets like the US and Emerging Markets,” he said.
“We anticipate these rate cuts to begin boosting capital availability within the next 6-9 months, paving the way for a stronger funding environment in 2025,” Bahoshy added.
The Middle East increased its share of deal transactions across EVMs to 35 percent in 2024, an 8-percentage-point rise.
Southeast Asia captured the largest share at 43 percent, while Africa’s share dropped to its lowest level in five years, at 22 percent.
UAE’s ADNOC L&S acquires 80% stake in Navig8 for $1.04bn
- Value-accretive transaction expected to boost earnings per share by at least 20% in 2025 compared to 2024
- Transaction adds modern fleet of 32 tankers to ADNOC L&S’ fleet and expands its service portfolio
RIYADH: UAE’s ADNOC Logistics and Services has boosted its global position by acquiring an 80 percent stake in Navig8 TopCo. Holdings Inc. for $1.04 billion, strengthening its status as a prominent player in energy maritime transportation.
The transaction includes a contractual commitment to acquire the remaining 20 percent by mid-2027, positioning ADNOC L&S for expanded global operations and increased shareholder value.
Navig8, a prominent international shipping pool operator and commercial management company, brings a modern-owned fleet of 32 tankers and an established presence in 15 cities across five continents.
The firm has investments in technical management services, is a marine fuels provider operating in over 1,000 ports globally, and has additional ventures within the marine sector.
“The completion of this landmark acquisition is a significant milestone in our transformational growth strategy,” said Abdulkareem Al-Masabi, CEO of ADNOC L&S.
“By integrating Navig8’s extensive fleet and global presence, we can enhance our service offerings, generating substantial value for customers and shareholders. This strategic move unlocks new opportunities for commercial growth and expansion into new markets, reinforcing our position as a leading global energy maritime logistics company,” Al-Masabi added.
The acquisition aligns with ADNOC L&S’ growth strategy, complementing its integration with Zakher Marine International in 2022 and reinforcing its ambition to expand its global reach and service portfolio.
ZMI, an Abu Dhabi-based owner and operator of offshore support vessels, brought with it the world’s largest fleet of self-propelled jack-up barges.
ZMI’s acquisition expanded ADNOC L&S’s fleet to over 300 vessels, reinforcing its position as the region’s largest integrated logistics provider and enabling the company to offer its customers a broader range of services.
ADNOC L&S, a subsidiary of Abu Dhabi National Oil Co., will benefit from Navig8’s acquisition through expanded services, including commercial pooling, bunkering, technical management, and environmental, social, and governance-focused industrial and digital solutions.
The acquisition is structured to ensure economic ownership of Navig8 starting from Jan. 1, 2024.
The remaining 20 percent will be acquired in 2027 for deferred consideration ranging from $335 million to $450 million, depending on earnings before interest, taxes, depreciation, and amortization performance during the interim.
Nicolas Busch, CEO of Navig8, expressed enthusiasm for the deal, saying: “We are excited to join forces with ADNOC L&S and the wider ADNOC Group. This achievement highlights the exceptional efforts of the Navig8 team over the past two decades, setting the stage for this next phase.”
The acquisition is expected to deliver immediate financial benefits, with ADNOC L&S projecting a 20 percent increase in earnings per share by this year compared to the previous year.
The company’s share price saw a 5.23 percent increase as of Jan. 8, 1:00 p.m. Saudi time.
It anticipates annual synergies of at least $20 million by 2026, underscoring the value-accretive nature of the transaction.
Saudi public funds boost domestic money market holdings to $11bn
RIYADH: Saudi Arabia’s public funds ramped up their domestic money market investments to SR41.38 billion ($11.03 billion) in the third quarter of 2024, marking an 82.4 percent year-on-year increase, according to official data.
Figures from the Saudi Central Bank, also known as SAMA, showed that the total value of assets held by these organizations rose to SR160.1 billion during the three months to the end of September, marking a 36.7 percent increase compared to the previous year.
The number of operating funds grew by 9.54 percent during this period, reaching a total of 310, while the number of subscribers rose by 50.65 percent, reaching 1.57 million.
Domestic holdings saw the highest growth rate at 41.8 percent, comprising 84 percent of the total portfolio, or SR134.43 billion.
Other assets included 25.83 percent in shares, totaling SR41.24 billion, and 7.24 percent in sukuk and bonds, amounting to SR11.58 billion.
Real estate investments, valued at SR27.6 billion and accounting for 17.24 percent of the portfolio, are also considered domestic, according to SAMA.
Foreign allocations totaled SR25.66 billion, reflecting a 16 percent annual increase, and were spread across foreign shares, bonds, money market instruments, and other assets.
As Saudi Arabia’s economy continues to expand under the Vision 2030 initiative, the banking sector has seen a notable increase in loan growth, outpacing the rise in deposits.
This trend reflects the growing demand for credit, driven by the Kingdom’s ongoing infrastructure projects, real estate developments, and rising consumer spending.
In this context, Saudi investment funds are increasing their allocations to money market instruments, such as short-term government securities, which provide liquid, low-risk options for capital. This helps banks manage short-term liquidity needs while limiting exposure to significant market risks.
This investment trend not only supports the broader stability of the banking sector but also aligns with the Kingdom’s economic growth, ensuring that financial institutions can meet the rising demand for credit while safeguarding their liquidity positions.
The funds include both open-ended and closed-ended types, which are open to public investment and overseen by regulatory bodies like the Capital Market Authority.
The Saudi Public Investment Fund operates separately, focusing on long-term, strategic investments aligned with Saudi Vision 2030, and is not included in SAMA’s data.
According to SAMA, approximately 92 percent of active funds are open-ended, with assets totaling SR128.71 billion, while the remaining 8 percent are closed-ended, holding assets of SR31.38 billion.
Saudi Arabia’s M&A approvals surge 17.4% to reach record high
RIYADH: Saudi Arabia saw a 17.4 percent surge in mergers and acquisitions approvals in 2024, reflecting the Kingdom’s efforts to strengthen its competitive business environment.
The General Authority for Competition approved 202 economic concentration requests — the highest number in its history — with 10 additional applications still under review, according to its annual report.
Economic concentration approvals are required for mergers and acquisitions to ensure they do not create monopolies or disrupt market competition.
The surge in approvals aligns with GAC’s goal of implementing competition-enhancing policies, combating illegal monopolistic practices, and improving market performance to boost consumer and business confidence, attract investment, and promote sustainable development.
Saudi Arabia’s surging mergers and acquisitions market comes against a global backdrop of decline in the industry, with a GlobalData report released in December showing worldwide deal volume dropped 8.7 percent year-on-year in the first 11 months of 2024 — with the Middle East and Africa region seeing a relatively modest 5 percent decline.
Acquisition deals dominated approvals in the Kingdom at 81 percent, followed by joint ventures at 15 percent, and mergers at just 2 percent, the report showed.
The manufacturing sector led in activity, accounting for 67 of the approved requests, followed by the information and communications sector with 39, and wholesale and retail trade, along with motor vehicle and motorcycle repairs, with 22.
Foreign companies also showed significant interest in the manufacturing sector, which claimed 28 percent of their concentration requests, followed by information and communications at 17 percent, and wholesale and retail trade at 15 percent.
GAC noted a growing diversity in market activity, with requests received in emerging sectors like off-road tires, nicotine replacement therapy manufacturing, and industrial protective coatings.
The Kingdom led the Middle East in mergers and acquisitions in the chemicals sector during the first quarter of 2024, closing deals worth $500 million.
Additionally, the authority approved four new car agency registrations during the year and analyzed 53 percent of concentration requests based on horizontal relationships between entities operating within the same sector. Vertical and cluster relationships accounted for 16 percent and 31 percent of reviews, respectively.
The surge in approvals aligns with Vision 2030, which aims to create a business-friendly environment that attracts foreign investment and supports sectoral growth.
As Saudi Arabia strengthens its regulatory and economic frameworks, the surge in merger approvals reflects its ambition to establish itself as a regional hub for business and investment.
Oman’s real estate market surges 28% to $8bn by November 2024
- Sale contracts in the sector rose 3.1% annually to 1.1 billion rials
- Number of deals edged up 1.9% to 61,552
RIYADH: Oman’s real estate market maintained its upward trajectory in 2024, with transaction values soaring 28.1 percent year on year to 3.13 billion Omani rials ($8.13 billion) by November, official figures showed.
According to data from the National Center for Statistics and Information, sale contracts in the sector rose 3.1 percent annually to 1.1 billion rials during the period, while the number of deals edged up 1.9 percent to 61,552, the Oman News Agency reported.
The robust performance underscores broader optimism in Oman’s property market, with market intelligence firm Mordor Intelligence forecasting the residential real estate sector to grow at a compound annual rate of 9.19 percent, increasing from $4.38 billion in 2024 to $6.80 billion by 2029.
The Omani government has introduced several initiatives to boost the growth of its real estate sector, including relaxing property ownership laws for foreigners and offering tax incentives to real estate developers.
Oman’s population reached 5.27 million this month, with expatriates accounting for over 43 percent, or 2.28 million people. The significant expatriate presence has been vital in driving demand for residential and commercial properties, particularly in urban centers.
Oman’s Vision 2040, the country’s strategic development plan, further underscores the importance of sustainability and innovation in the real estate sector.
Data from NCSI said that the value of mortgage contracts surged by 44.8 percent year on year in the first 11 months of 2024, reaching 2.1 billion rials.
The number of mortgage contracts declined by 12.2 percent during the January-to-November period, dropping to 18,846 from 21,461 in the same period of the previous year.
Swap contracts also experienced significant growth, with 1,223 deals valued at 12.4 million rials by the end of November, an 18.1 percent increase from the previous year.
The total number of issued properties reached 210,483 by the end of November, reflecting a slight 3.4 percent decline compared to the same period in 2023.
Properties issued to Gulf Cooperation Council citizens saw a 6.8 percent annual rise, totalling 1,325 in the first eleven months of 2024.
