Voices of women of the Middle East heard loud and clear



The old clichés that the women of the Middle East are backward, uneducated and complicit in their oppression have been wrenched away from the global discourse. It was a narrative that sought to take away your voices by claiming to know better than you what you want.

But you have changed all of that. Around the world, we've seen your presence across television screens, in newspaper pictures and throughout the internet. We've heard your voices on the radio, in interviews and speaking to friends, colleagues and global citizens. We've felt the strength of your emotions and beliefs translate into political change - which was unforeseeable three months ago - change that has occurred thanks in great measure to your participation. We have seen you side by side with men demanding justice and freedom. Irrespective of religion, ethnicity, geography and education, you have had your say. And your say has made a difference.

On January 18, a 26-year-old woman in Egypt, Asmaa Mahfouz, uploaded a video on YouTube, urging her fellow citizens to go out to Tahrir Square, to fight for their country. The video went viral and it is suggested that her say was one of the catalysts that sparked the revolution. She is just one example among many of how a woman's voice can be clear, true and unafraid; how a woman can and must make a change; how a woman must be listened to and respected. In this case, Mahfouz had her say, which helped to inspire a nation.

We should pause at this moment in history to recognise the voices of such women at the front line of carrying the aspirations of their people into visible change. Even more important is that society has come to realise that women have voices, that they have something important to say. And more critically, they must be listened to.

Those in power - whether at the level of high political office, or simply at home - have realised that a woman's say is fundamental to a healthy and dynamic social fabric. If women's voices - "her say" - were not recognised, valued and listened to before, the time is now for them to be acknowledged for the importance and value that they hold.

This column has the most appropriate title for a piece of my writing at this moment. And it is even more poignant because March 8 will mark the centenary of International Women's Day. Who can say if a century ago I could have written to express my views so freely?

"Her say" might have been considered inappropriate, might still be considered as such in some quarters, but the seeds of change are flowering today.

There are those who claim that women should restrict themselves to the private domain. But recent events have proven otherwise. It is only when men and women have come out together, when men and women have raised their voices together, when her say as well as his are articulated, that change can happen.

The importance of her say in public and political events is clear, but this applies equally to the private domain. Whether you are a man or a woman, take a moment this week to turn to the women in your lives and ask them: "What do you want to say?" Then make sure to listen clearly to her aspirations.

The answers might surprise you.

Shelina Zahra Janmohamed is the author of Love in a Headscarf and writes a blog at www.spirit21.co.uk

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 
At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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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.”

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