Women to join board of firms and govt entities

SMEs law encourages men, women to start businesses.

3 November 2015

The UAE, which believes in gender equality, is encouraging the public listed companies to appoint women as members to their boards of directors, says Sultan bin Saeed Al Mansouri, UAE Minister of Economy.

Opening a two-day conference on the Women in Leadership Economic Forum, or WIL, the minister said that at least one or two women would be appointed to the board of directors of the government related departments, agencies and authorities. And in order to make it happen, he said, "A resolution could come from the cabinet or from Securities and Commodities Authority, " he said.

The minister said "the UAE has made strides in the gender equality by placing greater stress on equal rights to the women in the society." It is reflected in the marvelous achievements made by women-folk who comprise 66 per cent of the work force including 33 per cent on decision making senior management positions within the public sector.

The minister hoped that the women would use their innovative ideas in becoming part of the knowledge based economy, which would contribute five per cent to the nation's GDP by 2021. However, Al Mansouri said the women contribution to the economy through 11,000 firms they own and operate to contribute $5 billion to GDP of $400 billion must be tripled in five-years.

In order to realise this, the government would encourage them to venture into businesses, he said.

In this regard, the minister said that the SMEs law has been promulgated which encourages men and women to start-up businesses in order to turning their ideas into viable businesses.

The government, he said, would support them by providing finances, training and necessary skills to run those enterprises. The two-day forum calls for diversity and inclusion of the role of women in shaping the technologies of future and championing gender diversity.

"The UAE's leadership is of the firm belief that gender equality is a key to the success and prosperity of our country, and a prerequisite for the happiness and security of our citizens", said Al Mansouri. "We believe that active participation of women across various functions is imperative to address the global challenges that humanity faces today." The minister emphasised on making change happen by uniting global influential business and thought leaders to discuss key issues related to women leadership principles.

"Women, today are responsible for approximately $20 trillion of consumer spending worldwide, which makes them the most dynamic and fastest growing economic force in the world. By 2017, women are expected to control $28 trillion of global consumer spending. These are compelling statistics that indicate that the role of women for fostering the global economy is being felt more than ever and I am glad to note that the same sentiment is being reflected in the agenda for the 17th WIL Economic Forum", added the minister.

Global WIL (Women in Leadership) Economic Forum 2015, held under the patronage of Sultan bin Saeed Al Mansouri, Minister of Economy for the United Arab Emirates, is a global platform gathering up to 600 business and thought leaders, entrepreneurs, policy makers, D&I experts, and international and local organisations supporting women’s economic advancement. The 2 days feature keynotes, interactive panels, open fishbowl conversations, workshops, think tank sessions, industry discussion groups and extensive networking opportunities.