New figures suggest that 22 percent of the Middle East’s assets under management (AUM)—or $700 billion—were held by women in 2010. And that figure is growing. In a region whose news coverage more often highlights the plight of women than their triumphs and progress, this statistic is heartening. The details are even more encouraging.
Women in the Middle East are not only controlling more wealth, but tend to invest in more sustainable ventures, says consultancy Carousel Solutions. It’s not that women are wooed by simply “doing good” and “giving back.” Rather, they recognize these projects as solid, lower-risk investments that have the added benefit of being socially responsible. Financial empowerment is in strong hands with these women, who, the consulting firm suggests, are more confident about their wealth today.
With more – and more visible – businesswomen in the Middle East and elsewhere, some education systems are responding to an increased demand for curriculum that fosters a culture of women’s entrepreneurship. A spot-on example of such initiatives is the Dubai Women College’s recent “Innovative Entrepreneurship Education Conference.”
Stepping back to look at the broader Muslim-majority world, this week Bloomberg reports that in Asia more female executives and scholars are flocking to Islamic financial institutions. As the profile of women in business increases in the Arab and Muslim world, what does this mean for women in these countries?
There are still pronounced direct and indirect barriers to female economic empowerment in the region, including restrictions on the movement of women and cultural norms that dictate that women balance workplace duties with expected domestic roles. Yet as women overcome these obstacles to doing business, they become activists for improved business environments, market-oriented reforms, and the underpinnings of democracy.
As Secretary of State Hillary Clinton said in December 2010,
Let women work and they drive economic growth across all sectors. Send a girl to school, even just for one year, and her income dramatically increases for life, and her children are more likely to survive, and her family more likely to be healthier for years to come. Give women equal rights, and entire nations are more stable and secure. Deny women equal rights, and the instability of nations is almost certain.
Development and democracy promotion organizations should match her clarion call for elevating discussions and programming on women’s rights so that they are on par with and integrated into arguments on security and stability. A women’s program isn’t just a women’s program because women are involved. A project to support women’s political and economic engagement analyzes what barriers local women identify as stifling their progress, and supporting these women to advocate for reforms that not only benefit themselves, but society as a whole.
What role do you think businesswomen can and should play in Middle East political and economic reform?
Published Date: January 07, 2011