on education. Access to quality education has increased significantly for girls and women, leading to a more skilled and knowledgeable female workforce. This educational empowerment has opened doors to opportunities in diverse fields including science, technology, engineering, and mathematics (STEM). One of the key drivers of this change is the recognition that the full participation of women in the economy can significantly boost economic growth. According to the World Bank, increasing women’s participation in the labour force can have a substantial impact on a country’s GDP. In the GCC, where the youth population is large and the need for job creation is paramount, harnessing the potential of women is essential. Spearheaded by the United Arab Emirates (UAE) and Saudi Arabia, the region has witnessed substantial changes in recent years. The UAE launched an empowerment plan for Emirati women in 2015 as part of the region’s commitment to addressing the United Nations’ Sustainable Development Goals (UNSDGs). This was accompanied by the UAE’s decision to revise the Federal Crime and Punishment Law in the previous year, strengthening women’s rights. Gender Lens Investing (GLI) in the UAE is playing a significant role in empowering women entrepreneurs, fostering start-ups creation, and increasing the likelihood of producing future unicorns, thus contributing to robust, resilient economies. GLI involves integrating gender analysis into investment decisions, a commitment made by 193 countries in 2015 to achieve the 17 Sustainable Development Goals (SDGs) by 2030. The remarkable progress made by businesswomen in the area is led by the UAE where 11% of venture capital funding went to female-only founders last year, a stark contrast to the international average of 3%. Furthermore, the UAE is the second country in the world to mandate the inclusion of women on corporate and government boards of directors. Hana A -Rostamani, hailing from the enterprising A W Rostamani Group, has become the first female CEO of First Abu Dhabi Bank (FAB), the largest bank in the UAE with total assets of $312 billion as of June-end 2023. For Saudi Arabia, women’s empowerment is a pivotal element of Vision 2030. Since the inception of this visionary plan, women in the country have gained the right to drive, travel independently, and have made significant inroads into the workforce. These reforms are not only empowering women but also encouraging them to establish and promote their businesses. The Forbes list of the 50 most influential and successful businesswomen in the Middle East and North Africa (Mena) region this year featured women from 19 different nationalities, with the UAE and Egypt leading the pack, followed by Saudi Arabia, Morocco, Kuwait, and Oman. In 2020, Saudi Arabia recorded the most significant improvement on the World Bank’s “Women, Business and the Law index,” which identifies legal barriers to women’s economic opportunities. These reforms have translated into numerous success stories within the regional business landscape. Sarah Al Suhaimi, Chairperson of Saudi Tadawul, the Saudi stock exchange, is one
such exemplary figure in the region. She leads efforts to align the group with global standards and best practices and is the first woman to head the Saudi stock exchange, traditionally considered a male-dominated domain. In her role, Al Suhaimi is contributing to the development of an advanced capital market, a core pillar of Saudi Arabia’s Financial Sector Development Programme as it strives to realise Vision 2030. She also serves as a board member of several companies, including the Saudi Telecom Company, the Saudi Arabian Airlines Public Agency, and the Cultural Development Fund. Qatari Hanadi bint Nasser Al Thani is another influential figure. She founded Amwal, an investment company, in 1998 and later initiated the $3.2 billion Al Wa`ab City, a real estate development project in Doha. The increasing representation of women in pivotal decision-making roles across public and private sectors in the GCC is not only inspiring the next generation but also enhancing women’s visibility in the workplace and their contributions to success. Nonetheless, being a woman in the GCC market presents both challenges and advantages. The global pandemic laid bare fundamental gender inequalities across various sectors, from the economy and workplace to healthcare and unpaid childcare, as highlighted by UN Women. Moreover, in a region where traditional gender roles are prevalent, women are often expected to balance their careers with full household responsibilities. However, regional leadership has proactively addressed these challenges by creating clear pathways and strategies for women’s empowerment. This has led to women occupying high-level decision-making positions in both corporate and government realms, further promoting gender equality and inclusivity. The GCC countries have embarked on a transformative journey towards empowering women and recognizing their pivotal role in driving economies, businesses, and startups forward. Education, workplace inclusivity, and the rise of women in leadership positions are all contributing to this positive shift. As women in the GCC continue to break down barriers and seize opportunities, they are not only transforming their own lives but also reshaping the future of the region’s economies. Women in the GCC are making significant strides in the business world, empowered by progressive reforms and a commitment to gender equality. These women are not only contributing to economic growth but also inspiring future generations and challenging traditional gender norms, ultimately reshaping the landscape of business and society in the region. The progress made so far is a testament to the determination and resilience of GCC women. By fostering an environment that values and supports gender diversity, the GCC nations are not only harnessing the potential of their female populations but also positioning themselves for sustainable economic growth and innovation in the years to come. As the GCC moves forward, it is increasingly clear that the empowerment of women is not just a goal but a fundamental driver of progress and prosperity.
16 Federation of GCC Chambers
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