Khuloud Al Nuwais, chief sustainability officer, Emirates Youth Foundation for Youth Development, speaking at the 16th Global Women Leaders Conference in Dubai. Sarah Dea / The National
Khuloud Al Nuwais, chief sustainability officer, Emirates Youth Foundation for Youth Development, speaking at the 16th Global Women Leaders Conference in Dubai. Sarah Dea / The National

Enable UAE women to rise to the top, a Dubai conference is told



DUBAI // Women need more accommodating work environments to rise to the top, a conference heard.

Flexible hours, the ability to work from home, access to reliable childcare and better maternity leave would help women to more easily reach leadership positions, said Khuloud Al Nowais, chief sustainability officer at the Emirates Foundation for Youth Development.

“Women are inherently productive beings that are expert multitaskers, but we need enabling environments to support our success,” Ms Al Nowais said.

“We are often responsible for our families, our kids, our husbands and many other commitments.”

She was speaking at the Global Women Leaders Conference, held on Wednesday and yesterday at the Ritz Carlton at Dubai International Financial Centre.

The event addressed the challenges and achievements of female leaders in the government and private sectors.

”The biggest challenge I see for women is how to [strike a] balance between her family life and her commitments as a leader,” said Muhra Al Muhairi, who works in the leadership programmes department of the General Secretariat of the Executive Council of Abu Dhabi.

The issue is a question of priorities, said Salama Al Amimi, executive director of the organisational development and excellence office at the Abu Dhabi Education Council.

“Most of the challenges are not because we don’t have opportunities,” said Ms Al Amimi. “It is because our priorities are different.”

“I had a senior lady I was literally begging to accept a [higher] position. She said, please, please don’t mention my name because I am happy today. I am happy with the balance between my home and my job.”

Workplaces could ease the struggle by shifting the focus from office hours to productivity, Ms Al Nowais said.

“Women want to be professionally successful, there is no doubt,” she said. “We just don’t want to sacrifice our families and children to make that happen.”

Rosanna Chopra, a lawyer, was pleased to find that when she married, her firm expected her to work fewer nights and weekends but did not discount her from leadership.

“The cutback in hours has not meant that my role has been marginalised – in fact, quite the opposite,” said Ms Chopra, who works for Galadari Advocates and Legal Consultants. About the time she became a mother, she was offered a partnership.

Good mentoring is another way to nurture female leaders, Ms Al Nowais said.

“I mentor a number of young individuals both in the office and externally,” she said. “Not only is this very rewarding, but [it is also] a way to transfer knowledge that cannot be obtained through textbooks.

“Another vital piece to the empowerment puzzle is training. Not just any training, but executive training. We are aiming to breed a cadre of female executives.”

The Centre of Excellence, for which Ms Al Muhairi works, offers professional development to women and men. It provides assessments and tailored programmes to employees in Abu Dhabi government agencies. “The Government wants to take care of their leaders,” Ms Al Muhairi said.

Since it opened in 2007, the centre has served more than 850 women. Fifteen of those held jobs at the executive level.

“They’re very, very dedicated,” Ms Al Muhairi said. “In general, the women are very dedicated to develop.”

The programmes might involve leadership training, strategic-thinking courses or even a workshop on public speaking. The support continues throughout their career.

“There is no graduation, we just develop them to be ready for the next level,” Ms Al Muhairi said.

Ms Al Nowais enrolled with the centre about a year and a half ago.

“It starts with a number of assessments and then they offer leadership courses,” she said. “One of the courses I took last year is a coaching course with the Henley [Business] School to become a certified coach.”

She was interested in the qualification because she works with many young people and is often asked for career advice. “Rather than training, I would call this capacity-building of the leadership talent that exists,” Ms Al Nowais said.

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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.”