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.

 

 

 


Oil prices surge after attacks hit Saudi output

Updated 16 September 2019

Oil prices surge after attacks hit Saudi output

  • The Houthi attacks hit two Aramco sites and effectively shut down six percent of the global oil supply
  • President Donald Trump said Sunday the US was ‘locked and loaded’ to respond to the attacks

HONG KONG: Oil prices saw a record surge Monday after attacks on two Saudi facilities slashed output in the world’s top producer by half, fueling fresh geopolitical fears as Donald Trump blamed Iran and raised the possibility of a military strike on the country.
Brent futures surged $12 in the first few minutes of business — the most in dollar terms since they were launched in 1988 and representing a jump of nearly 20 percent — while WTI jumped more than $8, or 15 percent.
Both contracts pared the gains but were both still more than 10 percent up.
The attack by Tehran-backed Houthi militia in neighboring Yemen, where a Saudi-led coalition is bogged down in a five-year war, hit two sites owned by state-run giant Aramco and effectively shut down six percent of the global oil supply.
Trump said Sunday the US was “locked and loaded” to respond to the attack, while Secretary of State Mike Pompeo said: “The United States will work with our partners and allies to ensure that energy markets remain well supplied and Iran is held accountable for its aggression.”
Tehran denies the accusations but the news revived fears of a conflict in the tinderbox Middle East after a series of attacks on oil tankers earlier this year that were also blamed on Iran.
“Tensions in the Middle East are rising quickly, meaning this story will continue to reverberate this week even after the knee-jerk panic in oil markets this morning,” said Jeffrey Halley, senior market analyst at OANDA.
Trump authorized the release of US supplies from its Strategic Petroleum Reserve, while Aramco said more than half of the five million barrels of production lost will be restored by tomorrow.
But the strikes raise concerns about the security of supplies from the world’s biggest producer.
Oil prices had dropped last week after news that Trump had fired his anti-Iran hawkish national security adviser John Bolton, which was seen as paving the way for an easing of tensions in the region.
“One thing we can say with confidence is that if part of the reason for last week’s fall in oil and improvement in geopolitical risk sentiment was the news of John Bolton’s sacking ... and thoughts this was a precursor to some form of rapprochement between Trump and Iran, then it is no longer valid,” said Ray Attrill at National Australia Bank.