The fourth Sharjah FDI Forum has hosted Najat Benchiba Savenius, Chief Executive Officer, Gazelle Advisory, and Jessica Wardle, Managing Partner, M&C Saatchi at a panel discussion today yesterday on Tuesday, December 11, who have reiterated the importance of inclusionary policies and more supportive workplace infrastructures for women, for them to be able to justify their roles as drivers of economic growth.
At a panel discussion titled ‘ Women’s Advancement in Business: What is the future of the workplace, female entrepreneurship, and leadership in the business world?’ moderated by CNBC Arabia, the two prominent figures representing their fields have said that things like longer maternity leaves, women’s reintegration into the workplace after childbirth, education and skills development, more funding for female-owned businesses, their inclusion in supply chains, and finally, a celebration of a woman’s unique attributes in driving business success, are all imperative to not only ensuring a woman’s professional success, but will ensure economies in the region better performance and returns.
Savenius remarked: “We have made great strides in girls’ education and training, however, if we look at maternity leaves, the statistics are absolutely shocking across the world – apart from the Nordic countries, which offers up to three years with almost full pay and a guarantee of returning to one’s job. If I’m a working mother in the UAE, all I am allowed is 45 days.
So, I really urge local and regional governments, to change public policy and make governance more attractive to women, so she won’t have to choose between having a family and a job.”
Statistically, female-owned and led enterprises do 60 percent better for investors than those founded by men.
Wardel added: “There are some really interesting stereotypes that manifest themselves when it comes to describing success. One normally attributes success to typically male characteristics. Nurturing softer, more family-focused values can really deliver outstanding results across many businesses.”
She continued: “Women also have the quality of addressing the various aspects of a business by exercising EQ versus IQ. If we had more incubators for women, more funding vehicles for local Arab women in the UAE. This will happen when the funding and VC firms make-up of not just the UAE but any country in the world is more inclusive and diverse.”
The speakers urged the business leaders, and important private and public sector representatives in the audience to imagine if a system could be put in place in the UAE that would turn it into a funding hub for women-owned enterprises. “That would completely change the psychology of investors and stakeholders in the entire region,” said Najat.
To any woman who wants to start a business or join the labor force, Najat advised: “We keep hearing about building a knowledge economy; I prefer a skills-based economy. I can have five advanced degrees, but if I don’t have the skills to apply them my knowledge isn’t going to take me anywhere. So, sharpen your skillsets, take some technical courses to facilitate administrative functions like maintaining balance sheets; and take legal advice before starting a business to ensure everything is above board; enter contractual agreements with your eyes wide open; and finally, use your success and your experience to mentor upcoming women.”
The speakers have strongly called for a pay audit in the UAE to effectively shrink the gender gap to have a significant impact on the economy. “All companies in the UAE must undergo a centralized pay audit to check if there are any pay differences between men and women. Those who fail the audit must be on a watchlist,” they said.
The Sharjah FDI Forum, which was first launched in 2015 under the patronage of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, was organized by Sharjah FDI Office (Invest in Sharjah) with the support of the Ministry of Economy, and in strategic partnership with CNBC Arabia.
The fourth edition sought to boost the emirate’s endeavors to attract more foreign investments, promote opportunities in main sectors, and strengthen the UAE’s position as a top investment destination in the region and the entire world.