Artists paint a mural on a barrier wall at the Ministry of Women's Affairs to mark International Women's Day in Kabul, Afghanistan. AP
Artists paint a mural on a barrier wall at the Ministry of Women's Affairs to mark International Women's Day in Kabul, Afghanistan. AP
Artists paint a mural on a barrier wall at the Ministry of Women's Affairs to mark International Women's Day in Kabul, Afghanistan. AP
Artists paint a mural on a barrier wall at the Ministry of Women's Affairs to mark International Women's Day in Kabul, Afghanistan. AP

International Women's Day: Women can help 'turbo charge' Arab economies but reforms needed


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Women can help “turbo charge” the economies of Middle East nations by filling the jobs of the future, according to the authors of a major new report.

Research led by McKinsey & Company, the global management consultancy firm, reveals that technological job opportunities for women in the region could more than double by the end of the decade, to 11 million, with development of artificial intelligence among the innovations responsible.

However, it also found that major shake-up of society, legal systems and schools are needed if women are to reach their potential, and drive up low rates of female participation in the workforce.

The report found that despite some progress being made in the UAE and other Arab nations, women still faced unequal laws, a lack of flexibility from some businesses and cultural barriers which held them back in the world of work.

There are indeed deeply rooted societal and mindset shifts required to unlock the opportunity of gender parity

Women are “not yet sufficiently integrated” into high-productivity sectors in the Middle East, nor are they equipped with the technological skills to take advantage of the new opportunities, said Rima Assi, a senior partner at McKinsey and an author of the report.

She called for a “paradigm shift” in the years to come to address the challenges, with the release of the report timed to coincide with International Women’s Day.

“Many countries and organisations have made significant progress by implementing policies and creating environments that lead to greater parity,” Ms Assi said. “There is real momentum, yet challenges remain.

“There are indeed deeply rooted societal and mindset shifts required to unlock the opportunity of gender parity. This unlock is a critical one - and does have significant second and third order effects for the stability not only of the region, but of the global economy.”

The report looked at the UAE, Saudi Arabia, Jordan, Kuwait, Lebanon, Oman, and Egypt, collectively home to almost 80 million women. Despite high female education levels, just under a quarter in the countries participated in the workforce – a figure around half of the global average.

While in the UAE gender inequality in areas of education and digital exclusion were classed as low, there was an “extremely high” gender gap in relation to professional and technical jobs and legal protections, the report found. There were five men for every woman in professional and technical jobs in the country – the highest disparity of all nations examined.

Rima Assi said there are 'deeply rooted societal and mindset shifts required' to reach gender parity in much of the Middle East. Pawan Singh / The National
Rima Assi said there are 'deeply rooted societal and mindset shifts required' to reach gender parity in much of the Middle East. Pawan Singh / The National

“Legal protection seems to be stagnant across all GCC countries, with clear gaps in legislative frameworks,” the report states. “A supportive legislative and regulatory environment is vital for helping women manage assets, open a bank account, enter certain professions, or start a business.”

Among the recommendations are for new measures to be introduced to encourage girls in science, technology, engineering and science subjects in school.

Although a “reverse gender gap” has emerged at universities with more women than men enrolled, a disproportionate number of females tend to study subjects in areas such as arts and education, potentially leaving them without the skills to benefit from new technologies.

It also calls for legislative changes across the region to ensure that women are paid equally, to prevent discrimination from banks based on gender, reform to parental leave and better provision of child care.

Employers should consider setting targets for recruiting more women and adopt more flexible working policies, the report said. Women should also “empower themselves” through “grit and resilience”, the authors claimed.

“Focusing on internal factors that are within their control contributes towards creating gender parity,” they wrote. “This involved having the confidence and self-value to speak up, and women owning their space and their voice”.

A Dubai-based chief executive, who was quoted anonymously in the report, said: “In previous studies, we found cultural barriers, organisational policies barriers, and self-imposed barriers.

“In many cases, women defeat themselves and give up too soon. All three types need to be tackled if we want more women to become corporate leaders.”

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

The specs

Engine: 4 liquid-cooled permanent magnet synchronous electric motors placed at each wheel

Battery: Rimac 120kWh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry

Power: 1877bhp

Torque: 2300Nm

Price: Dh7,500,00

On sale: Now

 

Ain Dubai in numbers

126: The length in metres of the legs supporting the structure

1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch

16 A380 Airbuses: The equivalent weight of the wheel rim.

9,000 tonnes: The amount of steel used to construct the project.

5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place

192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.

How to donate

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
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Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20FinFlx%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20January%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Amr%20Yussif%20(co-founder%20and%20CEO)%2C%20Mattieu%20Capelle%20(co-founder%20and%20CTO)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%20in%3A%3C%2Fstrong%3E%20Dubai%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%241.5m%20pre-seed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Venture%20capital%20-%20Y%20Combinator%2C%20500%20Global%2C%20Dubai%20Future%20District%20Fund%2C%20Fox%20Ventures%2C%20Vector%20Fintech.%20Also%20a%20number%20of%20angel%20investors%3C%2Fp%3E%0A
Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A

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.”

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Alan%20Wake%20Remastered%20
%3Cp%3E%3Cstrong%3EDeveloper%3A%20%3C%2Fstrong%3ERemedy%20Entertainment%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Microsoft%20Game%20Studios%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PlayStation%204%20%26amp%3B%205%2C%20Xbox%3A%20360%20%26amp%3B%20One%20%26amp%3B%20Series%20X%2FS%20and%20Nintendo%20Switch%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour