GCC stock markets ended largely unchanged on Thursday, with markets in the UAE holding onto the gains of the past two weeks.
The Dubai Financial Market General Index closed down 0.19 per cent at 3,754.10, its second consecutive day in the red after eight days of gains.
However, the index still ended the week nearly 4 per cent higher than the previous Thursday’s close.
The European benchmark Brent crude, which slumped 6 per cent on Thursday because of a jump in US crude inventories and record Saudi output of 10.3 million barrels a day last month, rallied 2.5 per cent to US$56.97 late afternoon UAE time.
The index heavyweight Dubai Islamic Bank was the main drag on the bourse, with its shares closing down 2.01 per cent at Dh6.35.
Shares in Deyaar Developments and Drake and Scull International were the main gainers, rising by 3.1 per cent and 1.6 per cent respectively.
In the capital, the Abu Dhabi Securities Exchange General Index slipped 0.21 per cent to 4,562.86, the index’s first day in the red since March 29. The index ended the week up half a per cent on last Thursday’s close.
Abu Dhabi Islamic Bank and UNB acted as the main drags, falling 0.53 per cent and 1.8 per cent, respectively.
Eshraq Properties was the main gainer, rising by 6.76 per cent to 79 fils a share.
Saudi Arabia’s Tadawul was best-performing index in the wider Arabian Gulf region to end in the black, ending up 1.1 per cent at 8,950.11.
The Qatar Exchange ended up 0.34 per cent at 11,987.71, with the region’s other main bourses ending down by less than 0.5 per cent.
jeverington@thenational.ae
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Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
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You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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School uniforms report
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Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
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So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
