Best photos of July 30: From holidaymakers in Hawaii to a waterlogged vegetable stall in Amritsar
'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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
27 minutes ago
- Arabian Business
The Shurooq story is all about investing in people, planet, and place
Over the past 15 years, the Sharjah Investment and Development Authority (Shurooq) has invested AED 7.2 billion across 52 transformative projects, reshaping Sharjah's economic and cultural landscape. Under the leadership of Her Excellency Sheikha Bodour Bint Sultan Al Qasimi, Chairperson of Shurooq, the Authority has emerged as a model of how investment, sustainability, and cultural heritage can be harmonised within a forward-looking development framework. This strategic vision has not only advanced economic growth but also preserved the emirate's identity, ensuring that development remains anchored in community impact and environmental stewardship. Ahmed Obaid Al Qaseer, CEO of Shurooq, emphasises that their investment approach is far from random. Each of its key sectors, real estate, hospitality, arts and culture, and leisure, was selected for its capacity to deliver lasting value to both residents and visitors. 'This holistic approach—guided by the vision of His Highness Sheikh Dr Sultan bin Mohammed Al Qasimi—continues to inform our decision-making, enabling Shurooq to shape a vibrant and resilient Sharjah for generations to come,' says Al Qaseer. Rather than operate as a conventional accelerator, Shurooq empowers start-ups and SMEs by building strategic destinations that enhance visibility and accessibility. 'Today, over 600 businesses operate across our projects—including 87 SMEs and nearly 300 women-led enterprises—across sectors like hospitality, retail, arts and culture, and leisure,' says Al Qaseer. Through partnerships with entities like Sheraa and the Sharjah Advanced Industry Accelerator, Shurooq has helped streamline investor support, lower entry barriers, and create a fertile ecosystem for entrepreneurship. Al Qaseer describes this model as 'enablement through infrastructure,' positioning Shurooq as a vital catalyst rather than a competitor in the innovation space. Several landmark projects further illustrate Shurooq's commitment to integrated, values-led growth. Sharjah Sustainable City stands as a testament to the emirate's ambition to lead in climate-conscious urban design, showcasing renewable energy use, water recycling, and reduced carbon emissions. The Sharjah Collection Retreats, featuring Kingfisher, Moon, and Al Rayaheen, combine luxury with eco-tourism, offering immersive cultural experiences rooted in sustainability. The House of Wisdom redefines the modern library, merging cultural heritage with digital innovation in a shared space for learning, art, and collaboration. Meanwhile, community-focused developments like Khorfakkan Beach and Heart of Sharjah show how public infrastructure and restored heritage sites can together drive social cohesion and urban vitality. Public-private partnerships (PPPs) are another cornerstone of Shurooq's success. 'At Shurooq, we've learned that clearly defined roles, outcome-based frameworks, and shared risk models lead to resilient developments with measurable impact,' elaborates Al Qaseer. Shurooq's partnerships with Eagle Hills Sharjah, Diamond Developers, and General Hotel Management Ltd (GHM) have delivered transformative projects like Maryam Island, Sharjah Sustainable City, and The Chedi Al Bait, Sharjah. 'Looking ahead, PPPs will remain central to Sharjah's development strategy, especially in priority areas such as sustainable infrastructure, health tourism, and clean mobility'. These partnerships go beyond capital and investments; they reflect progress on key UN Sustainable Development Goals, particularly in renewable energy, sustainable cities, and climate action. 'One of the most notable examples is our partnership with Diamond Developers on Sharjah Sustainable City, which directly advances UN SDG 11: Sustainable Cities and Communities, SDG 13: Climate Action, and SDG 7: Affordable and Clean Energy, by integrating renewable energy, water recycling, and eco-conscious living standards,' asserts Al Qaseer. 'Likewise, our hospitality collaborations support SDG 8: Decent Work and Economic Growth and SDG 12: Responsible Consumption and Production through sustainable tourism models and inclusive job creation.' Additional collaborations with organisations like Mubadara and the Environment and Protected Areas Authority (EPAA) reinforce Shurooq's commitment to conservation and community well-being. Beyond physical infrastructure, Shurooq has also helped position Sharjah as a credible global investment destination. With AED 97 billion in capital secured across 600 projects, the emirate offers competitive operational costs, regulatory clarity, and robust infrastructure. The Sharjah FDI Office (Invest in Sharjah) plays a pivotal role in maintaining this momentum by fostering investor confidence through federal coordination and international outreach. For Shurooq, sustainability is not just a guiding principle; it is a measurable performance metric. Every project integrates environmental KPIs, third-party audits, and biodiversity protocols to ensure long-term resilience. This meticulous approach is central to how Shurooq future-proofs its developments and sustains impact beyond short-term gains. Looking ahead, Al Qaseer envisions the next phase of development focused on sustainable tourism, wellness infrastructure, and innovation districts led by SMEs. With 60 million square feet already developed and guided by the vision of H.H. Sheikh Dr. Sultan bin Mohammed Al Qasimi and H.E. Sheikha Bodour bint Sultan Al Qasimi, Shurooq continues to evolve, shaping Sharjah's future as a beacon of inclusive, values-driven urban growth. Al Qaseer summarises it in a single line: 'We are not just building destinations—we are helping to define the future urban and economic identity of Sharjah'.
Zawya
27 minutes ago
- Zawya
Presight reports record first-half growth as revenue surpasses AED 1bln
• Strong Q2 performance driven by 53.5% revenue growth Year-on-Year • International revenue accounted for 26.8% of the total in Q2 2025 Abu Dhabi, UAE: Presight AI Holding Plc ('Presight' or 'the Company'; ADX: PRESIGHT), today announced its financial and operational results for the first half of 2025, highlighting strong performance fueled by continued domestic growth and international expansion. Presight reported AED 1.09 billion in revenue for the first half of 2025, marking an 80.2% increase year-on-year. Organic revenue, excluding the contribution from AIQ, grew by 33.5%. EBITDA rose 59.6% to AED 245.5 million, while net profit increased 18.8% to AED 209.7 million. In the second quarter alone, revenue reached AED 523.9 million, a 53.5% increase compared to Q2 2024, with organic growth accounting for 19.7%. Quarterly EBITDA rose 45.5% year-on-year to AED 104.5 million, and net profit grew 11.5% to AED 89.7 million, reflecting the impact of the 15% corporate tax rate. International markets contributed 26.8% of Q2 revenue, up significantly from 4.9% in the same period last year. New orders totalling AED 304 million further strengthened performance, bringing the company's backlog to AED 3.7 billion, more than triple the level from the previous year. Presight closed the period with AED 2.0 billion in cash and maintained an unlevered balance sheet, providing ample flexibility to fund product innovation and targeted expansion. Upgraded outlook and guidance With the performance in the first half of 2025, together with a robust order backlog and a growing proportion of revenues from multi-year contracts, the company has upgraded its medium-term financial outlook. It now anticipates compound annual growth between 2023 and 2027 as follows: • Group Revenue growth of 21% to 27% (previously 19% to 25%). • Group EBITDA growth of 17% to 22% (previously 16% to 21%). • Group Post-tax Profit growth of 7% to 12%, applying a 15% corporation tax rate (previously 6% to 11%). Strategic and operational progress During the second quarter, Presight continued to strengthen its position as the UAE's sovereign artificial intelligence partner of choice and accelerated its overseas expansion strategy. In the domestic market, new contracts were signed with the UAE National Media Office and the UAE Media Council. The company also signed a Strategic Cooperation Agreement with the Abu Dhabi Department of Energy (DoE) to develop a world-first, AI-powered energy and water management platform which will revolutionise the operation of the entire energy and utilities ecosystem across the UAE. Internationally, Presight is continuing to drive forward its strategic agenda across key growth regions. In Malaysia, the company announced a landmark agreement set to accelerate Malaysia's digital transformation to support the government's Madani AI initiative. In Uganda, it is preparing for a rollout of a national digital government program in collaboration with the National Information Technology Authority. The company has also deepened its footprint in Central Asia, launching a new office in Astana and expanding its energy sector partnerships in Kazakhstan through initiatives led by its majority-owned subsidiary, AIQ. Thomas Pramotedham, CEO of Presight, stated: 'Our first-half performance demonstrates that Presight continues to grow both domestically and internationally. Our backlog is three times larger than it was a year ago, and our sovereign partnerships continue to deepen. Our journey as a key AI and digital transformation partner across the UAE federal government and state-owned enterprises continued at pace, with new contract wins and landmark agreements across key growth sectors. 'Our international expansion across high-growth markets in the Middle East, Asia and Africa, where we support governments and large enterprises to deploy solutions which optimise public service delivery, drive economic diversification, and enhance national resilience, continues to be a material part of our growth trajectory. 'With disciplined execution, new AI platforms coming to market and a deep pool of talent, we are on track to meet our commercial objectives and to compete on a global stage.' Innovation remained central to Presight's strategy during the reporting period. The inaugural cohort of the Presight AI-Startup Accelerator has been announced, enabling early engagement with emerging technologies and strategic growth opportunities. Following the close of the reporting period, Presight announced a series of strategic initiatives designed to advance its regional and global ambitions. The Group unveiled its AI-Policing Suite ahead of the closing period and subsequently signed a cooperation agreement with Abu Dhabi Police to deploy these AI-powered law enforcement and smart city technologies as part of efforts to enhance public safety. The Group also agreed terms on a groundbreaking joint venture with the Central Bank of the UAE to deliver sovereign, AI-native technology solutions that support a resilient, secure, and future-ready financial market infrastructure. In addition, Presight signed a strategic Memorandum of Understanding with Dow Jones to co-develop and commercialise next-generation, AI-driven risk and compliance solutions tailored for global financial institutions, regulators, and sovereign entities. With a strong balance sheet and a network of global strategic partners, Presight is in a strong position for continued growth through faster delivery of sovereign AI solutions, stronger client relationships, and lasting value across key markets. Presight's Applied Intelligence solutions stand to benefit from the growing technology collaboration between the UAE and US, and the UAE's commitment to AI partnerships that accelerate progress for communities around the world, leveraging Abu Dhabi's advanced digital and physical infrastructure. For more information about Presight please go to the investor relations section of the Presight website at About Presight Presight is an ADX-listed public company with Abu Dhabi based G42 as its majority shareholder and is a leading global big data analytics company powered by AI. It combines big data, analytics, and AI expertise to serve every sector, of every scale, to create business and positive societal impact. Presight excels at all-source data interpretation to support insight-driven decision-making that shapes policy and creates safer, healthier, happier, and more sustainable societies. Today, through its range of GenAI-driven products and solutions, Presight is bringing Applied AI to the private and public sector, enabling them to realise their AI strategy and ambitions faster. For further information, please contact Presight@ or media@
Zawya
27 minutes ago
- Zawya
Nisus joins BNW to acquire prime Jumeirah residential project
UAE - Nisus Finance Investment Consultancy (NiFCO Dubai) has sealed a strategic partnership with UAE group BNW Developments to acquire a premium residential building in Jumeirah Village Circle (JVC), featuring 143 residential apartments as well as three retail units. A fully owned subsidiary of Nisus Finance Services, NiFCO Dubai has launched a key property fund, Nisus High Yield Growth Fund Closed-Ended IC, which is registered by Dubai International Financial Centre (DIFC). The fund is incorporated under the laws of the DIFC, and an incorporated cell of Gateway ICC Limited with the Gateway Investment Management Services (DIFC) Limited as the Fund Manager. The Fund through a DIFC special purpose vehicle – NiFCO Holding 02 Ltd – has acquired a premium residential building in District 18 of Jumeirah Village Circle (JVC). Spanning over a 120,000 sq ft area, the key development comprising 143 residential apartments and three retail units. This building, called Esplora, is spread over G+3P+16 floors and has well-appointed 48 studios, 63 one-bedroom apartments and 32 two-bedroom apartments as well as three retail units. As part of the partnership, BNW Developments and NiFCO Holding 02 Ltd have incorporated a new entity called BNW NiFCO Buying and Selling Real Estate that will handle the development, marketing and sale of the residential tower at JVC, recently acquired by NiFCO Dubai. As per the agreement, the asset will now be professionally marketed and sold by BNW Developments, bringing together regulated capital discipline and on-ground market expertise. This partnership marks a new consumer-first collaboration model in the UAE's real estate landscape - focused on governance-backed, move-in-ready homes that offer immediate value and quality lifestyle to middle-income families. As Dubai's real estate market matures further, this partnership aims to move beyond the off-plan status quo, focusing on ready-to-use, well-maintained homes tailored for the mid-income segment. With additional assets in the pipeline, this model is set to scale and support a broader $1 billion real estate vision. "This new partnership creates an important roadmap to accelerate growth in the real estate sector — by infusing capital into the industry, easing pressure on developers to focus on development and delivery," said Amit Goenka, the Chairman and Managing Director of Nisus Finance Group (NiFCO). Nisus Finance is currently evaluating $200 million worth of additional assets for acquisition and resale in the market. The firm is also investing additional capital to enhance the built environment, upgrading common areas with modern aesthetics and improved amenities - comparable to the latest off-plan assets. "It also enables sales and marketing leaders such as BNW Developments to move ready inventory swiftly to buyers and investors. In turn, this will boost the pace of activity and support broader economic growth," he noted. The partnership combines NiFCO Dubai's expertise in deploying capital to spearhead project development and sale with BNW Developments' proven expertise in project management, development, marketing and sales – creating a combined strength that is able to deliver higher and faster yields that will lead the property development and management in the UAE. On its part, BNW said it is not just going to acquire the building and white label it, but will embed its essence into this project and future projects elevating the overall living experience. "We are pleased to partner with Nisus Finance, which is supporting the real estate sector with fresh capital to ensure growth. Our expertise in marketing and sales will drive strong uptake of these projects," stated Ankur Aggarwal, the Founder and Chairman of BNW Developments. "In many ways, this redefines how the industry operates. We help fuel growth by deploying private capital, supporting key stakeholders - developers, contractors, brokers, buyers, and investors. As a finance company, we're deploying international capital into the UAE real estate sector to help it scale faster," he added. Vivek Anand Oberoi, Managing Director and Co-Founder of BNW Developments, said the company has developed innovative ideas in development partnership, finance and investment into UAE's real estate market that are changing the overall real estate financing business and accelerating the pace of developments." "We are very excited about our partnership with NiFCO Dubai which is bringing liquidity in the market to fuel the growth in real estate. The synergy between BNW Developments and NiFCO Dubai will help attract greater international capital into real estate in the years to come," he added.
