UAE mandates private firms to reserve board seats for women

The UAE also leads the world in women’s parliamentary representation, with women occupying 50 percent of positions in the Federal National Council. Reuters/File
The UAE also leads the world in women’s parliamentary representation, with women occupying 50 percent of positions in the Federal National Council. Reuters/File
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Updated 18 September 2024
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UAE mandates private firms to reserve board seats for women

UAE mandates private firms to reserve board seats for women

JEDDAH: The UAE has mandated private joint-stock companies to reserve at least one board seat for women, reinforcing the nation’s commitment to gender equality in leadership.

The Ministry of Economy issued this new directive, which will take effect once the current board terms expire, aligning with the Gulf state’s goal of enhancing global competitiveness. This initiative highlights the leadership’s dedication to empowering women and advancing sustainable development goals.

The ministerial resolution, which regulates the governance and operations of private joint-stock companies, builds on a similar mandate introduced for public joint-stock firms in 2021. This earlier measure has yielded positive results by improving institutional performance and economic outcomes.

The UN Development Program recently announced that the UAE has climbed to 7th place in the 2024 Gender Inequality Index, a significant rise from 49th in 2015 and 11th in 2022. This announcement was made during the 68th session of the Commission on the Status of Women in New York.

In 2015, the Gulf country established its Gender Equality Council, a federal entity tasked with developing and implementing the gender equality agenda. The council aims to close the gender gap across all government sectors, positioning the UAE as a global model for equality.

The UAE also leads the world in women’s parliamentary representation, with women occupying 50 percent of positions in the Federal National Council. Additionally, women are highly represented in the labor market, specialized professions, and emerging fields, according to the UAE government portal.

Minister of Economy Abdullah bin Touq Al-Marri emphasized that, under the guidance of the UAE’s leadership, the country is committed to enhancing women’s contributions across various fields, particularly in economic development.

“The decision will reinforce the UAE’s vision to enhance gender balance, empowering women in the business sector and increasing their presence in leadership and decision-making roles,” he was quoted as saying by the UAE’s official news agency.

The minister added that the initiative will further strengthen the Gulf nation’s global competitiveness and its position as a leader in gender equality.

Al-Marri pointed out that women in the UAE have consistently demonstrated their capabilities over the past decades, making significant contributions to the business, financial, and investment sectors.

“Today, they are indispensable partners in economic growth and vital to the UAE’s global competitiveness. This decision will bring added value to private joint-stock companies, enhancing their institutional performance by drawing on the insights and experiences of successful businesswomen in the country,” he said.

He expressed his deep gratitude to Sheikha Manal bint Mohammed bin Rashid Al-Maktoum, president of the UAE Gender Balance Council, for her efforts to enhance women’s participation in the economy.

Mona Ghanem Al-Marri, vice president of the council, emphasized the strategic collaboration between the Ministry of Economy and the council, noting that the ministry’s decision will significantly advance gender balance.

She added that the decision reflects the productive partnership between the ministry and the council, underscoring the country’s unwavering commitment to empowering women economically and increasing their participation in the workforce.

The Ministry of Economy announced that the implementation of this decision will commence in January 2025 and urged relevant companies to integrate this requirement into their future board restructuring plans.


Closing Bell: Saudi main index closes in red at 12,044 

Closing Bell: Saudi main index closes in red at 12,044 
Updated 5 sec ago
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Closing Bell: Saudi main index closes in red at 12,044 

Closing Bell: Saudi main index closes in red at 12,044 

RIYADH: Saudi Arabia’s Tadawul All Share Index shed 209.47 points, or 1.71 percent, on Wednesday to close at 12,044.07. 

The total trading turnover of the benchmark index was SR8.12 billion ($2.16 billion) with 10 stocks climbing and 226 retracting.  

Saudi Arabia’s parallel market Nomu also slipped by 354.29 points to end the trading at 24,954.76. 

The MSCI Tadawul Index fell by 1.68 percent to close at 1,508.09. 

The best-performing stock on the main market was Al-Baha Investment and Development Co. The firm’s share price surged by 8.33 percent to SR0.26. 

Other top gainers were East Pipes Integrated Co. for Industry and The National Co. for Glass Industries, whose share prices soared by 2.03 percent and 1.67 percent, respectively.  

The worst-performing stock of the day was Amana Cooperative Insurance Co., as its share price declined by 5.99 percent to SR11.62.  

On the parallel market, Naseej for Technology Co. and Enma AlRawabi Co. were the top gainers with their share prices soaring by 8.86 percent and 7.89 percent, respectively.  

The worst performer on Nomu was Naba Alsaha Medical Services Co. as its share price dropped by 9.80 percent to SR81.  

On the announcements front, Retal Urban Development Co. signed two agreements worth SR702.02 million with ROSHN to purchase and develop residential land for 644 housing units, as well as infrastructure works in Sedra residential neighborhood in Riyadh. 

In a Tadawul statement, Retal said that the project’s impact on the company’s financial performance will be visible from 2025 to 2027. The company also added that there are no related parties to the deal.   


Saudi state-backed funds eye stakes in Canadian mining firms, says industry minister 

Saudi state-backed funds eye stakes in Canadian mining firms, says industry minister 
Updated 13 min 45 sec ago
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Saudi state-backed funds eye stakes in Canadian mining firms, says industry minister 

Saudi state-backed funds eye stakes in Canadian mining firms, says industry minister 

JEDDAH: State-backed Saudi funds are seeking to acquire stakes in Canadian mining firms as part of efforts to enhance the Kingdom’s global influence in the sector and diversify its economy beyond oil, said a top minister. 

During his visit to the North American country, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef asserted that there are no barriers to the Kingdom’s investments in the Canadian mining sector, despite local regulations that restrict investments by foreign state-owned entities, as reported by Al-Arabiya TV channel. 

In 2023, Saudi Arabia’s non-oil exports to Canada totaled SR140 million ($37.33 million), mainly comprising base metals and plant products. Conversely, non-oil imports from Canada reached SR2.89 billion, including locomotives, pharmaceutical products, and electrical devices. 

In a post on his X account, Alkhorayef said: “In Toronto, Canada, I met with the Chairman of the Saudi-Canadian Business Council and highlighted the council’s crucial role in enhancing trade relations between the two nations.” 

He noted that the council serves as a vital platform for connecting private sector leaders and fostering partnerships that leverage shared investment opportunities. 

The visit, following a similar tour in the US, aims to attract Canadian companies to explore essential minerals such as copper in the Arabian Peninsula. 

During its stops in Ottawa and Toronto, the Saudi delegation held strategic meetings with government officials and private sector leaders, resulting in memoranda of understanding aimed at advancing the industrial and resource sectors. 

Alkhorayef commenced his visit with a tour of the Toronto Stock Exchange, where he met with the CEO and representatives from various listed resource companies. Discussions focused on investment opportunities in the sector, underscoring the Kingdom’s potential and the incentives available for investors. 

Leading the delegation, Alkhorayef explored the latest digital financial technologies in the stock market and met with key global players in the resource and geological survey sectors. He also visited the University of Toronto and institutions dedicated to industrial innovation and capacity development. 

The Saudi minister participated in a roundtable meeting organized by the Saudi-Canadian Business Council, attended by Ontario’s Lt. Governor Edith Dumont and Associate Minister of Mines Stephen Crawford. 

The meeting focused on opportunities in the Kingdom’s industrial and resource sectors, as well as the advantages of investing in Saudi Arabia. 

Additionally, Alkhorayef met with Sebastian Goodfellow, director of the university’s Lassonde Institute of Mining, and interacted with Saudi students studying in Canada. 

In Ottawa, he held discussions with various government officials, including the Minister of International Development Ahmed Hussen and Minister of Innovation, Science, and Industry François-Philippe Champagne, emphasizing the Kingdom’s commitment to strengthening bilateral relations. 


Experts call for global cybersecurity rules, echoing nuclear age diplomacy

Experts call for global cybersecurity rules, echoing nuclear age diplomacy
Updated 20 min 1 sec ago
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Experts call for global cybersecurity rules, echoing nuclear age diplomacy

Experts call for global cybersecurity rules, echoing nuclear age diplomacy

RIYADH: In light of rapidly advancing technology outpacing regulatory measures, experts at an event in Riyadh emphasized the steps needed to address cyber risks and foster responsible state behavior.

The Global Cybersecurity Forum showcased speakers discussing the evolving landscape of cyber diplomacy and the imperative for collective action.

Robin Geiss, director of the UN Institute for Disarmament Research, noted that discussions around cybersecurity at the UN have been ongoing for over 25 years. “Technology is not that new for the UN anymore... it’s a dialogue between everyone,” he stated, underscoring that this dialogue serves as a confidence- and transparency-building measure.

Geiss pointed out the difficulty in measuring the impact of these dialogues, saying, “When things escalate, we see directly the cost of human life... But of course, we don’t see so clearly what we’ve prevented.” He stressed the complexities of keeping pace with technology, adding, “Diplomacy and progress at the multilateral level move at the speed of trust.”

Highlighting the current geopolitical climate, Geiss observed a significant trust deficit that complicates multilateral mechanisms in cybersecurity. “What we really need is more progress in action than in theory or proclamations,” he asserted. “We know what we need to do... So how do we move forward at the implementation stage? That is really the challenge.” He praised initiatives like the GCF that unite diverse entities and individuals, while emphasizing that universal bodies like the UN are essential for effective coordination.

Concrete effort

Massimo Marotti, managing director for Strategies and Cooperation at Italy’s National Cybersecurity Agency, highlighted the necessity of concrete collective efforts within Europe.

“You mentioned concrete effort—that’s exactly what we do at the European level. We have 27 agencies for cybersecurity, and our regular meetings lead to concrete measures,” Marotti said.

He cited a recent meeting in Athens, where they addressed the post-quantum cryptography threat, warning, “In a few years, the computer revolution will make all the codes and keys we use today useless unless we change them.” He emphasized the importance of coordinated action, as Europe’s interconnected infrastructure means insecurity in one nation can pose risks for others. Marotti also mentioned forthcoming European regulations designed to enhance cybersecurity across the continent, stating, “We also work with partner countries, not only the EU. For instance, we recently signed a cooperation agreement with Albania.”

Adam Hantman, deputy director of the Bureau of Cyberspace and Digital Policy at the US Department of State, discussed ongoing global efforts to establish cybersecurity norms. “Essentially, what we’re doing here as a community is mapping out the rules of the road to govern a completely new domain,” he explained. He drew parallels to the dawn of the nuclear age, noting, “It took decades for the international community to establish norms and rules governing state roles in that space.”

Hantman emphasized the UN's critical role in cyber diplomacy and highlighted the Counter Ransomware Initiative in Washington, which now includes nearly 70 countries and organizations focused on combating ransomware.

In a separate panel, Heidi Crebo-Rediker, a senior fellow at the Council on Foreign Relations, expressed skepticism about the UN as the central platform for cybersecurity discussions. “I think the UN’s probably not the right place, but there are a lot of mini-lateral spaces where this is very active,” she remarked, suggesting alternative frameworks may be more effective for addressing cybersecurity challenges.


Cybersecurity is not just about securing data, Schneider Electric official says 

Cybersecurity is not just about securing data, Schneider Electric official says 
Updated 22 min 57 sec ago
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Cybersecurity is not just about securing data, Schneider Electric official says 

Cybersecurity is not just about securing data, Schneider Electric official says 

RIYADH: The notion that cybersecurity is limited to securing information technology has been labeled a misconception, according to a top official from Schneider Electric. 

In an interview with Arab News during the Global Cybersecurity Forum in Riyadh, Abdulrahman Al-Musfir, regional head of the French multinational corporation’s cyber safety unit in the Middle East and Africa, emphasized that including operational technology is crucial for comprehensive cybersecurity. 

“When we speak about cybersecurity, we need to differentiate between IT cybersecurity and OT cybersecurity. So, for IT security, we are protecting information, data. However, in the OT security, we are protecting the process. Whether it’s a power plant, whether it’s an oil and gas plant, whether it’s a manufacturing production line. All these are considered as operational technology or industrial control systems,” Al-Musfir said.

“At Schneider Electric, we manufacture and we conduct maintenance and services for these systems and solutions. And it is part of our duty as a digital company for producing these solutions to make sure that they are secure by design and secure by operations,” he added. 

Al-Musfir explained that understanding securing systems and operation processes is critical when it comes to infrastructure and energy sectors. 

“The theme of this forum is advancing collective action. And when we speak mainly about the critical infrastructure sector, including oil and gas, electricity, and water, for nations, this is one of the most sensitive sectors or industries that we have for any nation,” he said. 

He highlighted that such sectors impact human safety and national economies. “For this critical infrastructure, we need to secure the full supply chain related to any systems, solutions for any automation that is part of this critical infrastructure,” he added.

According to Al-Musfir, establishing strong cybersecurity resilience requires full alignment between the producers of technology and its participants, such as end users in petrochemical companies, oil firms, and government entities. 

He emphasized that government regulations must be implemented to enable the industry and secure it effectively. 

“There must be a balance between innovation and security restrictions and control, and it is our role as a collective action to ensure that we put all these cybersecurity risk mitigations across the full value chain for this kind of industry or sector,” he said. 

The GCF is scheduled to take place from Oct. 2-3 under the theme “Advancing Collective Action in Cyberspace,” with the goal of enhancing multi-stakeholder engagement and driving joint initiatives on key strategic priorities. 


Saudi Arabia, NASA explore collaborations in space technology

Saudi Arabia, NASA explore collaborations in space technology
Updated 02 October 2024
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Saudi Arabia, NASA explore collaborations in space technology

Saudi Arabia, NASA explore collaborations in space technology

JEDDAH: Saudi Arabia is seeking to strengthen its ties with NASA following a recent high-level meeting in the US focused on exploring partnerships in advanced technologies and global scientific innovation.

During his visit, Abdullah Al-Swaha, the Saudi minister of communications and information technology and chairman of the Saudi Space Commission, met with NASA Administrator Bill Nelson to discuss strategic collaborations in space-related industries.

The discussions centered on joint efforts to promote space-based scientific innovation for the benefit of humanity.

Al-Swaha also met with Princess Reema bint Bandar, the Saudi ambassador to the US, and leaders from the American Chamber of Commerce to explore investment opportunities between the two nations.

Topics included potential investments in the digital economy, artificial intelligence, space, and innovation, as well as Saudi initiatives aimed at fostering science and entrepreneurship, according to the Saudi Press Agency.

While in Washington, Al-Swaha praised Saudi students at the Cultural Attaché office for their achievements, highlighting their contributions to the country’s competitiveness in science, engineering, technology, and space.

As part of Saudi Arabia’s delegation to the 79th session of the UN General Assembly, he also participated in the Summit of the Future held last month in New York.

During the summit, Al-Swaha noted that Crown Prince Mohammed bin Salman’s support for youth and women has led to significant progress in inclusion and empowerment, with a 35 percent participation rate of women in the tech sector in just six years—surpassing averages in the EU and G20 countries.

He highlighted initiatives like the Misk Foundation’s “Saudi Codes” program, which has trained one million women and youth in programming, and the historic journey of Rayyanah Barnawi, the first Muslim Arab female astronaut to the International Space Station.

He concluded by emphasizing that these efforts have improved Saudi Arabia’s standing in global indices, including the UN E-Government Development Index 2024, where the Kingdom ranked fourth worldwide and second among G20 nations in the digital services index.

Al-Swaha also discussed Saudi Arabia’s role as a model of international cooperation, collaborating with the UN’s International Telecommunication Union to address the digital divide affecting 2.6 billion people lacking access to digital solutions.

He showcased the Kingdom’s pioneering virtual hospital, which has successfully performed specialized surgeries, including open-heart operations for patients in various countries. Additionally, he reaffirmed Saudi Arabia’s commitment to advancing its digital economy through the proposed establishment of the Digital Cooperation Organization, aimed at serving over 800 million people by providing digital platforms and a unified digital market to stimulate innovation in healthcare, education, and business.

At the summit, Al-Swaha also discussed Saudi Arabia’s efforts to bridge social, economic, and AI gaps during a session titled “Toward a Common Digital Future.”

He revealed that the Kingdom presented seven recommendations to the UN, including the establishment of an independent international scientific committee on AI and the creation of a platform for sharing AI-related standards and best practices.