Last November, Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, opened the third Arab Women Leadership Forum, where a panel discussed how to get more women on corporate boards. Less than a month later, he ruled that every board in the country must have female representation.
The announcement caught most people by surprise, including Fatima Al Jaber, the chief operating officer of Al Jaber Group, the UAE conglomerate.
But it neatly dovetailed with a plan she had been working on for more that a year: to form the Gulf chapter of Women Corporate Directors (WCD), an organisation that brings together c-suite women to network. The organisation also aims to help younger women at, say, mid-management level to access the resources that will help them eventually ascend to board level. These include mentorship, the benefit of others' expertise, training and personal connections. Because while there are many women at lower and mid-management levels, getting them to senior and c-level positions is the final hurdle.
"He saw the gathering of all these women leaders, prominent women, and I think he wanted to add more and say: 'Here in the UAE we really believe in women and we would like to guide them to higher positions'," Ms Al Jaber says.
WCD is a complementary initiative that will build on the ruling.
"It's about time that we also help ourselves," she contends. "This is something I can put on the table as a local woman who wants to really empower [other] local women."
The inaugural meeting of the Arabian Gulf's WCD chapter is March 12 at the Shangri-La Hotel in Abu Dhabi, but a year ago Ms Jaber invited 30 corporate women to a meeting to discuss the initiative. She believed it was important to tread cautiously and be sensitive to the cultural norms in the region.
"We don't want [society] to say: 'They are coming to Americanise these ladies, or give them a western look'," she explains. "We want to show how this can benefit our local women in this part of the world."
Sheikh Mohammed's ruling has changed the atmosphere, she says.
"If there is no quota nobody will think of women," she says. "It has to be a mixture between quotas and natural progression."
Ms Al Jaber received good feedback at November's forum and decided to go ahead with WCD.
Describing how executives generally reach board positions in the UAE, Ms Al Jaber says the process lacks the sophistication found in the West - such as using executive search agencies. Candidates are recommended by existing board members or influential shareholders, and women are generally excluded. The most common way for women to be elevated to board positions is because of a family endorsement or recommendation.
"This is not a bad way, but we need to also look at the other alternatives at how we can bring expert women to boards," Ms Al Jaber says.
One of her gripes is that boards often hire a foreign man to an executive position instead of an equally or more qualified local woman. Companies can miss out on boosting their bottom line: various studies have shown that companies with women board members often do better financially.
Ms Al Jaber believes corporations need to introduce initiatives to encourage women, including adding training opportunities and empowerment programmes. More women-friendly legislation in the workplace is also vital because women who take time off to raise their children have to fight harder when they return to corporate life.
"We need to have flexible policies for women who continue," she says. "We should have solutions that help women continue up the ladder. And now I think women are really taking it seriously."
There are nine founding members of the Gulf's WCD from the UAE, Bahrain, Kuwait, Saudi Arabia, Oman and Qatar, all of them passionate about getting the group off the ground. Ms Al Jaber expects other executives to join in due course. There are also affiliate members who are not yet at executive level.
"We were really looking at the quality of their contribution," she explains. "We were not looking for thousand and thousands of women."
Ms Al Jaber herself sits on three boards - that of her family's business and on those of two investment companies.
She believes it is important not to spread oneself too thin.
"It's not really about how many boards you can be on," she says. "There is no point if you are not making a difference, not adding value."
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Match info
Athletic Bilbao 0
Real Madrid 1 (Ramos 73' pen)
Our legal consultants
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UAE currency: the story behind the money in your pockets
South and West: From a Notebook
Joan Didion
Fourth Estate
The biog
Favourite book: Men are from Mars Women are from Venus
Favourite travel destination: Ooty, a hill station in South India
Hobbies: Cooking. Biryani, pepper crab are her signature dishes
Favourite place in UAE: Marjan Island
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
The view from The National
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Bundesliga fixtures
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
Suggested picnic spots
Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes
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Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
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Born: Kuwait in 1986
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Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
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Favourite mountain range: The Himalayas
Favourite experience: Two months trekking in Alaska
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
'The Batman'
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Rating: 5/5
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
THE TWIN BIO
Their favourite city: Dubai
Their favourite food: Khaleeji
Their favourite past-time : walking on the beach
Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll
Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
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MATCH INFO
Manchester United 1 (Rashford 36')
Liverpool 1 (Lallana 84')
Man of the match: Marcus Rashford (Manchester United)
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