Although in the UAE there are three times as many women as men in tertiary education, young women are significantly under-represented in the workforce. There is only a 15 per cent labour force participation rate of eligible Emiratis, and women hold only 10 per cent of managerial positions.
The UAE has invested significantly in women. It ranks highest in terms of gender equality in the Arab world. But more women need encouragement and support to enter the workforce in order for the UAE to harness the full potential of its young people.
Young women in the UAE are talented, eager to learn and thirsty for opportunity. Khuloud Al Nuwais, chief sustainability officer at the Emirates Foundation, recounted last week in a conference on girls’ education that young Emirati women would queue after events, often for hours, to ask about her career. Young women crave the opportunity to hear from women who have succeeded, to glean knowledge from other women’s experiences.
At the Abu Dhabi SME Congress and Expo last year, many women said that while women face barriers to entry in the office, many are plagued by their own self-doubt and questions regarding family-work balance. Women find themselves in a dilemma. As a highly educated generation, they are passionate and ambitious. Connected to a traditional family lifestyle, however, their ambition often wavers in favour of becoming a stay at home wife or mother.
Women are the key to a new wave of talent, innovation, creativity and entrepreneurship. So how can ambition be fostered?
There is an invaluable tool in the hands of every woman in leadership – their own individual narrative. Mentorship provides a platform for women, pioneer in their fields, to share their narratives – stories and experiences that they have accumulated throughout their career.
Woman-to-woman mentorship programmes provide a venue for exchange, best practices, advice and networking to help women transition into the workforce. Effective mentorship can transform the way women approach and help one another, mirroring age-old practices of mentorship among sisters or a mother and daughter.
In the UAE, mentorship has begun to interest councillors at various high schools and universities. In May, the Dubai Women’s College held a forum titled “Emirati Women Breaking Barriers”. The forum shared the stories of more than 30 Emirati women, recounting their paths to success, their challenges and the conversations they had to persuade reluctant family members. Mentorship programmes that bring women such as the first female co-pilot on Etihad or the first female judge together with young Emirati women are needed.
Instead of a one-day event, these programmes could create a one-year curriculum. And while mentorship programmes are often small and individualised, they have a ripple effect in society. According to a study by Catalyst in 2012, 65 per cent of women who have been mentored in some capacity go on to mentor another woman, fostering an ever expanding cycle of leadership.
An example is TechWomen, a five-week mentorship programme for women in the Middle East in science and technology. The mentees pair with mentors from Silicon Valley. They often return the favour, mentoring younger women back home. For 29 years, the Radcliffe Mentorship Program at Harvard University has paired female alumni mentors and students. Although both programmes are great models, mentorship fostered and implemented domestically is more attune to the challenges, restraints and opportunities in the local labour force.
As a fourth year student at NYU Abu Dhabi, I founded the Women’s Mentorship Program in October. The pilot programme consisted of 16 female mentors from the community and 21 female student mentees. Hailing from 21 countries, including two Emiratis, they meet at least once a month. The conversations are casual, over coffee or lunch, but they allow students to form relationships with their mentors.
“[It] is useful to not only gain a different perspective on things but to also learn how there are various ways to go about achieving your career,” explained one mentee in a feedback forum. “Not only that, but coming from a conservative background, I think it is necessary to think and discuss how my goals for life might (or might not) be different to societal expectations of me as a woman.”
Fostering mentorship programmes involves female professionals, young women, businesses and families who together, collaboratively, can empower the next generation of women leaders in the UAE.
Nicole Lopez Del Carril is a fourth-year student at the New York University Abu Dhabi
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
more from Janine di Giovanni
Ibrahim's play list
Completed an electrical diploma at the Adnoc Technical Institute
Works as a public relations officer with Adnoc
Apart from the piano, he plays the accordion, oud and guitar
His favourite composer is Johann Sebastian Bach
Also enjoys listening to Mozart
Likes all genres of music including Arabic music and jazz
Enjoys rock groups Scorpions and Metallica
Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
Vaccine Progress in the Middle East
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.