These findings are reflected in a report by Al Masah Capital Limited which underscores the tangible rise in female empowerment as they break the glass ceilings in multiple disciplines. As many as 1.5 million women have joined the work force in the region in the first decade of the 21st century increasing from 1.8 million to 3.3 million, marking an 83 per cent spike.
Just over 26 per cent of the region’s female work force participates in the labour market. This low figure is indicative of the traditions and customs still prevalent in the family unit which disallows women from participating in some physical activities or working alongside men. As a result women comprise 41 per cent of the population but only 16 per cent of the labour market. Saudi Arabia and the UAE host nearly three-fourth of total women labour force in the region. With 1.75 million employed women, Saudi Arabia accounts for 54% of the total, followed by the UAE (0.70 million employed women forming 22% of the total). The other four countries have smaller contributions: Kuwait (10%), Oman (6%), Qatar (5%), and Bahrain (4%).
According to the Al Masah report this is a major untapped pool of human resources with only 3.3 million of the 10 million literate women having jobs at the present moment. Striking a positive note, the report indicates that many of the GCC countries have taken this data under serious advisement and are putting into action certain initiatives designed to widen the window of opportunity.
On September 26, 2011, King Abdullah of Saudi Arabia made a groundbreaking announcement, issuing a decree that allows women in Saudi Arabia to participate in polls as both voters and candidates, and to become members of the Shoura and municipal councils. This has been seen as a major step towards boosting women’s contribution to key areas of society, and at the same time acknowledges their ability to take on high level posts and greater responsibilities.
The country also moved to create 52,000 new job opportunities for educated men and women. The UAE, which has taken up a spearhead role in giving women every possible chance to be productive, has launched a 5 year plan to develop female leadership qualities. By the same token Qatar and Kuwait have business forums setup for women (Qatar Business Women Forum and Business Professional Women) with the aim of helping businesswomen contribute to the economic development of their respective countries. Education has been placed on the front burner and in these 3 GCC states women comprised more than 60% of all graduates in 2009.
The study also quotes Dr. Mona Almunajjed, a Sociologist, Author and Adviser on social and gender issues as seeing women play a vital role as agents of change in society, and in building their country.
“Women are a valuable resource for human development that can be effectively used in the national economy when allowed to join equally with men,” she said.
One facet that has arisen from the extensive research is that women are politically very aware and committed.
Currently, there are female ministers in the UAE, Bahrain, Kuwait and Oman. According to the Inter-Parliamentary Union, the number of parliamentary seats occupied by women reached seven in the UAE, five in Kuwait, four in Bahrain, and one in Oman. The report elaborates on key personalities who have set the pace amongst them Sheikha Lubna bint Khalid bin Sultan Al Qasimi, Lubna Olayan and Lama Al Sulaiman all of them being notable examples of women who have made a mark in politics and business.
Turning to the business aspect, the Al Masah report indicates that women have a significant amount of wealth. The Boston Consulting Group estimates place wealth held by women in the MENA region at $500 billion, while MEED estimates the wealth held by women in the Gulf region at $385 billion.
This wealth is mostly invested in safe asset classes such as cash/bank deposits and bonds, which is why some financial institutions have been quick to take steps to benefit from this situation. Financial institutions have attempted to put this money to better use by providing ladies-only bank branches and establishing targeted funds such as TNI Dana Women Fund.
In view of this rapidly changing scenario, Al Masah firmly believes there are many safe options for this wealth to be invested.
“These women of high worth should consider putting some of this wealth to use in entrepreneurial projects or ventures. Forums such as Al-Sayedah Khadijah Bint Khuwailid Businesswomen Center at the Jeddah Chamber of Commerce and Industry, and Emirates Business Women Council could play a major role here. The GCC’s female entrepreneurs also seem to be more successful and they bring a certain new zest to the table,” Al Masah CEO, Shailesh Dash said.
He also added that a study by the International Finance Corporation (IFC) discovered that 33% of enterprises owned by women in the UAE generated over $100,000 a year, compared to just 13% for similar firms in developed nations such as the US.