Japan’s SoftBank invests in US office space-sharing WeWork

SoftBank has been investing globally, including in US wireless company Sprint, British IoT company ARM, Chinese e-commerce giant Alibaba and US ride-sharing service Uber. (AP)
Updated 15 November 2018
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Japan’s SoftBank invests in US office space-sharing WeWork

  • SoftBank confirmed the investment but referred queries to WeWork
  • WeWork has opened 11 locations in Tokyo, and has a few more in other cities in Japan
TOKYO: American office space-sharing company WeWork has obtained $3 billion in funding from Japanese technology conglomerate SoftBank Group Corp.
The new funding comes in addition to the $1 billion raised from SoftBank last quarter, WeWork spokesperson Kumiko Hidaka said Thursday.
WeWork, which targets startups, is operating not only in the US but also India, China, Peru, Israel and other nations, as well as Japan, where real estate is relatively expensive, allowing WeWork an opportunity to grow.
SoftBank confirmed the investment but referred queries to WeWork.
In a sign the company has other sources of funding, SoftBank is carrying out an initial public offering of its Japanese mobile subsidiary, set for Dec. 19. It’s likely to be one of the world’s biggest IPOs. The Tokyo Stock Exchange approved the listing of 1.6 billion shares this week at ¥1,500 ($13) a share, which would potentially raise more than ¥2 trillion ($20 billion).
In addition to WeWork, SoftBank has been investing globally, including in US wireless company Sprint, British IoT company ARM, Chinese e-commerce giant Alibaba and US ride-sharing service Uber.
WeWork has opened 11 locations in Tokyo, and has a few more in other cities in Japan. The buildings are spacious, although they are broken into smaller cubicles for lesser paying clients, and have nice interiors.
The spaces come with wireless and other office services, and have communal areas for networking and meetings, designed to make renting attractive to ventures.


Companies in Oman need government permission before hiring expats

Updated 09 December 2018
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Companies in Oman need government permission before hiring expats

  • A new traffic light-themed online system is currently being rolled out in Oman, in which companies’ Omanization quotas are being monitored
  • “The new system focuses on enhancing Omanization rates in the private establishments”

DUBAI: Oman-based companies will have to secure the Ministry of Manpower’s go ahead before they can hire expats, local daily Times of Oman reported this week.
A new traffic light-themed online system is currently being rolled out in Oman, in which companies’ Omanization quotas are being monitored.
Under this new system, companies that meet Omanization standards set by the government will receive a green signal online, allowing them to proceed with hiring expat employees.
Companies with unclear Omanization policies will be given a yellow signal, while companies that fall short of meeting their quotas will receive a red signal, barring them from moving forward with hiring expat employees.
“The new system focuses on enhancing Omanization rates in the private establishments,” said a ministry spokesperson.
The step taken by the government is part of the Omanization drive to recruit more of its citizens in private companies, a similar push is underway across the GCC where countries like Saudi Arabia and Kuwait have also been trying to increase the number of nationals in private sector employment.

Earlier this year, expat workers in the country faced a six-month visa ban across 87 industries, including media, engineering, marketing and sales, accounting and finance, IT, insurance, technicians, administration and HR.