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Veeam Predicts AI Takeover of Entry-Level Jobs and More in 2022

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Veeam, one of the cloud solutions providers, announces its technology predictions report for 2022 and it engages AI, cloud, and cybersecurity, privacy laws, and several other important topics on the prediction. Danny Allan, CTO and Senior VP of Product Strategy, and Claude Schuck, Regional Director – Middle East, at Veeam, together made comments on the topics.

The following are the predictions made by Danny Allan:

Acquisitions will stagnate as company valuations outstrip available assets

In 2021, global M&A activity reached new highs aided by low-interest rates and high stock prices. In 2022, we will see that momentum shift. Larger acquisitions will be few and far between as company valuations continue to rise. Only well-established, cash-rich companies will have the money required to make new purchases. The higher purchase threshold will make it harder for medium- and small-sized companies to grow and evolve, giving the advantage to larger, established firms.

Danny Allan, CTO and Senior VP of Product Strategy

AI and automation will replace entry-level jobs in the finance, healthcare, legal and software industries

The talent shortage will leave many jobs unfilled, making way for the advancement of artificial intelligence and automation to fill new roles. We have seen technology begin its takeover in the service industry with the introduction of robotic waiters during the pandemic. In 2022, we will see AI and automation capable of filling positions in other hard-hit sectors like the finance, healthcare, legal, and software industries. These developments will mostly affect entry-level positions, such as interns, making it harder for recent graduates entering the workforce to gain job experience in the future.

Tech’s labor market will be met with big money and big challenges  

The COVID-19 economy – and the subsequent great resignation – throughout the last two years certainly made its mark in the tech industry. As we continue to see turnover and lower employee retention, tech salaries will begin to grow in 2022 to incentivize talent to stay. I see this causing an interesting dynamic, presenting bigger challenges, especially to the folks in the startup and VC world. The bigger tech giants are the ones who can meet the high dollar demand and deliver benefits for a competitive workforce. It will be interesting to see in the years ahead what this does for innovation, which tends to come from the hungry startups where people work for very little for a long time. We could very well see a resurgence of tech talent returning to the “old guard” companies to meet their needs for stable (and large) salaries, forgoing the competitive, hard-knocks of startups that could cause skills and talent gap that lasts for years to come.

New privacy-focused legislation will shift attention to data sovereignty clouds

With increased focus on General Data Protection Regulation (GDPR) regulating data protection and privacy in the EU and the California Consumer Privacy Act (CCPA) enhancing privacy rights and consumer protection for Californians, other states and countries are facing pressure to enact comprehensive data privacy legislation. As this continues in 2022, I expect we’ll see much more focus on data sovereignty clouds to keep data within nations or a certain physical location. This is a far more specified cloud model that we’re starting to see in EMEA with Gaia-X. Some will see this as an obstacle, but once implemented, this will be a good thing as it puts consumer privacy at the core of the business strategy.

Containers will become mainstream to support the cloud explosion of 2021

Businesses wrongly predicted that employees would return to the office, as normal, in 2021. Instead, remote working continued, and companies were forced to develop long-term remote working strategies to ensure efficiency, sustainability and to retain employees seeking flexibility. This remote work strategy demanded cloud-based solutions, resulting in an explosion of cloud service adoption. To meet this moment, containers will become mainstream in 2022, making the generational shift to the cloud much easier and more streamlined for organizations.

The following are the predictions made by Claude Schuck:

Every enterprise in the Middle East looking to build a strategy around Modern Data Protection should keep the three important pillars in mind – Cloud, Security, and Containers. Businesses need to have a good understanding of what the cloud brings to an organization and why it is important. Secondly, before the pandemic, we had a centralized office where employees were all in one place. With decentralization now, the boundaries of the organization have become invisible. Data is all over the place, necessitating a need for a comprehensive security strategy to safeguard all entry points. And finally, we see an increased interest in Kubernetes as a critical piece of an enterprise’s cloud infrastructure. This has created a new area around container-native data protection that needs addressing.

Claude Schuck, Regional Director – Middle East

Accelerated adoption of Cloud technologies

Although the cloud is not yet mainstream in the region, adoption is expected to witness significant growth in the Middle East as enterprises begin to “trust” in-country offerings with the big public cloud players like Microsoft Azure and Amazon Web Services that have opened data centers in the Middle East. Gartner forecasts end-user spending on public cloud services in the MENA region to grow 19% in 2022. Another big trend we see is that many governments across the Middle East are creating their own ‘Government Cloud’ to have control over their data and not letting it reside in the public realm. With this acceleration, Veeam is investing in more headcount in the region to be able to assist organizations as they transition to the cloud.

Security – cybercrime

In the Middle East, security will always be a top priority. Not only can cyberattacks affect day-to-day business, impact revenue, and create other problems, but above all, it affects the brand reputation and workforce. Enterprises will continue to invest and safeguard themselves against the ever-growing increase in cyberattacks, especially ransomware. Although organizations in the Middle East, in general, spend a lot on security technologies, there is a huge gap when it comes to planning and executing a security strategy. This mainly boils down to the complexity of the IT environment. There are still a lot of legacy systems. Protecting these complicated environments is a big challenge and becomes even more so in the transition phase of moving to the cloud. Regional CISOs need to have a stringent security program in place which includes important elements like stress testing of IT Systems, backups, a disaster recovery strategy, and educating employees to become the first line of defense for improving organizational resilience

Security – data privacy and protection

In early September 2021, the UAE announced the introduction of a new federal data protection law. With this, data privacy and security are set to take center stage as consumers demand transparency and their “right” to be forgotten. By having the option of opting out, consumers can ensure that their data is being handled correctly and they are not targeted by organizations. But more importantly, international corporations that are based in the UAE and the Middle East can be assured that policies are being applied when it comes to data in-country – whether it be in terms of the way data is stored, IP is managed or how customer and consumer data is protected

Digital transformation powers ahead thanks to Containers

The rapid adoption of Containers in enterprises, the need for on-demand resources, and the flexibility of workloads will drive digital transformation. The Lack of skilled resources and understanding of the technology is a big challenge for enterprises in the Middle East. Veeam, through its acquisition of Kasten, is simplifying container strategy and delivering the industry’s leading Cloud Data Management platform that supports data protection for container-based applications built-in Kubernetes environments.

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THIRD EDITION OF BENTLEY’S EXTRAORDINARY WOMEN INITIATIVE WELCOMES STUDENTS FROM THE UK AND QATAR TO CREWE

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Extraordinary Women

The third edition of Bentley Motors’ Extraordinary Women initiative has concluded with students from universities in the UK and Qatar spending a week at the luxury car brand’s headquarters in Crewe, England. As part of a specially designed schedule, they met with Bentley experts and executives, went behind the scenes of its manufacturing operations, and tackled individual tasks.

Designed to encourage and develop the next generation of young female leaders, the 2024 edition of the Extraordinary Women programme has seen the students receive one-on-one mentorship over the past three months from a selection of inspirational Pioneers from the fields of technology, engineering, design, and business.

The students, who passed through a structured selection process focused around these four specific fields, came from a variety of participating universities: including The University of Doha for Science and Technology in Qatar, and the Universities of Bath, Loughborough, and Manchester Metropolitan in the UK.

Noora Al-Hajri, University of Doha for Science & Technology student, commented, “This experience has been nothing short of life-changing. Through the programme, I have gained invaluable knowledge and skills that will significantly impact my personal and professional growth. The opportunity to learn from inspiring mentors in both Qatar and the UK has been particularly enriching. Their guidance has broadened my horizons, challenged me to think critically, and empowered me to pursue my dreams with renewed confidence. The opportunity to visit the Bentley headquarters at the end of the programme has also been truly awe-inspiring. Thank you, Bentley, for believing in us and for creating such a transformative programme.”

The Pioneers were equally carefully selected. In the UK, entrepreneur Sara Davies MBE, founder and owner of Crafter’s Companion and TV personality from BBC One show Dragons’ Den, provided business mentorship, with Cecilia Harvey, founder of Tech Woman Today, offering the same in the field of technology.

Titi Oliyide CEng MIET, Senior Process Safety Engineer and winner of the 2023 Young Woman Engineer of the Year, mentored the engineering student, and renowned interior designer and Founder of Studioilse, Ilse Crawford provided design support.

The four Qatari Pioneers included Qatar’s UNESCO art ambassador, Muna Al-Bader, in the field of design. Dr Noora Fetais Al Marri, honoured by the Arab Women of the Year 2024 awards for her contributions to cyber security. Education and founding President of the Arab Association for Cyber Security, offered technology mentorship.

Covering the field of engineering was Dr. Hanan Farhat, founder of the Qatar Association for Women Engineers, and Dr. Buthaina Al Ansari in the field of business, who is a senior advisor at the organisation that established Tamkeen Training and Consulting Solutions.

Member of the Board for Human Resources at Bentley Motors, Dr. Karen Lange, commented, “With every year, the Extraordinary Women programme grows stronger, as exemplified by the quality of this year’s Pioneers, all who have generously given their time in the spirit of collaboration as we seek to build a legacy for young women. It has been a great honour to meet and engage with such talented young women during their visit – witnessing their energy and ability fills me with great optimism for the future.”

Launched in the UK and Middle East in 2022, the Extraordinary Women initiative has previously engaged students and Pioneers from the United Arab Emirates, Saudi Arabia, and the United Kingdom. It forms part of Bentley’s wider commitment to diversity, equity, and inclusion under its Beyond100 strategy, and was created to encourage women to explore a variety of career paths in the STEM and automotive sectors.

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Financial

Reem Finance signs with Network International to accelerate digital transformation

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Network International (Network) has announced the signing of a strategic partnership with Reem Finance, the leading financial services provider in the UAE. The strategic alliance aims to leverage Network’s expertise to provide a fully-fledged payment processing solution to support the digital transition.

The partnership with Network complements Reem Finance’s focus on offering customers with a unique banking experience in tune with the digital age. The scope of services includes a comprehensive range of products and services from transaction processing, card hosting and management, as well as value-added services. As the region’s largest payment solutions company, Network is committed to supporting the UAE financial services sector by providing innovative solutions to customers and enhancing the experience of consumers.

Navneet Dave, Managing Director & Co-Head of Processing – Middle East at Network International, commented, “We are thrilled to partner with Reem Finance as we jointly deliver innovative digital payment solutions that offer an effortless and secure experience for customers. Our collaboration builds on Network’s three decades of experience and expertise in creating world-class digital payments infrastructure and services for clients. It underscores Network’s commitment to empowering our partners with cutting-edge processing services and value-added solutions and driving growth in the UAE financial services industry.”

Mr. Seraj Faidi, CEO of Reem Finance,said: “As part of our ongoing commitment to enhancing the quality of our products and services for our esteemed clients, and in light of our recent collaborations with prominent service providers and partners, we are delighted to partner with Network International to explore innovative paths to accelerate digitizing our services to better serve our customers. This engagement is an important step for Reem Finance in expanding our capabilities to provide top tier, friendly and easy to use services to our customers. We are confident that with Network International, the processing of card transactions related to both consumer and commercial sectors will be state-of-the-art and seamless. We are committed to playing a vital role in elevating the financial system in the UAE, delivering value to our shareholders, and prioritizing the needs of our clients.”

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Financial

Wio Bank Redefines SME Banking with New Embedded Finance

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Wio Bank PJSC is introducing a new embedded finance service designed especially for the UAE’s small and medium-sized enterprises (SMEs). This initiative includes strategic partnerships with leading accounting software platforms Zoho Books, Fiskl and Wafeq, aiming to embed banking services into daily business operations and simplify financial management.

Wio Business, the bank’s first digital banking application, caters to micro, small, and medium enterprises (MSMEs), as well as freelancers and entrepreneurs. By directly integrating with accounting and financial management systems through APIs, Wio Business facilitates seamless financial workflows, enhancing management and eliminating the need for third-party intermediaries. This integration automates bookkeeping, significantly reducing manual labor and allowing businesses to concentrate on their core activities.

Jayesh Patel, Chief Executive Officer of Wio Bank PJSC, shares his vision for the new service: “By adopting Embedded Finance, we are transforming how businesses manage their finances. Our direct integration initiative simplifies how financial services are delivered and managed, making it easier and more transparent for SMEs.”

With over 94% of UAE businesses categorized as SMEs and significant contributors to employment, Wio Bank’s new service is tailored to meet a vital market need. This initiative, along with its strategic partners, is designed to simplify business operations, allowing them to thrive by focusing on growth rather than administrative financial tasks.

A New Era of Financial Management

Through Wio Business, companies can now link their accounts with selected software platforms such as Zoho Books, Fiskl, and Wafeq, offering a holistic view of their financial health. This integration eliminates the dependency on third-party intermediaries, simplifies financial workflows, ensures real-time financial insights with automatic updates, and streamlines accounting tasks with features like auto-reconciliation of bank statement. Additionally, integrating Wio Business APIs into Corporate ERPs and payment platforms facilitates automated account payables and instant transaction reconciliation, thus reducing manual labor and errors, and enhancing cost efficiency and operational gains.

Wio Bank was established to redefine banking in the UAE for both businesses and consumers. Its second digital offering, Wio Personal, is a day-to-day banking platform that changes how individuals see, manage, and grow their money. It provides users with unprecedented financial visibility and flexibility, serving as a foundation for achieving personal financial goals with an engaging experience that includes smart cards and exciting rewards.

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