Woman First in Abu Dhabi Chamber of Commerce and Industry Elections

Mabruka ya Fatima!

Details here.

Societal Attitudes Hold Back Saudi Women - Not Religion

It's fairly typical that when a businessman fears a competitor he seeks to disadvantage or bar them from competing.  And usually tries to find some high sounding reason to disguise the true reason.

It's refreshing to see this poll disabuse the notion that keeping women in an inferior state is founded on  Islam.  Rather it's founded on (a) traditional societal beliefs which have been conflated with Islam and (b) fear of competition. 

When a nation does not employ all its capital - human, financial, etc - its achievements are lower than if it did.

Emirati Women Hold AED 12.4 Billion (US$3.4 Billion) in Investments

Raja AlGurg (Al Qurq), President of the Council of Dubai Businesswomen, said at a press conference held in Dubai to announce the seventh competition for Emirates Prize for Businesswomen that there were 11,000  businesswomen in the UAE.  4,300 in Dubai, 3,200 in Abu Dhabi.  With AED12.4 billion (US$3.4 billion) in investments in a diverse range of assets: hotels, real estate, buildings, shares, etc.

Earlier post on women's wealth in the GCC.

Harassment of Women

SAA

A distressing article.

Much stern talk comes from self-proclaimed defenders of Islam about the conduct of women.

Since my own reading of the Qur'an (Sura AlNur as above)  suggests that there is an obligation on Muslim men as well, I have a question for these defenders of virtue and preventers of vice.

Does their failure to devote at least equal time to men's conduct reflect a determination that

1. there are no truly Muslim men in the country to admonish and so no need to speak up
   
2. that men - whether Muslim or not - cannot be taught morals (as apparently women can) and so such efforts would be without result?
   

As a side note, once Umm Arqala (of Shirk fil Baraada fame) was walking along the corniche in Cairo and some young lads made some rude comments.  She turned and asked them (in what she described as a rather loud voice)  if they respected their mothers and sisters.

As with the tahini episode, I was absent.   Local mutawi'iyn and their  unofficial ansar were strangely absent.  Remarkable as the corniche was packed.  Perhaps though it was filled with those from more permissive religions or none at all.   Later that day we were walking in those same steps.  When the young lads saw Umm and Abu Arqala approaching, they scurried away.   I'm guessing not hurrying to salat.

But God knows best.

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.

Bahrain Women Lead the Way

And on a sirat salim.

Honors well deserved.

Gulf Women's $40 Billion in Wealth - News or Marketing Campaign?

The local (GCC) press is abuzz with the story that women in the Gulf control US$40 billion in wealth.  Here and here.

And elsewhere, but you can Google that yourself.

However, since this was first reported in 2007, I guess we can draw the conclusion that the original 2007 article's statement that they have a conservative investment strategy of holding money market assets has been proven correct.  If they had invested in the market, they'd hold considerably less today.

Interesting how these news articles seem to be less about women's wealth than about the capacity of an investment firm to help them with it.