The UAE manufacturing industry's heavyweights are joining forces to find ways to increase the participation of women in the workplace within the traditionally male-dominated sector.
Under the new "Challenger Programme", Emirates Global Aluminium (EGA) has brought together Adnoc, Ducab, Emirates Steel Arkan, Siemens, Strata Manufacturing, Taqa and TechnipFMC to promote gender diversity across the industrial sector.
The programme, which was revealed on Thursday at the Inclusion Summit in Abu Dhabi, is in partnership with social enterprise Aurora50 and under the patronage of the Ministry of Human Resources and Emiratisation.
"Gender balance is not just a moral obligation, but a smart business choice," Abdullah Al Nuaimi, assistant undersecretary at the ministry, said as programme was launched at the summit.
"Today we stand on the brink of a new era where gender balance will be the norm, not the exception."
Mr Al Nuaimi urged others to join the Challenger Programme and become "a catalyst of change and to work together towards a future where gender balance is woven into the very fabric of our corporate culture".
"Let us embrace the challenge with the knowledge and determination that together we will build a legacy of equality, prosperity and unity."
The goal of the Challenger Programme is to bring industrial companies together to make quicker progress on gender balance issues.
Company representatives will form a steering committee to share best practices, find solutions to challenges facing their industry and press for higher participation of women in the sector.
Yaser Almazrouei, executive director at Adnoc Group, outlined the progress the UAE has already made in improving gender equality in the sector since he started as an engineer 30 years ago, when "there was not a single female on-site."
"Fast-forward to 2023, Adnoc currently has 900 females leading critical projects and operations on many of our onshore and offshore sites," he said.
"This growth is not just to meet KPIs but reflects the rich talent pool we have."
There has been a "significant increase" in the number of women applying for jobs at Adnoc and other companies in the industry, he said.
"We at Adnoc provide equal opportunity for growth to all our employees and competency assessments show positive results for the majority of females, hence the increase in women in leadership currently stands at 20 per cent," he said.
Mr Almazrouei said workplace inclusion was "more than just an action. It's a mindset. We must all be willing to contribute to a culture that prioritises inclusion. It is the mindset, the determination and the talent that will ensure sustainability," he said.
"This value has so far enabled us to transform from a traditional oil and gas company to a global, progressive energy company."
Adnoc aims to promote skilled women to leadership positions and has set a goal to double the number of women who occupy technical positions, Suhaila AlMazrouei, vice president at Adnoc Offshore, said in a panel discussion at the summit.
"We need access to the talent pool, the best brains, the best ideas, the highly-skilled people for us to overcome – and find solutions – for future challenges," she said.
EGA, the UAE’s largest industrial company outside the oil and gas sector, has also set its own gender equality targets.
It seeks to raise the number of women in supervisory roles to 25 per cent by 2025, up from 20 per cent currently, said Iman al Qasim, executive vice president at EGA.
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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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.
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