More than half of women from the GCC feel they earn less than their male counterparts and that they have less chance of getting a promotion, according to a new survey on women in the workplace. Bayt.com, the online jobs portal, and YouGov Siraj polled 2,086 women in the Middle East, about a quarter of them in the UAE.
Even though the majority believed they worked equal hours and planned to keep working as long, 53 per cent felt they received less pay and 57 per cent said they were less likely to be promoted than their male counterparts. "This inequality could stem from many factors, including outdated stereotypes, and unequal education opportunities for men and women," said Amer Zureikat, Bayt.com's regional manager.
It could also be a result of workplaces that are poorly equipped for female training and career progression, he added, including maternity leave and childcare options. "The good news is that with more and more women entering the workforce and climbing the ranks and occupying senior roles in industry, this disparity should naturally correct itself," said Mr Zureikat. Jeetu Sharma, a research associate at YouGov Siraj, said that the survey results quantify how women in the workplace "feel", not whether they do in fact earn less or get fewer promotions.
For Salama Nasser al Shamsi, who works in the culture department at the Tourism Development and Investment Company (TDIC), inequality is not an issue. "I don't think there is any discrimination," she said. "I know a lot of females, whether family or friends, they are highly placed - managers, heads of departments and all of that." Ms al Shamsi, who also works for a woman at TDIC, said: "My perception is that everything depends on the person and their attitude, how active they are and how loyal they are to their job," she said.
Dr Suaad al Oraimi, an assistant professor of sociology at United Arab Emirates University and an expert on women's issues, said equal pay, at least in the public sector, is guaranteed by the country's Constitution. However, geographical discrepancies can arise. A husband who works in a government department in Abu Dhabi, for instance, would earn more than his wife if she works in one of the northern emirates. Also, if a couple works for the Government, only the male will get an additional housing and children's allowance, as he is traditionally the family caretaker, Dr al Oraimi said.
But inequities also exist in the private sector in the area of promotions, she added, partly because women leave their jobs to take care of their children. "She has to take care of the family as well, which creates a gap between what is required of her and what she accomplishes, because she has to divide her time between the house and work," said Dr al Oraimi. "It scatters her effort." kshaheen@thenational.ae
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
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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.”
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
