Sumeet Sandhu, the Investment Products Manager of Branch Banking at Barclays bank, pictured at her workplace in Dubai on June 4, 2009.
Sumeet Sandhu, the Investment Products Manager of Branch Banking at Barclays bank, pictured at her workplace in Dubai on June 4, 2009.

Banks in touch with feminine side



Some banks in the UAE have started making their workplaces more accommodating for women ­employees. The changes include offering women more flexibility to juggle a career and the demands of motherhood; choosing female candidates over males when credentials are the same; and creating programmes to help women advance in the company. At least two banks offer new mothers additional time off. The law requires 45 days of maternity leave in which the employees receive full benefits and their positions are secure. Barclays allows new mothers to take an additional 180 unpaid days while HSBC offers four extra months, with the first two months on half pay and two more months unpaid. "To recruit and retain the best talent, a company has to adapt to the needs of the workforce where it is possible," says Ammar Shams, the head of human resources for HSBC in the UAE. Both banks also allow new mothers to return part time or work hours that would accommodate their family duties, in some cases. Special programmes or preferences for hiring members of one demographic group over others has long been used in some western labour markets, which introduced them to increase under-represented groups. The UAE banks, too, have made attempts to increase the ranks of employees who are nationals. Barclays' flexible schedule for new mothers is part of its global Diversity and Inclusion campaign launched last year. The campaign identified recruiting and training women in the emerging markets as a goal, says Fiona el Bassuni, the head of monitoring and training at Barclays in the UAE. As part of that programme, the bank in the UAE also launched its Women's Leadership Programme in April. In general, men outnumber women on the staff, with the gap significantly wider at the senior management and executive levels, Ms el Bassuni says. Barclays selects five women who are in middle management to work on projects outside their departments. These women will work closely with executives. "The goal is to increase the management and leadership skills of the women and to increase their visibility within the organisation," Ms el Bassuni says. One of the women in the programme, Sumeet Sandhu, has lofty goals. "I want to be the managing director of Barclays at country level," says Ms Sandhu, who is the manager of investment products for branch banking. She has been at Barclays for more than two years. On top of her work duties, Ms Sandhu is now working on a project with the head of the treasury to create an operating manual for sales of foreign exchange and derivatives. Working on the project "benefits me in terms of boosting my skills and interest, which I could possibly move with in the future", she says. Ms el Bassuni says the bank's performance review of management gauges the level of diversity, especially the portion of women and nationals on the staff. But she added that the company does not encourage diversity at the expense of meritocracy. "We will not ever say you should promote this person because she is a woman, but we could say if there are two equal candidates you can select the woman," Ms el Bassuni says. The National Bank of Abu Dhabi (NBAD) also has an affirmative action programme to favour women. "If we have two identical candidates, we may pick the woman but they really would have to be exact in their capabilities," says Ehab Hassan, the bank's corporate head of human resources. Mr Shams says that although the programmes benefit all women, many were originally designed to attract Emirati women. Today, at many banks, Emirati women already outnumber their male counterparts. At NBAD, for instance, women make up 450 of the 750 nationals employed. "In general, Emirati women tend to do better in banking," Mr Hassan says. "Why? I can't put my finger on it but maybe because banking is about customer service and women are better at it naturally." mjalili@thenational.ae

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Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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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.”

In numbers

- Number of children under five will fall from 681 million in 2017 to 401m in 2100

- Over-80s will rise from 141m in 2017 to 866m in 2100

- Nigeria will become the world’s second most populous country with 791m by 2100, behind India

- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100

- an average of 2.1 children per woman is required to sustain population growth

Ukraine

Capital: Kiev

Population: 44.13 million

Armed conflict in Donbass

Russia-backed fighters control territory

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Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
  • Drones
  • Animals
  • Fireworks/ flares
  • Radios or power banks
  • Laser pointers
  • Glass
  • Selfie sticks/ umbrellas
  • Sharp objects
  • Political flags or banners
  • Bikes, skateboards or scooters
Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

MATCH INFO

Kolkata Knight Riders 245/6 (20 ovs)
Kings XI Punjab 214/8 (20 ovs)

Kolkata won by 31 runs

Company Profile:

Name: The Protein Bakeshop

Date of start: 2013

Founders: Rashi Chowdhary and Saad Umerani

Based: Dubai

Size, number of employees: 12

Funding/investors:  $400,000 (2018)