Boom for women in business in UAE, but few reach company boards

Women are still underrepresented in company boards, according to a report of the Federation of UAE Chambers of Commerce and Industry. (Shutterstock image)
Updated 10 February 2019

Boom for women in business in UAE, but few reach company boards

  • Emirati businesswoman now hold a combined 28,000 commercial licenses with investments of 30 billion dirhams ($8.2 billion)
  • UAE is now the regional hub for for more than 24 percent of the world’s 500 largest companies

LONDON: The number of registered businesswomen in the UAE grew by about 20 percent last year, although females are still underrepresented on company boards, according to statistics quoted by the state news agency (WAM).

A report by the Federation of UAE Chambers of Commerce and Industry, quoted by WAM, found that the number of businesswomen registered with the chambers increased to more than 25,000 in 2018 compared with 21,000 in 2017.

More than 50,000 trade licenses were issued to women entrepreneurs last year, with Emirati businesswoman now holding a combined 28,000 commercial licenses with investments of 30 billion dirhams ($8.2 billion), the report found. 

Yet the proportion of women who are acting as chairs of the board in private sector companies in 2018 stood at just 4 percent — compared to 2 percent in 2013 — and the number of female board members stood at between 9 and 14 percent.

Hamid Mohammed bin Salem, secretary-general of the Federation of UAE Chambers of Commerce and Industry, also informed  WAM that the UAE is now the regional hub for for more than 24 percent of the world’s 500 largest companies.

 

 

 


Ghosn delays suit seeking retirement pay from Renault

Updated 4 min 57 sec ago

Ghosn delays suit seeking retirement pay from Renault

  • Renault refuses to pay, saying the former CEO was forced to quit after his shock November 2018 arrest in Japan on charges of financial misconduct
  • Facing multiple charges of corruption in Japan as chairman of Nissan, Ghosn fled to his native Lebanon last year

PARIS: Lawyers for Carlos Ghosn on Friday delayed a lawsuit seeking a hefty retirement payout from his former employer Renault, saying the French carmaker had not given them enough time to prepare arguments.

The court in Boulogne-Billancourt, near Renault’s headquarters outside Paris, granted the request for more time, setting a new hearing date for April 17.

“We received Renault’s arguments only on Monday, and having just four days to respond to 20 pages of arguments is clearly not enough,” Ghosn’s lawyer Laetitia Ternisien told reporters.

Ghosn is seeking a $270,000 retirement payout, which Renault refuses to pay because it says the former CEO was forced to quit after his shock November 2018 arrest in Japan on charges of financial misconduct.

The former industry titan claims he retired in due form on his own accord.

He also seeks a much bigger prize — a supplementary pension of €774,774 per year for the rest of his life, as well as 380,000 shares granted for reaching performance targets. At current prices, that stock grant would be worth over €12 million.

Meanwhile, Ghosn also faces a French inquiry over two parties he threw at the Palace of Versailles, including his opulent 2016 wedding, allegedly financed in part by Renault funds.

He is also being investigated by France’s tax fraud office over suspicious financial transactions between Renault and its distributor in the Gulf state of Oman, and over contracts signed by Renault and Nissan’s Dutch subsidiary RNBV.

In Japan, he still faces multiple charges claiming he under-reported millions of dollars in salary as chairman of Nissan.

He has denied all the charges, but fled to his native Lebanon late last year before he could face trial.