The report calls for proportional representation of women in multilateral organisations at every level. Getty
The report calls for proportional representation of women in multilateral organisations at every level. Getty
The report calls for proportional representation of women in multilateral organisations at every level. Getty
The report calls for proportional representation of women in multilateral organisations at every level. Getty

Women took just a 10th of world's top jobs since 1945


Marwa Hassan
  • English
  • Arabic

Women have held 12 per cent of the top positions at 33 of the largest institutions since 1945, according to a report.

More than a third of the organisations, including the four largest development banks, have never been led by a woman, said the study by GWL Voices for Change and Inclusion.

Five have had a female president once in their history, including the current head of the World Trade Organisation, Ngozi Okonjo-Iweala.

The study listed 13 institutions that have never been headed by a woman since the end of the Second World War, including the World Bank, the UN, the International Atomic Energy Organisation and the Food and Agriculture Organisation.

The report, which will be released during this week’s meeting of the UN Commission on the Status of Women, calls for proportional representation of women in multilateral organisations at every level, from field offices to headquarters, in secretariats and governing bodies.

Maria Fernanda Espinosa, a former Ecuadorean foreign minister who served as president of the UN General Assembly from 2018-2019, said: “The truth is that numbers matter.

“But I also believe that women bring this combination of leadership, wisdom and empathy, and sometimes an even greater understanding of what is happening in the world.”

Since 1945, the institutions studied have had 382 leaders, 47 of them women, the report showed. Despite recent progress, one-third of the institutions are currently headed by women.

WTO director general Ngozi Okonjo-Iweala opens a ministerial conference in Geneva in 2022. Reuters
WTO director general Ngozi Okonjo-Iweala opens a ministerial conference in Geneva in 2022. Reuters

GWL Voices said it would release a more extensive version of the report in September that would also look at the senior management teams and governing bodies of the 33 institutions. It said it was pushing for governance reforms that could “accelerate the transition to gender-balanced leadership”.

The report also revealed that women’s representation is slightly better in organisations in charge of areas such as children, food, population and health.

But men dominate the fields of politics, finance, international development, labour, nuclear energy, intellectual property, meteorology, agriculture, industrial development, and maritime affairs.

The information in the report is based on publicly available sources, such as institutional websites that list the name, nationality and gender of leaders. Data was gathered in January and February.

There has been a notable recent focus on women in the workforce, particularly gender disparities in pension provisions.

Women in the UK are facing shortfall of £123,000 in their retirement pots compared to men, according to pension provider Scottish Widows.

This gap is primarily driven by gender imbalances in pay, working patterns and time off for childcare. While there has been a slight improvement in the outlook for young women over the years, the disparity remains stark.

According to research, the average 25-year-old woman is on track to retire with £100,000 less in her pension than a man. This shortfall represents an additional 16 years of work, meaning she would have to retire at 81 to reach the same level of pension.

These imbalances have been affecting women for generations and continue to persist, compounded by the gender pay gap.

Despite the bleak outlook, there are actions women can take to improve their financial security in retirement, according to Scottish Widows.

Firstly, women should start saving for their pensions as early as possible, and seek advice on investment options that align with their goals. Secondly, women should consider working longer or delaying retirement to maximise their retirement savings. Finally, women should be paid fairly and equal opportunities to progress in their careers.

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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.

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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

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Price, base: Dh105,900 (Premium); Dh115,900 (Sport)

Engine: 2.5-litre four-cylinder

Transmission: Continuously variable transmission

Power: 182hp @ 5,800rpm

Torque: 239Nm @ 4,400rpm

Fuel economy, combined: 8.1L / 100km (estimated)

Episode list:

Ep1: A recovery like no other- the unevenness of the economic recovery 

Ep2: PCR and jobs - the future of work - new trends and challenges 

Ep3: The recovery and global trade disruptions - globalisation post-pandemic 

Ep4: Inflation- services and goods - debt risks 

Ep5: Travel and tourism 

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Stars: Dave Bautista, Ella Purnell, Omari Hardwick, Ana de la Reguera

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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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.”

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

While you're here
Jetour T1 specs

Engine: 2-litre turbocharged

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Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Updated: March 07, 2023, 12:23 PM