The Covid-19 pandemic is likely to exacerbate gender income inequality and overall wellbeing of women in least-developed countries, as their economies struggle to stage a recovery, the United Nations Conference on Trade and Development (UNCTAD) and Enhanced Integrated Framework (EIF) said in a joint report.
"We had a long way to go to fix the world’s gender gap, and the pandemic has made the journey even more arduous, especially in the world’s poorest countries, where the challenges facing women are even more dire," said Ratnakar Adhikari, head of the EIF.
“But if we’re committed to transforming the lives of women across the globe, we have to start with the least developed countries," he added.
Least developed countries, also known as LDCs are a group of 46 nations with more than 1 billion population that are heavily reliant on few exports for revenue.
Export-focused industries also have a significant female workforce, however, their participation is precarious and reliant on the various vagaries of the global trade system and markets.
LDCs in Africa derive their source of income from agricultural goods and minerals. Asian LDCs on the other hand are reliant on textile exports as well as tourism services, in the case of small islands.
While the LDCs have largely escaped the brunt of a mass health crisis, their populations, which are very reliant on global trade, export and exchange have been severely impacted. An estimated 32 million people were pushed into extreme poverty last year, according to UNCTAD.
Women who work in tourism, horticulture and textile industries have been the hardest by the pandemic, according to the study.
As the global economy slowly revives after months of intense lockdowns and mobility restrictions, UNCTAD and EIF warn that women will benefit less than men due to the different roles played by each gender across various sectors.
For instance, women in LDCs account for up to 45 per cent of all employment in agriculture. However, gender segregation restricts them in subsistence farming due to the traditional roles as providers of food security to families.
“This means that women working in agriculture in LDCs earn less than men and are less able to take advantage of export opportunities,” said Simonetta Zarrilli, head of UNCTAD’s trade, gender, and development programme.
Gender value chain analyses in key agricultural export sectors in order to identify gender gaps and formulate policies targeting barriers facing women are needed to encourage their continued productive participation in the workforce.
The report also cited revisions to customary laws that prevent women from owning land and property that would help them accessing credit.
"Solutions may include policies to boost women’s participation in extension services as well as targeted loan programmes for women in key export sectors," the study noted.
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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.
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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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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Fourth Arab Economic and Social Development Summit
As he spoke, Mr Aboul Gheit repeatedly referred to the need to tackle issues affecting the welfare of people across the region both in terms of preventing conflict and in pushing development.
Lebanon is scheduled to host the fourth Arab Economic and Social Development Summit in January that will see regional leaders gather to tackle the challenges facing the Middle East. The last such summit was held in 2013. Assistant Secretary-General Hossam Zaki told The National that the Beirut Summit “will be an opportunity for Arab leaders to discuss solely economic and social issues, the conference will not focus on political concerns such as Palestine, Syria or Libya". He added that its slogan will be “the individual is at the heart of development”, adding that it will focus on all elements of human capital.
Roll of honour: Who won what in 2018/19?
West Asia Premiership: Winners – Bahrain; Runners-up – Dubai Exiles
UAE Premiership: Winners – Abu Dhabi Harlequins; Runners-up – Jebel Ali Dragons
Dubai Rugby Sevens: Winners – Dubai Hurricanes; Runners-up – Abu Dhabi Harlequins
UAE Conference: Winners – Dubai Tigers; Runners-up – Al Ain Amblers
