The Abu Dhabi Global Market and the World Bank's International Finance Corporation launched an initiative to support women-led start-ups across the Mena region.
The She Wins Arabia initiative provides advice, funding and mentorship to women-led businesses.
The entities will also provide opportunities to the start-ups to pitch their business plans to a panel of judges to secure financing and avail mentorship opportunities from potential investors, the IFC and ADGM said on Wednesday.
The start-ups will receive direct support from the IFC and the ADGM in building their business plans and in refining their business pitches.
“The UAE has made significant strides in the field of women empowerment and increased women’s presence in leadership positions and corporate boards of directors,” said Mohamed Al Hussaini, the UAE’s Minister of State for Financial Affairs.
“[The] IFC’s co-operation with the country to develop studies that support gender balance is another testament to the country’s constant efforts in this field, especially with the Cabinet’s direction to support small enterprises headed by Emirati women through microfinance, and empowering their transformation and integration within the SMEs sector while engaging them in e-commerce platforms."
Mena start-ups secured $1.03 billion in funding last year, up 13 per cent compared with 2019, according to data platform Magnitt. But only a fraction of it goes to women-led companies.
Six per cent of private equity and venture capital flows to female-led companies in the region, according to a report by the IFC and Oliver Wyman.
A 2019 report by Arabnet and The Mohammed Bin Rashid Establishment for SME Development showed that only 14 per cent of investment deals in the Mena region went to women-led start-ups.
Female-led start-ups in the UAE fared better comparatively. Total funding that went to women-led start-ups in the Mena region was double than that of the US in 2019, according to Magnitt.
But about 31 per cent of UAE women entrepreneurs suspect they face investor bias due to their gender, leading them to secure 5 per cent less capital than their male counterparts, the research revealed.
The Mena region is "brimming with talented women entrepreneurs whose ideas could help reshape the economies of the region”, said IFC managing director Makhtar Diop.
“Levelling the playing field and making the start-up space more inclusive is crucial for ensuring its growth and spurring economic development.”
She Wins Arabia, which is supported by the Women Entrepreneurs Finance Initiative (WeFi) and the government of the Netherlands, will cover Algeria, Egypt, Jordan, Morocco, Tunisia, the UAE, the West Bank and Gaza, and Yemen.
The initiative will also have a competition that will give women-led start-ups access to support and finance across the region, and network with funds, incubators and accelerators.
The initiative is part of IFC's efforts to close economic gaps between women and men in Mena region, the organisation said.
The region has one of the lowest female labour force participation rates in the world, at 20 per cent, but many countries such as the UAE and Saudi Arabia have been introducing various reforms to increase women's participation in the workforce.
Earlier this year, the UAE made it mandatory for all listed companies to have at least one female director on their boards.
The Emirates already has the highest level of women participating in the workforce – at 57.5 per cent in 2020 – of any country in the Mena region, the World Bank said in a blog post earlier this year.
On average, about 71 per cent of female adults in the GCC had an account at a financial institution in 2017, up from 65 per cent in 2014, according to the International Monetary Fund. Although this rate remains lower than for male adults (86 per cent in 2017), the gender gap has been narrowing in Bahrain, Kuwait and the UAE since 2014.
The share of female adults who are borrowing from financial institutions was around 11 per cent in 2017 on average, with 15 per cent in Kuwait and UAE – slightly higher than rates recorded in advanced economies.
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Under 19 World Cup
Group A: India, Japan, New Zealand, Sri Lanka
Group B: Australia, England, Nigeria, West Indies
Group C: Bangladesh, Pakistan, Scotland, Zimbabwe
Group D: Afghanistan, Canada, South Africa, UAE
UAE fixtures
Saturday, January 18, v Canada
Wednesday, January 22, v Afghanistan
Saturday, January 25, v South Africa
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
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The Orwell Prize for Political Writing
Twelve books were longlisted for The Orwell Prize for Political Writing. The non-fiction works cover various themes from education, gender bias, and the environment to surveillance and political power. Some of the books that made it to the non-fiction longlist include:
- Appeasing Hitler: Chamberlain, Churchill and the Road to War by Tim Bouverie
- Some Kids I Taught and What They Taught Me by Kate Clanchy
- Invisible Women: Exposing Data Bias in a World Designed for Men by Caroline Criado Perez
- Follow Me, Akhi: The Online World of British Muslims by Hussein Kesvani
- Guest House for Young Widows: Among the Women of ISIS by Azadeh Moaveni
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
if you go
The flights
Emirates fly direct from Dubai to Houston, Texas, where United have direct flights to Managua. Alternatively, from October, Iberia will offer connections from Madrid, which can be reached by both Etihad from Abu Dhabi and Emirates from Dubai.
The trip
Geodyssey’s (Geodyssey.co.uk) 15-night Nicaragua Odyssey visits the colonial cities of Leon and Granada, lively country villages, the lake island of Ometepe and a stunning array of landscapes, with wildlife, history, creative crafts and more. From Dh18,500 per person, based on two sharing, including transfers and tours but excluding international flights. For more information, visit visitnicaragua.us.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
Engine: 5.6-litre V8
Transmission: seven-speed automatic
Power: 400hp
Torque: 560Nm
Price: Dh234,000 - Dh329,000
On sale: now
UAE currency: the story behind the money in your pockets
