From a Yemeni human rights activist who escaped two child marriage pacts to an Abu Dhabi women’s sport advocate and a Kuwaiti eco campaigner, the Arab Women of the Year 2022 event in London was packed with talented and inspiring females.
Royalty, politicians, diplomats, show business stars and leading figures from the Arab business community filled the ballroom at the five-star Carlton Tower Jumeirah in London’s Knightsbridge for the glittering event, which was hosted by the London Arabia Organisation, which celebrates the close ties between Britain and the Arab world, and The Bicester Collection.
In the first incarnation of the awards ceremony — which started in 2014 — since the start of the pandemic, the talents of women from across the Arab world were recognised.
The LAO also used the occasion to unveil its Unlock Her Future campaign which strives to ensure young girls can have access to basic education and healthcare and are protected from violence such as honour killings and child marriage.
“No one can deny that our culture gives woman great respect. Women are highly respected in the Arab world but at the same time, we often overlook their struggle, as well as their success,” Omar Bdour, chief executive of the LAO, told guests at the event.
“At the Arab Women of the Year Awards, we have always tried to give them a platform where their achievement is recognised.”
Star guests included Sophie, Countess of Wessex, as well as Egyptian actress Yasmine Sabri, Manar Dabbas, Jordan's Ambassador to the UK, Fahy Afana, the founder of the UAE-based Fast Building Contracting Company, and Lord Purvis of Tweed, a member of the House of Lords.
Guests dined on Scottish salmon and avocado tacos, followed by sea bass cooked with harra sauce and warm walnut brownies as they listened to the inspiring stories from across the Arab world.
At the event, the LAO unveiled its Unlock Her Future campaign which strives to ensure young girls have access to basic education and healthcare and are protected from violence in the form of honour killings and child marriage.
Egyptian star Sabri, the LAO ambassador for the campaign, said the initiative aims to empower Arab girls and help them gain the skills and confidence to achieve their full potential. She stressed that change is needed to ensure all females have access to basic rights and education and to prevent child marriage and violence against women.
“This is a year-long initiative aimed at providing a better future for every young girl and presenting her with opportunities for success,” Sabri told delegates at the event.
“Regardless of her background, we believe in addressing the harsh obstacles young Arab girls face in the world.”
The campaign's focus on child marriage was lauded by award winner Nada Al-Ahdal, a human-rights activist from Yemen, who escaped two child marriage pacts arranged by her parents for her.
Ms Al-Ahdal came to international attention in 2013 when she posted a video on YouTube telling the world her story of child marriage and exposing the practice in Yemen.
The young campaigner has since set up the Nada Foundation with the support of the Yemen’s prime minister. It has taught 400 girls English as well as offering educational scholarships and raising awareness of child marriage.
“I would like to dedicate this prize to His Royal Highness Prince Mohammed bin Salman [of Saudi Arabia] for putting rules to prevent child marriage and prohibit the stealing of girls under the age of 18 and the president of Egypt for also protecting girls from being victims in child marriage,” Ms Al-Ahdal said, ripping up a piece of paper on stage with the words “Stop Child Marriage” on them, as she accepted the award for Achievement in Social Awareness.
“I hope this will pave the way for other countries to do the same.”
Other award winners included Abu Dhabi’s Sheikha Fatima bint Hazza, an ambassador of cultural development in the UAE and patron of art.
As chairwoman of the Fatima bint Hazza Cultural Foundation and the Sheikha Fatima bint Mubarak Ladies Sports Academy, she empowers women to be successful in sport and in their communities — work that secured her the prize for Achievement in Culture.
Meanwhile, Jordanian journalist Caroline Faraj, the CNN vice president and editor in chief for Arabic Services, was awarded the Achievement in Media prize. Bahrain’s Shaikha Rana AlKhalifa secured the Achievement in Social Leadership award for her role as secretary general of the country’s Higher Education Council.
The Achievement in Business award went to Oman’s Areej Mohsin Darwish, the chairwoman of the Automotive, Construction Equipment and Renewable Energy cluster of Mohsin Haider Darwish LLC.
And 25-year-old Fatema Al Zelzela, the founder of the Eco Star Project in Kuwait, was given the Youth Achievement in Environmental Impact accolade for her efforts to boost recycling and sustainability in the Gulf state.
The Achievement in Community Service trophy went to Magi Gobran, known affectionately as 'Mama Maggie', for her dedication to helping needy children gain access to education and lead dignified lives through the Stephen’s Children’s Foundation, which she set up in Egypt in 1988.
Separately, Morocco’s Dr Leila Benali, a former Saudi Aramco energy policy leader and now the Minister of Energy Transition and Sustainable Development in the African nation, was awarded the Achievement in Sustainable Development Leadership, while Sheika Alanoud al-Thani, the chief executive of Qatar Financial Centre, received the Achievement in Financial Services accolade.
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.”
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Ten tax points to be aware of in 2026
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
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The biog
Birthday: February 22, 1956
Born: Madahha near Chittagong, Bangladesh
Arrived in UAE: 1978
Exercise: At least one hour a day on the Corniche, from 5.30-6am and 7pm to 8pm.
Favourite place in Abu Dhabi? “Everywhere. Wherever you go, you can relax.”
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Try out the test yourself
Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer
Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer
Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer
The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania.
Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).
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- Premier League-standard football pitch
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- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
