In December 2012 the Government of the UAE made it compulsory for "companies and government entities" to appoint women on to their boards of directors. Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, made the announcement tweeting his ambition for women to have "a strong presence in decision-making positions in our institutions".
This declaration demonstrates the significance the UAE cabinet places on this issue, and not without merit. Indeed, in the UAE, our businesswomen are already being credited for their achievements. The latest Arabian Business poll of the 100 most powerful Arab women, awarded one quarter of the places to Emirati women.
Anecdotal evidence points towards women improving the overall dynamic of a board of directors by bringing increased emotional intelligence to debates and decision-making; greater levels of preparation for board meetings; and a deeper emphasis on making a truly valuable contribution to the organisation. However, at the heart of the issue is the need to recognise the value of supporting diversity and inclusion within our teams throughout the region by implementing flexible working options and HR policies conducive to this diversity.
There have been several studies on the correlation between mixed-gender boards and company performance, and many find strongly positive results. Studies have shown that diverse groups of directors tend to make more prudent decisions and in the Financial Review, David Carter, Betty Simkins and Gary Simpson found a correlation between enterprise value and diversity on the board.
In addition, a study of Fortune 500 companies by Catalyst found that from the perspective of return on invested capital, that companies with the highest proportion of female board directors outperformed those with the least by 66 per cent. Credit Suisse Research Institute also found that over the past six years, companies with at least one woman on the board would have outperformed stocks of companies with no women in those positions by 26 per cent.
In the UAE, according to a report by Al Masah Capital, women own or run about 30 per cent of small and medium-sized enterprises (SMEs). The Arab Women Leadership Outlook suggests that one in every eight firms in the Middle East and North Africa region is female-owned and more than 30 per cent of women entrepreneurs in the region owned large firms employing more than 250 workers.
Last year, the Pearl Initiative interviewed representatives from more than 100 family-owned firms in the GCC and found that 32 per cent had mixed-gender boards. This contrasts with women holding only 1.5 per cent of board positions in listed companies across the GCC. However, while having a representative and diverse board is important, it is vital that board members are appointed based on appropriate merit and speci¿c skill sets rather than simply as a result of their gender or for regulatory box-ticking. This is where creating a formal corporate governance structure comes into play; implementing these frameworks helps businesses achieve a more ef¿cient and streamlined corporate structure, one that both men and women can be proud to be a part of.
Companies often lose high-performing women at mid-management levels as they leave to have children, feeling that they cannot combine work commitments with family commitments. This does not have to be the case. Organisations in the region that manage to successfully retain and promote women do so by providing strong HR collaborative support at pivotal points in their careers, creating structured mentoring programmes, and developing networking opportunities.
Therefore, to make a real stride towards equal opportunity in the workplace, a more flexible approach to working needs to be adopted to ensure that the numbers of women in leadership positions grow, rather than decline. For example, more companies and organisations should consider offering part-time or flexible working hours to allow mothers to work around their family commitments. The law in this area was updated in 2011 with the introduction of the region's first part-time work permit as announced by the Ministry of Labour, but this is not yet a widely used system and many are not aware this option is open to them. According to a recent study by the Federal Authority for Government Human Resources of 7,876 working women, there is a growing need for better HR practices that benefit working women in the UAE, since 72 per cent of those surveyed said they would prefer the option of part-time employment to enable them to dedicate time to their children.
An increased female presence in the boardroom along with suitable policies in the workplace, hand-in-hand with the clear message from the leadership of the UAE in support of these goals, will undoubtedly create many more role models for our future generation of young women leaders.
As our father the late president of the UAE, Sheikh Zayed, said: "Nothing could delight me more than to see the woman taking up her distinctive position in society. Nothing should hinder her progress. Like men, women deserve the right to occupy high positions according to their capabilities and qualifications." It is our duty to honour this ambition.
Badr Jafar is the founder of The Pearl Initiative and the managing director of the UAE's Crescent Group
What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
The biog
Favourite Quote: “Real victories are those that protect human life, not those that result from its destruction emerge from its ashes,” by The late king Hussain of Jordan.
Favourite Hobby: Writing and cooking
Favourite Book: The Prophet by Gibran Khalil Gibran
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Killing of Qassem Suleimani
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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.”
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
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THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
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How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
BRAZIL SQUAD
Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
Mobile phone packages comparison
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Family reunited
Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.
She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.
She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.
The couple were married in August 2009 in Winchester and their daughter was born in June 2014.
She was held in her native country a year later.
