Every year, on various occasions, people honour the contributions of women in society. This March, the world observed International Women’s Day under the theme ‘Choose to Change’, a message that is pertinent to the GCC region, given our socio-economic goals.
In Arab societies, women have always played a pivotal role, not only as nurturers and caregivers but as drivers of growth and innovation. The world’s first university was established by an Arab woman named Fatima Al Fihri, who was Tunisian and founded the Al Qarawiyyin Mosque and University in Fez, Morocco in 859AD. The university even today serves millions of students and is still used as a template for institutions of higher education.
Of course, there are innumerable contemporary examples as well, from the renowned architect, the late Zaha Hadid to Dr Hayat Sindi, a trailblazer in medical testing and biotechnology. And this past year, Omanis celebrated the first public appearance of our First Lady, Sayyida Ahad bint Abdullah bin Hamad Al Busaiyidah, who articulated the crucial part women play in building, strengthening and supporting familial and societal institutions.
There is no doubt about the capabilities of Arab women. They possess the talent, drive and intelligence to propel our region to new heights. However, there is room for systemic improvements and to enable them in multiple ways to achieve their full potential and help strengthen our region.
According to the United Nations, women’s empowerment is key to achieving gender parity and thus helping nations progress. The economic empowerment of women and the closing of gender gaps is also crucial to meet the UN’s Sustainable Development Goals.
The Middle East’s Power Businesswomen 2021 – 10) Mona Almoayyed, managing director of Y.K. Almoayyed & Sons. Courtesy: Y.K. Almoayyed & Sons. Source for rankings: Forbes Middle East
9) Heike Harmgart, managing director – Southern and Eastern Mediterranean Region, European Bank for Reconstruction and Development. Harmgart is responsible for the bank's operations across the region with a business volume of $2.4 billion each year. Courtesy: ERBC
8) Nezha Hayat, chief executive of Morocco's Capital Market Authority. The Morrocan businesswoman is also president of CFA Maroc, a non-profit organisation that promotes women's rights. Courtesy: The Clinton Global Initiative
7) Wadha Al Khateeb, deputy chief executive – Mina Abdulla Refinery, Kuwait National Petroleum Company. Courtesy: KNPC
6) Lubna Olayan, Saudi Arabian chief executive of Olayan Financing Co. Bloomberg
5) Sarah Al Suhaimi, chairperson and chief executive of the Saudi Stock Exchange (Tadawul). Al Suhaimi also heads the asset management firm NCB Capital. Bloomberg
4) Rania Nashar, chief executive of Saudi Arabia's Samba Financial Group, became the bank's first CEO in 2017. She stepped down as CEO in January but is also a senior adviser to Public Investment Fund governor Yasir Al Rumayyan. AFP
3) The UAE's Hana Al Rostamani was appointed chief executive of First Abu Dhabi Bank in 2021, becoming the first woman to lead a local bank in the UAE. Courtesy: FAB
2) Renuka Jagtiani, chairwoman and chief executive of UAE-based Landmark Group, a regional retail conglomerate. Courtesy: Landmark
1) Raja Al Gurg, the managing director of UAE-based Easa Saleh Al Gurg Group, has topped Forbes’ list of the most powerful businesswomen in the region. Al Gurg is also president of Dubai's Business Women Council and is on the board of HSBC Middle East. Amy Leang / The National
It is established that economies grow faster with a high percentage of women in the workforce. Conversely, gender gaps cost an economy up to 15 per cent of its gross domestic product.
Women make up half of the GCC's population. In 2018, they accounted for a mere 20.3 per cent of the regional workforce
One crucial factor to draw more women in to economic activity is education. The region has come a long way and women are increasingly opting for advanced scientific degrees. But there is still a sizable gap between education and employment. Women make up half of the GCC’s population. And yet, according to the World Bank, in 2018, they accounted for a mere 20.3 per cent of the regional workforce – just over half of the global average of 39 per cent. Clearly, we need to see where we are falling short, and adopt measures that enable as many women as possible to join the workforce.
The UAE regularly welcomes the most accomplished female athletes. Getty
According to the Centre for Creative Leadership (CCL), having higher percentages of women in an organisation leads to greater overall job satisfaction, boosts employee dedication, generates more meaningful work and decreases burnout rates. It also ensures greater employee engagement as well as retention.
The real question perhaps is, what are women looking for in their employers? How can hiring managers attract qualified women, empower them to reach their professional goals and attain senior leadership positions? Based on surveys, CCL says that women like to view their work as a 'calling' as opposed to a nine-to-five job. This translates into careers that fit well with all aspects of their lives. For many women, work is a source of motivation and enjoyment. It provides opportunities for growth and a sense of purpose that aligns with their values and ideally, creates space for a healthy work-life balance.
We must encourage women to pursue their natural proclivities and interests in work so that they build their careers and realise their broader goals. Women are drawn to jobs that offer good paid leave, healthcare benefits, paid leadership training, flexibility in schedules and opportunities to grow.
Given the widespread implementation of flexible work schedules that allow employees to work from home, following the outbreak of Covid-19, employers must look at extending flexible solutions for the long term to ensure women stay in the workforce.
It makes sense to have conversations with staff to determine the degree of flexibility that ensures satisfaction and optimal results for all. Without a doubt, the pros of offering flexible work far outweigh the cons. The benefits of allowing minimised commutes are numerous, as are the advantages of ensuring greater autonomy in daily tasks.
Such measures go a long way to boost employee morale, and are consequently advantageous for the employer as this reduces staff turnover and increases people's overall levels of job satisfaction. Flexible work schedules also help women balance responsibilities at home with their professional duties.
Importantly, the private sector needs to relook at childcare options in-house and where possible, invest in creches. Currently, all countries in the GCC region allow women paid maternity leave.
However, their transition back to the workplace should be as seamless as possible and employers should provide solutions and facilities that support new mothers in their new roles and additional responsibilities.
Women veer towards jobs that offer real leadership opportunities and equality within the workplace, CCL noted. This shows how important it is that employers across the GCC re-evaluate their offerings and ensure that female employees receive the same pay and growth opportunities as their male colleagues.
To help as many women as possible to achieve their potential, however, leadership teams at organisations must understand and enable the factors that attract and retain female talent. Doing so will help companies shape balanced workplaces. This in turn will lift societies, boost economies and lead to the growth of our nations.
Mohammed Alardhi is the executive chairman of Investcorp and chairman of Sohar International
Key facilities
Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills
Sunrisers Hyderabad 178-6 (20 ovs) Chennai Super Kings 181-2 (18.3 ovs)
Chennai win by eight wickets
Brown/Black belt finals
3pm: 49kg female: Mayssa Bastos (BRA) v Thamires Aquino (BRA)
3.07pm: 56kg male: Hiago George (BRA) v Carlos Alberto da Silva (BRA)
3.14pm: 55kg female: Amal Amjahid (BEL) v Bianca Basilio (BRA)
3.21pm: 62kg male: Gabriel de Sousa (BRA) v Joao Miyao (BRA)
3.28pm: 62kg female: Beatriz Mesquita (BRA) v Ffion Davies (GBR)
3.35pm: 69kg male: Isaac Doederlein (BRA) v Paulo Miyao (BRA)
3.42pm: 70kg female: Thamara Silva (BRA) v Alessandra Moss (AUS)
3.49pm: 77kg male: Oliver Lovell (GBR) v Tommy Langarkar (NOR)
3.56pm: 85kg male: Faisal Al Ketbi (UAE) v Rudson Mateus Teles (BRA)
4.03pm: 90kg female: Claire-France Thevenon (FRA) v Gabreili Passanha (BRA)
4.10pm: 94kg male: Adam Wardzinski (POL) v Kaynan Duarte (BRA)
4.17pm: 110kg male: Yahia Mansoor Al Hammadi (UAE) v Joao Rocha (BRA
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Inform the staff in advance of your child’s likes and dislikes.
If you need some extra time to talk to the teachers, make an appointment a few days in advance, rather than attempting to chat on your child’s first day
The longer you stay, the more upset your child will become. As difficult as it is, walk away. Say a proper goodbye and reassure your child that you will be back
Be patient. Your child might love it one day and hate it the next
Stick at it. Don’t give up after the first day or week. It takes time for children to settle into a new routine.And, finally, don’t feel guilty.
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available. Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus. Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel. Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
