It is no surprise that the Covid-19 pandemic has been a major disruptor to economies at large and as we zoom in on the implications of this global fallout, a pattern of gender disparity becomes clear. As women are the ones who handle the bulk of family caregiving responsibilities and with the disruption of the childcare sector, women's jobs were 1.8 times more impacted by the pandemic than men. This not only raises a social dilemma, but will also have a measurable impact on the global economy, where the global GDP could be $1 trillion lower in 2030 versus $13tn higher if gender inequality is not properly addressed, according to a recent report by consulting firm McKinsey on the future of work.
Across the globe, pressures felt by women to assume bigger roles as the primary caregivers during the pandemic led to a disproportionate increase in time spent on family responsibilities. In India, this figure equated to a 30 per cent rise in time spent on unpaid care. Comparatively, women in the US spent an additional 1.5 to two hours tending to caregiving duties. The impact this has on the global labour force is further amplified by the fact that in some markets, such as Nigeria, women are disproportionately represented in sectors that have been negatively affected by the pandemic.
Gender parity is more than just a tagline and cannot be achieved through a single “cultural” initiative; it is a conscious business decision that enhances the bottom line, and one that should be integrated as part of the business model. As a first step, employers need to revisit their diversity and inclusion strategies and start identifying any existing gaps in their workplace cultures and organisational policies.
Efforts to create an inclusive culture have led to an increase in participation by women in the UAE's workforce
Today, the Middle East is falling behind. Despite improvements that have taken place in some industries and governments, the region overall still holds the lowest female labour force participate rate in the world, according to another McKinsey report from 2020 on the region's prospects for women at work. A study cited in the report in found that women in the Middle East are exposed to challenges including constrained interactions with seniors, limited support from team members and reduced exposure to role models and mentors. Other barriers that have been identified include limited policies on work-life balance, lack of clarity on advancement opportunities and lack of essential services at work.
Still, the picture is not all negative. In the UAE, the passing of a labour law in 2018 guaranteed equal pay for men and women who perform the “same work” or work of “equal value”. The following year, the UAE introduced three months’ paid maternity leave for government employees, placing pressure on the private sector to follow suit by increasing the number of days allotted to women, which currently stands at 45. Similarly, efforts to create a truly inclusive culture have led to a notable increase in participation by women in the UAE’s workforce, reaching 53 per cent in 2019, from 29 per cent in 1990. Elsewhere in the region, Saudi Arabia set out to achieve 30 per cent participation in the workforce by women as part of the country’s Vision 2030 campaign. As of 2019, that figure had reached 23 per cent, up from 16 per cent in 1990.
In paving the way for more progress, employers should look to seize opportunities that make a measurable difference in addressing these gender disparities by upscaling their organisational policies and increasing female participation in their activities. As an immediate step, it is essential to educate the workforce through awareness-based trainings on gender equality with the aim of countering gender-based stereotypes and biases. At Nissan, where I manage human resources for the region, we run unconscious bias trainings and continue to roll out awareness initiatives to encourage employees to become more mindful of them.
As the Middle East region continues to play catch up, female recruitment becomes all the more significant. Increased female participation in the workforce, especially in industrial sectors such as the automotive industry, delivers substantial economic and societal benefits, including an uptick in business performance, financial independence for women in society, improved well-being and accelerated economic growth.
Rolling out gender-sensitive recruitment processes that integrate a diversity policy as part of the application process and setting diversity quotas for senior positions are examples of actions that can be taken to address this disparity. In addition to upscaling recruitment and appraisal policies, Nissan’s own experience has found that offering women access to mentorship programs can help them pave their path towards career growth, increase talent retention rates and positively impact the business.
Lastly, maintaining workplace flexibility and extending unique benefits are moves that also make a variable difference in employee retention. The pandemic has really showcased the endless possibilities of remote working and how it is extremely effective. Therefore, it becomes crucial for employers to offer flexible working conditions and remote-working schemes to accommodate the evolving needs of the female workforce.
The pandemic, in many ways, has been an eye-opening phenomenon. However, it is up to us to decide whether we want to ignore its lessons or leverage them as opportunities for change and growth. The repercussions of gender disparity have proven to be substantial, while the benefits of eliminating this imbalance could really enhance social and economic outcomes for millions of women around the world. Now is the time for corporations to act and, as we embark on a new year, it is the perfect time to start introducing forward-thinking changes to the workplace.
Samar Elmnhrawy is vice president for human resources and general affairs at Nissan Africa, Middle East, India, Europe and Oceania
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Day 2, Dubai Test: At a glance
Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.
Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.
The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.
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THE SPECS
Aston Martin Rapide AMR
Engine: 6.0-litre V12
Transmission: Touchtronic III eight-speed automatic
Power: 595bhp
Torque: 630Nm
Price: Dh999,563
The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
On sale: now
Formula One top 10 drivers' standings after Japan
1. Lewis Hamilton, Mercedes 306
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 234
4. Daniel Ricciardo, Red Bull 192
5. Kimi Raikkonen, Ferrari 148
6. Max Verstappen, Red Bull 111
7. Sergio Perez, Force India 82
8. Esteban Ocon, Force India 65
9. Carlos Sainz Jr, Toro Rosso 48
10. Nico Hulkenberg, Renault 34
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Korean Film Festival 2019 line-up
Innocent Witness, June 26 at 7pm
On Your Wedding Day, June 27 at 7pm
The Great Battle, June 27 at 9pm
The Witch: Part 1. The Subversion, June 28 at 4pm
Romang, June 28 at 6pm
Mal Mo E: The Secret Mission, June 28 at 8pm
Underdog, June 29 at 2pm
Nearby Sky, June 29 at 4pm
A Resistance, June 29 at 6pm
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More coverage from the Future Forum
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
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.”
Our family matters legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Scoreline
Al Wasl 1 (Caio Canedo 90 1')
Al Ain 2 (Ismail Ahmed 3', Marcus Berg 50')
Red cards: Ismail Ahmed (Al Ain) 77'
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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.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE