The Gulf Co-operation Council's secretariat held an event in Riyadh on International Women's Day to celebrate the achievements of women from the GCC.
The Gulf Co-operation Council's secretariat held an event in Riyadh on International Women's Day to celebrate the achievements of women from the GCC.
The Gulf Co-operation Council's secretariat held an event in Riyadh on International Women's Day to celebrate the achievements of women from the GCC.
The Gulf Co-operation Council's secretariat held an event in Riyadh on International Women's Day to celebrate the achievements of women from the GCC.

Gulf countries honour women's successes in rapidly evolving region


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Gulf countries on Friday celebrated women's achievements in the fast-evolving region, highlighting their crucial role in society and the workforce.

The event in Riyadh was the first to be organised by the Gulf Co-operation Council's secretariat, to commemorate International Women's Day.

Dozens of female leaders and officials from across the region took part.

GCC Secretary General Jasem Mohamed Al Budaiwi.
GCC Secretary General Jasem Mohamed Al Budaiwi.

"The role of Gulf women has never been marginal," GCC Secretary General Jasem Mohamed Al Budaiwi said.

"But rather it was and still is a key element in establishing joint action and pushing forward the rise of our societies," he added.

The World Bank said last November that the GCC countries have witnessed "a remarkable increase" in female labour force participation as the region seeks to empower its non-oil sectors rapidly.

According to the International Monetary Fund, the GCC has increased its average female labour force participation by more than 10 per cent over the past two decades.

However, women’s role in economic activities still falls short when compared to countries with a similar gross domestic product per capita.

Mr Al Budaiwi said women now hold 43 per cent of public sector positions and account for 49 per cent of senior roles in that sector. He added that in some Gulf countries, women make up 46 per cent of ambassadors.

In Saudi Arabia, the private sector workforce has grown steadily, reaching 2.6 million in early 2023, with women’s participation in the labour market more than doubling in six years, from 17.4 per cent in early 2017 to 36 per cent in the first quarter of 2023, as per a recent World Bank report.

Saudi Deputy Minister of Foreign Affairs Waleed El Khereiji.
Saudi Deputy Minister of Foreign Affairs Waleed El Khereiji.

"The Kingdom of Saudi Arabia was keen to empower women within a development program and combat discrimination until they became essential for growth in various fields", Waleed El Khereiji, Saudi Deputy Minister of Foreign Affairs, said in his speech on Friday.

Qatar's Minister of State for Foreign Affairs Sultan Al Muraikhi told the gathering that women in the Gulf country have been "a key component in decision-making, especially at the diplomatic level".

The gathering celebrated the achievements of several women, including Kuwaiti Ghada Al Ghanem of the Women's Cultural and Social Society, Omani writer Jokha Alharthi who won the Man Booker International Prize in 2019 and the head of Saudi Human Rights Commission Hala Al Tuwaijri.

Others whose work was celebrated included Lulwa Al Awadhi, Secretary General of the Supreme Council for Women in Bahrain, and Emirati photographer Noura Al Neyadi.

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.

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

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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.”

Updated: March 09, 2024, 4:56 PM