Women's wealth in the Middle East is set to grow at a 9 per cent compound annual growth rate (CAGR) of 9 per cent up to 2023, according to the Boston Consulting Group.
Females account for 24 per cent of $3.2 trillion (Dh11.7tn) of total assets under management in the Middle East, according to 2019 BCG data, published on Monday. The women's wealth share includes $103bn in the UAE and $224bn in Saudi Arabia.
The segment is expected to grow at a CAGR of 8.3 per cent in the UAE and 5.1 per cent in Saudi Arabia. However, BCG said wealth managers must shift their culture to become more inclusive and adopt a more personalised approach.
"Examining preconceptions about female investors, moving beyond labels to treat the individual, and adopting an objective-based and evidence-backed advisory approach will enable wealth managers to ensure the full potential of women is realised in the decade ahead," said Mustafa Bosca, managing director and partner at BCG in the Middle East.
When women invest, they do a better job than men, according to a 2018 study by Warwick Business School in the UK. Women trading shares and funds made a 1.94 per cent average gain above the market compared to men’s 0.14 per cent, it found.
Meanwhile an April BCG report titled Managing the Next Decade of Women's Wealth, found that women across the globe are amassing greater wealth than before, adding $5tn to the pool every year and now accounting for 32 per cent of global wealth.
The consulting firm said it expects women's wealth to outpace global wealth growth over the next several years, despite the economic impact of the coronavirus.
From 2016 to 2019, women accumulated wealth at a CAGR of 6.1 per cent. Over the next four years, that rate will accelerate to 7.2 per cent, BCG said.
"The expected rise in women's wealth in the Middle East is especially noteworthy," the report said. "Greater political and economic stability across the region and improving healthcare and educational access for women are fanning the expected 9 per cent CAGR."
The report cites examples of improvements in educational access, such as: girls’ rates of primary and secondary school participation are now similar to boys’, and women outnumber men at the university level in 15 of 22 Arab countries. In Bahrain, girls consistently make up the majority of top-ten high school graduates.
In the UAE, women in leadership positions have increased 2.4 per cent, while women in entrepreneurial activities and labour force participation in Saudi Arabia increased 1 per cent and 0.5 per cent, respectively.
"The opening up of the Middle East is further evidence that expanded access to education and health care can have positive implications for women," said Mr Bosca.
"Labour force participation, leadership positions, entrepreneurial activities and economic empowerment all play important roles in economic advancement, which will, in turn, contribute to further growth in women's wealth over the next decade."
Despite their increasing purchasing power, women remain largely underserved by wealth managers, according to BCG.
In BCG's global investor survey of 300 male and female affluent and high-net-worth individuals, 30 per cent of women said their relationship manager spoke to them differently because of their gender, while 64 per cent said their bank or wealth management provider needs to improve its value proposition.
Dubai World Cup Carnival card
6.30pm: Al Maktoum Challenge Round-2 Group 1 (PA) US$75,000 (Dirt) 1,900m
7.05pm: Al Rashidiya Group 2 (TB) $250,000 (Turf) 1,800m
7.40pm: Meydan Cup Listed Handicap (TB) $175,000 (T) 2,810m
8.15pm: Handicap (TB) $175,000 (D) 1,600m
8.50pm: Handicap (TB) $135,000 (T) 1,600m
9.25pm: Al Shindagha Sprint Group 3 (TB) $200,000 (D) 1,200m
10pm: Handicap (TB) $135,000 (T) 2,000m
The National selections:
6.30pm - Ziyadd; 7.05pm - Barney Roy; 7.40pm - Dee Ex Bee; 8.15pm - Dubai Legacy; 8.50pm - Good Fortune; 9.25pm - Drafted; 10pm - Simsir
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The%20specs
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Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Bullet%20Train
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
AL%20BOOM
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SPEC SHEET
Display: 10.9" Liquid Retina IPS, 2360 x 1640, 264ppi, wide colour, True Tone, Apple Pencil support
Chip: Apple M1, 8-core CPU, 8-core GPU, 16-core Neural Engine
Memory: 64/256GB storage; 8GB RAM
Main camera: 12MP wide, f/1.8, Smart HDR
Video: 4K @ 25/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps
Front camera: 12MP ultra-wide, f/2.4, Smart HDR, Centre Stage; full HD @ 25/30/60fps
Audio: Stereo speakers
Biometrics: Touch ID
I/O: USB-C, smart connector (for folio/keyboard)
Battery: Up to 10 hours on Wi-Fi; up to 9 hours on cellular
Finish: Space grey, starlight, pink, purple, blue
Price: Wi-Fi – Dh2,499 (64GB) / Dh3,099 (256GB); cellular – Dh3,099 (64GB) / Dh3,699 (256GB)
COMPANY%20PROFILE
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The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
The%20specs
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The specs: 2018 Jeep Grand Cherokee Trackhawk
Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)
