LATEST ECONOMIC BRIEFINGS
EMIRATES: DUBAI | 30.07.2010
Dubai’s capital markets appear to be in for significant change with plans unveiled to establish a second-tier stock exchange coming hot on the heels of Dubai Financial Market (DFM) – the government-administered domestic bourse – and the DIFC-based NASDAQ Dubai’s move to formally link their trading platforms. All of this is happening as speculation of a merger between the bourses of Dubai and Abu Dhabi mounts.
ALGERIE | 30.07.2010
Les efforts importants déployés par l’Algérie pour augmenter la production céréalière commencent à porter leurs fruits, dans la mesure où les récoltes record de l’année dernière et les rendements importants de 2010 aideront à réduire les coûts d’importation et à créer des emplois sûrs dans les zones rurales. Cependant, l’objectif de l’autonomie alimentaire fixé par le pays reste encore bien éloigné.
SENEGAL | 30.07.2010
Le Sénégal est en train de devenir un leader en matière de développement de l’énergie solaire comme énergie de l’avenir, et ce, à la fois à l’échelle nationale et continentale. Pour y parvenir, le pays veut augmenter l’utilisation des énergies renouvelables afin de surmonter ses propres manques et promouvoir un grand programme international ayant pour but de mettre fin à la dépendance de l’Afrique de l’Ouest à l’égard des combustibles fossiles.
BULGARIA | 30.07.2010
Though Bulgaria’s economy is likely to remain in the slow lane for the rest of this year, the country’s banking sector continues to show resilience in the face of global economic contraction. There are concerns, however, that increasing levels of bad loans carried by some lenders could add to pressures on the sector.
OMAN | 28.07.2010
A raft of new agreements recently signed by the Ministry of Transport and Communications will see a significant round of investment in Oman’s transport infrastructure. The 15 agreements, signed earlier in July, cover projects in land, sea and air infrastructure and are worth a total of OR136.9m ($355.9m).
COUNTRY COVERAGE
Labour Arguments
Bahrain, Volume 140
15.02.2008
15.02.2008
Work has resumed at one of Bahrain's biggest construction projects, after six days of strike action led by foreign labourers seeking better pay and conditions.
On February 14, workers at the Durrat Al Bahrain construction site, a $6bn tourism and recreation development, ended a nearly week-long strike, after receiving a verbal agreement from management to consider their demands.
George Zachariades, company director for GP Zachariades, the contractor responsible for building villas at the site, told local press, "We will be studying the workers' requests and get back to them after four days."
On February 9, workers on the site downed tools, demanding base wages be increased to $265 per month from the present level that in some cases is reported to be below $160, and that a lack of medical facilities and hot water at their camp be addressed.
The action followed a two-day stoppage last week by 750 employees of the Almoayyed Contracting Group. Local press reported the labourers returned to their jobs when their salaries were increased.
On February 12, Labour Minister Majid Al Alawi announced that a special commission had been established to settle the disputes, which had been deemed illegal because they contravene the contracts signed by each of the workers.
Samir Nass, the head of the contracting committee of the Bahrain Chamber of Commerce and Industry, warned that industrial action was threatening to delay a number of key developments and adding to the financial burden of companies.
"The contractors have planned billions of dinars of projects on these salaries and they cannot pay more," Nass was quoted as saying on February 11. "All workers have come to Bahrain after being aware of what they would be getting and have signed contracts. They can go back if they want, but not strike."
Nass also warned that some contractors were looking to send their Indian workers home and recruit new labourers from other countries, a measure that would not be in India's best interests.
The same day, India's ambassador to Manama, Balkrishna Shetty, said that while it was up to employers to act as they saw fit in regard to existing contracted labour, the Indian government had set a new minimum wage of $265 per month for new contracts, set to begin in March, due to the rising costs of living and the falling value of various foreign currencies against the Indian rupee.
"In Bahrain, the dinar is linked to dollar and the value of rupee has gone up by at least 20% in recent months," Shetty said. "This means the savings of the Indian worker here have also dropped substantially."
The ambassador also warned that, with wages in India rising, employers should also take into account the value of Indian workers rather than risk losing their staff.
"Indian workers in the Gulf have been highly admired for their discipline, competence, loyalty and productivity," he said. "We are confident that good companies will consider salaries not as a cost but as an investment."
The strikers have received some support, with the General Federation of Bahrain Trade Unions (GFBTU) issuing a statement that Indian workers have the same right as Bahrainis to fight for better conditions.
While some employers have flagged the possibility of improvements in conditions at some sites, and both the Bahraini government and the Indian embassy encouraged the strikers to go back to work, the underlying causes of the industrial action look unlikely to be resolved soon. This could either result in more stoppages or a drifting away of the construction sector's workforce.
The dissatisfaction of many expatriate workers in Bahrain was reflected in the results of a survey conducted by financial news service Arabian Business. The study, released in early February, showed that 69% of Indian and Pakistani workers in Gulf Cooperation Council (GCC) countries were unhappy with their jobs and would probably quit. The report further said that rising inflation would mean businesses in Bahrain and across the Gulf might have difficulty in retaining staff in 2008.
On February 14, workers at the Durrat Al Bahrain construction site, a $6bn tourism and recreation development, ended a nearly week-long strike, after receiving a verbal agreement from management to consider their demands.
George Zachariades, company director for GP Zachariades, the contractor responsible for building villas at the site, told local press, "We will be studying the workers' requests and get back to them after four days."
On February 9, workers on the site downed tools, demanding base wages be increased to $265 per month from the present level that in some cases is reported to be below $160, and that a lack of medical facilities and hot water at their camp be addressed.
The action followed a two-day stoppage last week by 750 employees of the Almoayyed Contracting Group. Local press reported the labourers returned to their jobs when their salaries were increased.
On February 12, Labour Minister Majid Al Alawi announced that a special commission had been established to settle the disputes, which had been deemed illegal because they contravene the contracts signed by each of the workers.
Samir Nass, the head of the contracting committee of the Bahrain Chamber of Commerce and Industry, warned that industrial action was threatening to delay a number of key developments and adding to the financial burden of companies.
"The contractors have planned billions of dinars of projects on these salaries and they cannot pay more," Nass was quoted as saying on February 11. "All workers have come to Bahrain after being aware of what they would be getting and have signed contracts. They can go back if they want, but not strike."
Nass also warned that some contractors were looking to send their Indian workers home and recruit new labourers from other countries, a measure that would not be in India's best interests.
The same day, India's ambassador to Manama, Balkrishna Shetty, said that while it was up to employers to act as they saw fit in regard to existing contracted labour, the Indian government had set a new minimum wage of $265 per month for new contracts, set to begin in March, due to the rising costs of living and the falling value of various foreign currencies against the Indian rupee.
"In Bahrain, the dinar is linked to dollar and the value of rupee has gone up by at least 20% in recent months," Shetty said. "This means the savings of the Indian worker here have also dropped substantially."
The ambassador also warned that, with wages in India rising, employers should also take into account the value of Indian workers rather than risk losing their staff.
"Indian workers in the Gulf have been highly admired for their discipline, competence, loyalty and productivity," he said. "We are confident that good companies will consider salaries not as a cost but as an investment."
The strikers have received some support, with the General Federation of Bahrain Trade Unions (GFBTU) issuing a statement that Indian workers have the same right as Bahrainis to fight for better conditions.
While some employers have flagged the possibility of improvements in conditions at some sites, and both the Bahraini government and the Indian embassy encouraged the strikers to go back to work, the underlying causes of the industrial action look unlikely to be resolved soon. This could either result in more stoppages or a drifting away of the construction sector's workforce.
The dissatisfaction of many expatriate workers in Bahrain was reflected in the results of a survey conducted by financial news service Arabian Business. The study, released in early February, showed that 69% of Indian and Pakistani workers in Gulf Cooperation Council (GCC) countries were unhappy with their jobs and would probably quit. The report further said that rising inflation would mean businesses in Bahrain and across the Gulf might have difficulty in retaining staff in 2008.
