Women's Wealth in the GCC (No, Not a Marketing Pitch)

AlQabas had an article on the topic in its 12 December issue.

Unlike a previous article this is not a marketing pitch by some firm about how it can help wealthy GCC women manage their wealth, but a more serious discussion of women's place in Arab national economies.

Some highlights:

As per Kuwaiti businesswoman and economic expert, Safa AlHashim:

1. Between 2007 and 2008 the wealth controlled by Saudi women increased from SAR 412 billion (US$110 billion) to SAR 600 billion (US$160 billion).  (AA:  If you're wondering how a change from SAR 412 million to SAR 600 million works out to a 68% increase,  it would appear you've never spoken a Kuwaiti investor.  It may even be an 86% increase by now.)
2. Within the GCC women controlled US$346 billion in 2008. (AA:  I suspect this refers to the total assets under control.  So, for example, if a women controlled a company with $100 million in assets and $25 million in capital, the higher number would be used.  But that is not specified in the article.  It would be highly useful if it were).
   
3. Saudi women retained their number #1 position in 2008.  
4. Kuwaitias were #2 with US$75 billion, Emiratias US$55 billion, Qatarias US$35 billion, Bahrainias US$12 billion and Omanias US$9 billion.
5. GCC women's personal wealth was US$ 40 billion.  (AA:  This is the reason for my comment in #2 above).
   
6. It's expected that by 2011 the amount under control will be US$385 billion.
7. Saudi women have 11 billion in current accounts (not specified if US$ or SAR).  They own 40% of all family companies, almost a third of all brokerage accounts, and control 20% of the capital of Saudi mutual funds.  (AA:  It appears that the first two metrics are by number of accounts and companies and not by value thereof).
   
8. Women in the GCC constitute between 15 to 25% of the actual work force.
9. Women should be given their proper role in the economy as they can serve as a key to development.

The article then quotes Dina Quduh from the Union of Arab Banks:

1. Arab women's participation in the labor force is increasing.
2. However, the Arab World needs to create 100 million jobs before 2020 to absorb the growth in the potential work force.  At 2020 it's expected that the Arab World will have 300 million inhabitants - most of them between 12 and 24 years old.
3. Women are 50% of the potential work force, but are underutilized.  Their unemployment rates are between 20 to 40%. 
4. The average women's employment in the Arab World is 32.7% with the lowest percentage in Oman and highest in Qatar.

Finally, Bahraini banker, Najah AlAli is quoted as attributing the low level of women's participation in leadership roles in the banking and finance sector to local culture, established ideals of the inferiority of women, and concepts about their intellectual and leadership skills.  She also blamed a lack of implementation of laws and regulations for equality as well as weakness in co-ordination between the public and private sector in setting and implementing a national strategy.