Emirates
Ministry of Foreign Affairs and International Cooperation highlights achievements of past five decades
ABU DHABI, 2nd December, 2021 (WAM) — The Ministry of Foreign Affairs and International Cooperation (MoFAIC) reflects the bright face and character of the Emirati society. It serves as a window to the outside world, communicating the thoughts and vision of the UAE leadership, asserting the values of peaceful co-existence, and lending assistance to all those who might need it. Furthermore, the Ministry also highlights the importance of attaining global peace and amicably resolving international disputes through dialogue and legal arbitration.
Since its founding on 2nd December 1971, the United Arab Emirates has embraced the principles of peaceful co-existence, mutual respect and non-interference in other countries' internal affairs as cornerstones of the country's foreign policy. Building on the legacy of the UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, the visionary leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, continues the journey by actively contributing to the welfare of nations regardless of colour, race or ethnicity. This trait stems from the profound Islamic beliefs in peace and tolerance.
Since the inception of the United Arab Emirates in 1971 and its establishment as one of the most important constitutional institutions in the UAE, the Ministry of Foreign Affairs and International Cooperation has been a founding institution of United Arab Emirates society. It has been and continues to be a window overlooking the world for Emiratis citizens, protecting the interests of the country and its citizens abroad. It conveys the vision of the Emirati leadership, which emphasises the values of human fraternity, and always calls for the alleviation of human suffering regardless of gender or religion, stressing the importance of global peace and conflict resolution through dialogue and peaceful means.
Through its embassies, diplomatic missions and diplomats around the globe, the Ministry of Foreign Affairs and International Cooperation serves as the link between the wise leadership and people of the UAE and the rest of the world. The Ministry, strengthening friendship and closer ties with other nations, is working hard to safeguard the interests of Emiratis and promoting economic and cultural development and peace in the world. These efforts have earned UAE citizens considerable respect all around the world, and raised the image of the UAE on the regional and international stage.
Cultural and public diplomacy
Cultural and Public Diplomacy includes, but is not limited to, the exchange of ideas, art and language for the greater purpose of creating understanding between nations and people. Cultural and Public Diplomacy supports dialogue, education and cultural exchange in the service of improved mutual respect, international collaboration and global prosperity.
The UAE was built on Sheikh Zayed's foundational values of tolerance, peace, and stability. His guiding strategy was to show friendship towards all cultures and peoples, promote moderate Islam, and work for mutually advantageous cooperation with all nations.
Today, Sheikh Zayed's historical vision is reflected in a thriving and tolerant nation that hosts more than 200 nationalities, has a 93% literacy rate, welcomes over 15 million tourists annually, and is proud of the fact that 70% of all its university graduates are women.
The UAE is home to over 40 churches and other places of worship, as well as numerous world-class centres of education and culture. In effect, the values of tolerance, religious freedom and mutual respect championed by Sheikh Zayed are ingrained in the UAE's DNA. In 2020, the UAE ranked first in the region and 18th internationally in the Global Soft Power Index. This is a testament to the nation's ongoing commitment to ensuring an environment of opportunity, innovation, development and tolerance for all citizens, residents and visitors to the UAE and ensuring respectful, mutually beneficial and peaceful relationships with the international community.
"The Daughters of the UAE": partners in the UAE’s successful journey
Throughout 2020 and 2021, the UAE attained achievements in several areas at the national level as well as at the regional and international levels, and Emirati women were at the forefront, partners in a development process that reaps successes with unparalleled determination.
Emirati women have been an integral part in the most prominent achievements of the UAE during the past period, attesting to considerable role and active presence of the daughters of the UAE in various fields, as they demonstrated the extent of capabilities and competencies that qualify them to lead and manage several key and vital projects in the sectors of advanced science, space, energy and health. Their role was embodied in the arrival of the "Hope Probe" to the orbit of planet Mars, the beginning of the successful and safe operation of the first reactor at the Barakah Nuclear Energy Plant, in addition to their success and leadership in efforts to tackle the COVID-19 pandemic locally and globally.
Since the onset of the COVID-19 pandemic, Emirati women have been an integral part of the national response, to combine efforts at the national and international levels to contain the repercussions of this epidemic. They have proven their distinguished role in the first line of defence, a role that has been pivotal in the success of the remote work system. They have exerted every effort to protect and care for all family members throughout this crisis and their remarkable benevolent work has contributed to providing support and assistance to all affected groups.
Emirati women have assumed distinguished positions in diplomacy, effectively contributing to weaving the country’s wide network of relations and strengthening its regional and international partnerships with all countries and extending a helping hand to societies in need of support and assistance, consolidating international and multilateral cooperation in exceptional circumstances prevailing globally.
Emirati women currently hold various diplomatic positions in the Ministry of Foreign Affairs and International Cooperation, where they make up 42.5% percent of the workforce. The UAE diplomatic corps includes ten Emirati women ambassadors, in addition to one Consul General.
The Ministry of Foreign Affairs and International Cooperation’s approach in empowering Emirati women confirms the vision of the wise Emirati leadership to support and empower Emirati women as an integral part of Emirati society, and women’s active role alongside men to contribute to the comprehensive development process the country is witnessing.
MOFAIC: Smart attestation and the future of entrepreneurship in the United Arab Emirates
In line the UAE leadership’s directives and visionary stance, the Ministry of Foreign Affairs and International Cooperation, proactively invested in state-of-the-art technologies and established an advanced digital infrastructure to provide its customers with a range of electronic and smart services.
The accelerating surge of business in the UAE has grown conspicuous despite the challenges the world is facing due to the COVID-19 pandemic. This probably stems from the UAE government’s recent orientations to further openness to the world, return to normal life and attract talent and business, within strategic decisions aimed at enabling the country to elevate its ranking and score for the ease of doing business indicator, particularly after it ranked first regionally and fourth globally in the Entrepreneurship Index according to the report issued by the Global Entrepreneurship Monitor GEM – NECI for the year 2020, in addition to the indicators of the best and safest destinations for citizens and for residents.
Such catalysts, developments and ensuing challenges, along with the UAE’s strategy for government services that aims to provide 100% state-of-the-art digital services accessible anywhere and around the clock, prompted the Ministry of Foreign Affairs and International Cooperation to pursue its efforts towards establishing a new landscape for attestation services provided to entrepreneurs and companies, to facilitate their work. The Ministry sought to upscale the quality of services in line with the requirements of the business community, in partnership with the Federal Customs Authority and the Ministry of Finance. This, in turn, would contribute in strengthening the country’s economy.
Ahead of its expected launch in 2022, the Smart Attestation System will go through two phases: the first will link it to the systems of the Federal Customs Authority and local customs departments in the UAE, and the second will include linking with local departments and other UAE government agencies. We aspire to establish a unified customs link with the competent authorities abroad.
The Ministry of Foreign Affairs and International Cooperation is always keen on establishing partnerships with government agencies across the country to move forward, to make UAE government directions a tangible reality for citizens and residents in the country and overseas. In line with the directives of H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, the Ministry continuously seeks to provide outstanding services that align with the prestigious stature the UAE has achieved and earned regionally and internationally, thanks to the vision of our wise leadership, and we are certain that our investment in human minds and smart services will place the UAE in the lead, in all fields.
As part of the preparations for the next 50 years, the Ministry ranked among the best government entities in digital services in the Federal Government and has achieved third place among the 30 governmental entities. MoFAIC workgroups have worked to develop short-term and long-term solutions for the development of MoFAIC services to enhance systems in place and achieve excellence and efficiency, and ensure the provision of outstanding services to the Ministry's customers, businesses, in addition to diplomatic, federal and local entities.
Economic diplomacy
Through its global network of missions and embassies, the MoFAIC aims to attract foreign investments, encourage outbound investments, promote trade, and strengthen bilateral and multilateral economic relationships. These operations make up the core of the UAE's economic diplomacy, which ultimately supports the long-term economic and societal needs of the UAE highlighted under Vision 2021 and the 2071 Centenary Plan.
The UAE continues to create a diversified economy while still sustainably reaping the benefits of its abundant natural resources. MoFAIC plays a vital role in ensuring that the UAE benefits from global economic trends by consolidating and strengthening its position as a key player on the world stage. The UAE's economy is already the Arab World's second-largest, with robust and sustainable growth generated through tourism, transport and logistics, financial services, real estate, banking, and renewable energy. Increasingly, the UAE is looking to the future economy, prioritizing investments in education, information technology, artificial intelligence, health, and industrial manufacturing.
The UAE has an impressive track record of attracting Foreign Direct Investment (FDI) through favourable tax regulations, developed infrastructure, and minimising barriers to establishing a business. The UAE continually demonstrates its determination to provide the best possible regulatory environment for investments. The 2018 FDI Law opens up numerous economic sectors for 100 percent foreign ownership. This new framework supports investments that build regional and global value through production chains focused on advanced and high-value industries.
The UAE has also worked to facilitate outward investment, including establishing successful sovereign wealth funds. Through these funds, the UAE had become a significant investor in many parts of the world. The returns generated by these funds are invested back into the development of the UAE, with a substantial portion going to projects in energy, industry, communication and information technology, infrastructure, healthcare, and renewable energy.
MoFAIC ensures clarity over taxation and investment issues by supporting national efforts to sign bilateral Double Taxation Agreements and Bilateral Investment Treaties (also known as Investment Protection and Promotion Agreements). MoFAIC also assists in signing bilateral aviation agreements, which is critical given the UAE's aviation sector size.
Through substantial investments in infrastructure, the UAE has emerged as a regional and global trading hub. This is further bolstered by the UAE's strategic geographic location between Asia, Europe, and Africa and is a gateway to the Middle East.
MoFAIC works closely with Emirate-level investment promotion agencies, the private sector, sovereign wealth funds, business councils, and other economic actors to ensure successful outcomes through economic diplomacy.
Humanitarian diplomacy
The United Arab Emirates firmly continues its role as a supporter and primary contributor to global efforts aimed at meeting the needs of peoples, reducing poverty, eliminating hunger, building development projects for all who need them, and establishing relations with the recipient and donor countries to achieve the 2030 sustainable development goals. It is a support that is not governed by politics and is not limited by geography, race or religion, as it focuses on human development and humanity.
On this basis, UAE foreign aid has reached the stage of global leadership. The country ranked first in the world in the years 2013, 2014, 2016 and 2017, as the largest donour of official development aid from gross national income, achieving a historic leap in the field of Foreign aid grants, rising from the 19th rank in 2012 to 1st rank in 2013. The country still maintains its rank among the largest donor countries in the world from the gross national income.
Over the course of a fifty-year journey, the UAE has worked to activate its humanitarian role in reducing poverty on a global scale, and helping needy countries and societies, until it became a symbol of goodness and giving. UAE foreign aid has multiplied more than 187 times, with a total value of more than AED322 billion. The aid was distributed to development aid at 91 percent, humanitarian aid at 7 percent, and charitable aid at 2 percent. The geographical outreach of UAE aid has expanded to reach more than 196 countries and geographical regions around the world, 50 of which are least developed countries. The continents of Asia and Africa received the largest share of UAE foreign aid, and the total number of beneficiaries reached about one billion people, including 767 million women and children.
Moreover, foreign assistance provided by the United Arab Emirates has contributed to regional stability by contributing to the basic needs of the population and supporting development projects.
In addition to stabilisation efforts, the United Arab Emirates assistance focuses on food security by supporting the implementation of several different agricultural projects based on its expertise in desert farming and supporting community development.
Through this assistance, the UAE supports the governments of partner countries and their communities in pursuing their development plans and meeting their priority sustainable development goals through a policy of focusing on specialised global programs in the areas of: transport, urban infrastructure, effective government, quality education, empowerment and protection of women. This policy is rolled out through building development-oriented partnerships designed to contribute to the sustainable development agenda of each developing country partner, adopting sustainable methodologies, applying the principles of transparency and accountability and focusing on results.
A shining example is the United Arab Emirates’ efforts during the COVID-19 pandemic, both in terms of health and medical humanitarian relief support, which highlighted the high capacity of the State, and good planning and preparedness.
Since the beginning of 2020, the COVID-19 pandemic has had unprecedented health, economic and social repercussions worldwide, and has had a more severe impact on developing countries. The UAE has therefore taken urgent steps to help the affected countries to contain the spread of the virus. The country has sent supplies, medical supplies and field hospitals to hundreds of s fraternal and friendly countries to help them combat and contain the consequences of the pandemic.
As we celebrate 50 years since the establishment of the United Arab Emirates, we must realize that the strength of our foreign policy is the result of a major cumulative effort.
The achievements of the UAE diplomacy reflect the respect and appreciation for the country at the regional and international levels, as confirmed by a vision based on wisdom, balance, moderation, coexistence and peace. Our country has always worked constructively to find solutions to the problems facing the region, working with the international community and its partners to promote tolerance, development and positive cooperation.
Post- Pandemic Diplomacy, Ambition and Hope in the Future
As we celebrate the Golden Jubilee, the future proves that the UAE will continue forward in standing by the just causes. The UAE has always sought to build bridges and play a positive role on both regional and global levels. Over the coming years, the UAE will strengthen this vision by continuing to play a positive role in improving cooperation and foster dialogue, diplomacy and constructive engagement.
The United Arab Emirates will continue support all efforts that contribute to this goal and stand by any move or initiative that aims to achieve development, peace and prosperity.
The UAE will also continue to strengthen the political and economic strategic interests through effective diplomacy that supports stability and sustainable development and reinforce collaboration and coexistence.
Believing in the importance of the youth voice, the Ministry of Foreign Affairs and International Cooperation Youth Council was allocated a permanent seat in various committees and task forces in the Ministry. They work to develop and foster quality of life and create positive working environment in the Ministry of Foreign Affairs and International Cooperation.
Since its inception, the Youth Council of the Ministry of Foreign Affairs and International Cooperation adopted the slogan "Diplomacy of the Future, Ambition and Hope". Its vision aims to prepare a promising generation of innovative young diplomats who contribute to achieving the vision and agenda of the Ministry of Foreign Affairs and International Cooperation and thus support the National Youth Agenda.
The Council has worked since its establishment and through its agenda to enhance the lifestyle of young people by encouraging the adoption of a healthy lifestyle, promoting good mental health, adopting positive thinking as a basic value, building life skills, as well as honing and developing the skills, abilities and competencies of the Ministry’s youth, and demonstrating the role and efforts of the UAE in empowering young people and embracing their aspirations and hopes, and advancing diplomatic work based on knowledge and innovation to achieve excellence in foreign policy.
The perfect conclusion and a new beginning
The opening of Expo 2020 Dubai on the first day of October 2021 marked the conclusion of five decades of achievements, marking the kick-off of the next fifty years. Never before has an edition of the international event hosted so many countries and brought together so many cultures, to work together to achieve so much good for the many people. The world gathered in the UAE to chart the course of the future and work in unison to make a difference in the quality of life for future generations.
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Emirates
Abaya Rally Celebrates Emirati Women’s Day and Women’s Empowerment in Partnership with AWR ZEEKR
The fourth edition of the Abaya Rally lit up the Dubai Autodrome on August 24, 2024, as over 200 women came together to celebrate Emirati Women’s Day with a powerful display of unity and empowerment. Organized by Orbit Events, this all-women drive showcased the strength and resilience of
women from various nationalities, all proudly driving in their Abayas. This year’s rally stood out for its sense of community and collective strength. The Club Circuit buzzed with the energy of determined women, each making their mark on the track. Adding to the thrill was a newly introduced drift passenger experience, providing an adrenaline-filled adventure that perfectly complemented the rally’s empowering atmosphere. The rally, which highlighted the participants’ commitment to progress and a sustainable future, featured an impressive range of vehicles, from sleek supercars and sports cars to 4x4s
and superbikes. The event was more than just a drive; it was a powerful statement of empowerment, as women proudly displayed their skills and commitment to shattering barriers. ZEEKR X, the premium electric compact SUV, took the spotlight as the flagship vehicle of the Abaya Rally, dedicated to celebrating and empowering women. As the official EV automotive brand of the event, ZEEKR—a global leader in premium electric vehicles, distributed by AW Rostamani Group (AWR)—epitomizes the spirit of innovation and advancement. The all-women drive was flagged off with ZEEKR X and ZEEKR 001,
pushing forward the brand’s commitment to style and sophistication, and showcasing its position as a leader in the EV segment. Roberto Colucci, Director of ZEEKR at AW Rostamani Group, commented: “We were thrilled to be a part of the Abaya Rally, which served as a testament to and celebration of the
diverse talent, creativity, and aspirations of Emirati women. From fashion to exploration and
innovation, the event showcased their boundless potential, aligning perfectly with ZEEKR
and AWR’s mission to drive progress and inclusivity. We were particularly proud to see
Eman Al Bastaki recognized for her exceptional leadership in Emiratization and her
dedication to empowering Emirati women in the automotive industry. By continuing to
support initiatives like these, we are building a future where local talent plays a pivotal role in
shaping the nation’s progress.”
Cannon Wang, Managing Director of ZEEKR MENA Region, remarked: "Being part of the
Abaya Rally was an honor for us as this event beautifully mirrored our values at ZEEKR —
innovation, empowerment, and a forward-thinking approach. This rally was not just a
celebration of motoring but a powerful statement of the strength, creativity, and
determination of women in the UAE. At ZEEKR, we are committed to driving progress and
providing platforms that empower individuals to showcase their unique identities. The Abaya
Rally was a perfect embodiment of this commitment, and we were pleased to be part of an
initiative that is paving the way for a more inclusive and sustainable future.”
The event celebrated Emirati Women’s Day, honoring Sheikha Fatima bint Mubarak’s vision.
It featured an elite panel of accomplished Emirati women: Maitha Alblooshi, Founder of Be
You and Agile Coach; Abeer Matrooshi, Professional Coach and Radio Presenter; Alanoud
Alhashmi, Emirati Businesswoman and Consultant; and Eman Ahmed Al Bastaki, HRBP and
Group Head of Emiratisation at AWRostamani Group. The event also recognized Emirati
Women of Achievement: Ayatelrahman Al Sharawy, Narcotics Expert with Dubai Women’s
Police, and Safa Almahri, the first Emirati woman with licenses in all seven driving
categories.
“It’s an incredible privilege to celebrate and honor the achievements of Emirati women at the
Abaya Rally and Emirati Women’s Day. This event is more than just a drive; it’s a testament
to our collective strength and a beacon for future generations. Let’s continue to break barriers
and inspire each other to reach new heights.”
—Panelist, Abeer Al Matrooshi, Professional Coach and Radio Presenter
“Empowering women is about creating opportunities and leading with courage. Together,
we’re shaping a future where every woman can achieve her dreams and make a lasting
impact.” — Panelist, Alanoud Alhashmi, Emirati Businesswoman, Futurist and Consultant
The event spotlighted a distinguished panel of automotive trailblazers, including Eman Thani,
a renowned professional biker; Nahla Al Rostamani, the pioneering Emirati woman to hold a
racing license; Nora Al Jassasi, an Emirati female rally driver; and Syeda Aisha Atif, a
mechanical engineer. Honorees included Fouzia Zahoor, the youngest woman to earn a heavy
vehicle license in the UAE and a celebrated truck driver, and Rana Hayek, an accomplished
engineer, mechanic, and influencer.
The rally also showcased a modest fashion segment, highlighting the Abaya's identity as a
symbol of strength and modern elegance. This segment beautifully blended traditional
craftsmanship with contemporary designs, celebrating cultural identity with a touch of luxury
and sophistication.
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Castrol Edge, featuring Gold sponsors Al Ain Farms, Al Haramain Perfumes, Amaron,
Awrostamani Trading, and Silver sponsor Travel Wings. Support partners included
Champion Digital, Florist Partner FNP.ae, Hydration Partner Jeema, SoCL, Royal Sea Ent. ,
Girls Mechanic Team
The Abaya Rally concluded with a powerful celebration of the strength and achievements of
women in the UAE, uniting participants from all walks of life and showcasing their capacity
to drive change. The event highlighted the vital role women play in society, marking a
historic moment of empowerment and unity.
Emirates
Awqaf Abu Dhabi adopts strategic mechanisms to develop endowment management and enhance community participation.
Awqaf Abu Dhabi to launch a digital platform for the management of endowments and
provision of services, as well as focus on training programs for youth to encourage their
participation
Awqaf Abu Dhabi is led by the vision to be the leading organization in the management
and development of endowments and minors’ funds, ensuring sustainable development
and socio-economic prosperity
Setting a model in endowment management, Awqaf Abu Dhabi operates through the
circular economy model to grow endowments from ‘sustainable’ to ‘super-efficient’
Established under the leadership and guidance of His Highness Sheikh Mohamed bin Zayed Al Nahyan, UAE President, and operating under the Executive Council of the Emirate of Abu Dhabi, Awqaf Abu Dhabi is mandated with regulating, preserving and developing endowed assets, ensuring the distribution of profits, and creating sustainable value. Among the key initiatives by Awqaf Abu Dhabi is the upcoming launch of a comprehensive digital platform for the management of endowments and provision of services, as well as focusing on training programs for youth to encourage their participation in endowment management. The entity is also strengthening partnerships with universities and research
centers to support innovation in endowment management. To mobilise community participation and strengthen awareness and engagement, Awqaf Abu Dhabi has launched its new social media channels. The public can stay updated with the latest initiatives, announcements and other activities related to the organisation via Instagram (@adawqaf), Facebook (@adawqaf) and X (@adawqaf).
Setting a new model in endowment management, Awqaf Abu Dhabi operates through the
circular economy model with consistent returns on investment to ensure continued influx of
finances enabling it to operate in a sustainable manner and taking the concept of circular
economy to new heights. Each endowment covers its operational costs and generates revenue
to invest in other opportunities and have a positive impact on the society.
With the circular economy principle, Awqaf Abu Dhabi ensures that all endowments contribute
beyond the standard format. The adoption of this unique process allows the entity to grow the
endowments from sustainable to “super-efficient” investments that deliver perpetual returns
which in turn are used as per the Awqaf Abu Dhabi mandates. Other initiatives include
digitization of endowment records to facilitate data management and improve work efficiency,
launching endowment initiatives to maximize returns and diversify sources of income
These approaches reflect the global trends where there is an increased focus by investors with
a global study reporting that 65 percent of investors are diversifying away from traditional asset
classes over the next three years, with a focus on socially responsible investments. According
to the International Journal of Islamic Studies, waqf investment funds play a significant role in the
development of societies by catalyzing economic empowerment programs and project financing,
and highlights the perpetuation of endowment benefits, due to their permanence in supporting
and developing society.
HE Fahad Abdul Qader Al Qassim, Director General of Awqaf Abu Dhabi, said: “Since our
inception under the new identity of Awqaf Abu Dhabi, we have been focused on strengthening
the participation of the wider community in endowments and inspiring the community to partner
in a noble cause that has long-term benefits for all sections of the society. The spirit of waqf is
deeply ingrained in our culture and we are committed to maximising Waqf investments and
returns for the collective welfare of society.”
He also added: “We are transforming our services to be aligned with the aspirations of the
community, and to be in tune with the fast-changing trends. Accordingly, we are strengthening
our technological infrastructure to enhance operational efficiency and strengthening cooperation
with the private sector to develop innovative endowment projects. We believe it is part of the
social commitment and moral responsibility of all community members to be actively engaged in
endowment projects for the long-term prosperity and progress of all sections of the society.”
Offering expert advice on setting up new Waqf endowments, including legal and financial
structuring in compliance with local and international legislation, Awqaf Abu Dhabi also
oversees the assets included in Waqf. Committed to contributing positively to the well-being of
the society, the strategies and operations of Awqaf Abu Dhabi are aligned with the vision of the
nation and its leadership.
Awqaf Abu Dhabi also aims to strengthen cooperation agreements with governmental, private,
and civil community organizations, and to establish advisory councils with representatives from
different entities to support decision-making.
With an extensive portfolio of assets under management, including a robust portfolio of income
generating assets, Awqaf Abu Dhabi follow the highest standards in wealth management
practices and also develop programmes aimed at empowering the beneficiaries of the Waqf
through educational scholarships, healthcare services, and social welfare initiatives, among
others. Community members can contact Awqaf Abu Dhabi for more details on endowment
projects and investment opportunities.
Among notable recent partnerships, Awqaf Abu Dhabi and the Department of Health – Abu
Dhabi (DoH) launched a Dh1 billion healthcare endowment fund over five years to further
advance endowment work towards specialised healthcare needs of the community. The aim of
the endowment is to meet specialised healthcare needs in Abu Dhabi, and to provide
sustainable financing to create a positive social impact in the field of healthcare.
Emirates
APM Capital marks Emirati Women’s Day celebrations highlighting Financial Inclusion for Women and ESG
-Only 7.5% of women in the MENA region have a high level of investment education, yet
62% want to be more active investors, showing a strong desire to improve their financial
skills.
– Emirati women own 128,000 SME businesses, yet financial products made especially for
women would provide more women with access to start their businesses.
– 86% of employees want to work with companies with ESG principles, and 83% of
customers think companies must have ESG principles.
Women aiming for financial inclusion face several challenges due to cultural norms and traditional gender roles. The lack of appropriate legal and policy frameworks poses significant barriers to women’s economic empowerment. Low financial literacy rates among women and poor access to capital impose severe challenges towards achieving a solid foundation for financial independence among women. To discuss these issues threadbare, share potent insights and pave the way towards gender equality and economic independence amongst women in the Middle East, APM Capital hosted a panel discussion with industry experts to drive a meaningful change in the finance world. A selection of expert panellists including Umarrah Shafiq (Chartered Financial Advisor), Dagmar Turkova representing the European Women’s Association, Natalia Ishchenko of FlyInvest, Tola Denloye (Financial Regulation and Governance, APM Capital), Nada Sayarh from S.P. Jain School of Global Management and Katy Holmes from the British Chamber of Commerce Dubai contributed their views on the positive outcomes of women inclusion in asset creation and management. Tola Denloye, Financial Regulation and Governance at APM Capital said,”It is crucial to recognize women as equally talented architects of the future. It is simply a lost opportunity that half of the population is not given the same level of financial inclusion. It also requires changes in the policy and legal framework complemented by equal opportunities in securing jobs across markets to boost the overall efficiency and potential.”
Setting the pace for the insightful discussion, Alexandra Reyes, Transformational Empowerment
Coach and Moderator for the first panel followed through with a crucial sentiment on why
achieving financial independence could mean living a life of fulfilment and purpose for women.
The power of investing and wealth accumulation is an imperative tool for personal and societal
change, and its profound impact can secure the future, protect against inflation, and help close
the wealth gap. With steady progress in financial independence for women, Financial Literacy as
a foundation still needs further action to equip the Middle East’s women.
“Financial literacy among women in the Middle East remains underdeveloped, though progress
is being made. The situation is even more challenging in countries like Yemen and Iraq, where
fewer than 20% of women are financially literate. A recent survey by the Arab Monetary Fund
revealed that women in the region frequently feel marginalized from financial decision-making
processes within their households and broader economic contexts. Bridging this gap is
imperative, as financially literate women are more likely to engage in the workforce, initiate
businesses, and contribute meaningfully to economic development.”said Natalia Ishchenko of
FlyInvest. She further observed that the UAE is making great strides, as 80% of adult women in
the UAE have bank accounts, which is higher than the regional average and a positive sign.
Many women lack basic financial knowledge, so initiatives like ADCB MoneySense, ADIB”s
Smart Money Program, CBD’s Budget and Track, and the Ghaya Financial Literacy Program
strive to improve financial literacy and empower women to participate more actively in the
economy. Dagmar Turkova said, “Many women are familiar with managing personal finances like banking, insurance, and mortgages, but they often lack experience running businesses or handling more
complex financial matters unless they’ve studied business or worked in a family business. As per
a 2023 report, only 7.5% of women in the MENA region have a high level of education on
investment.” This rate indicates a considerable scope for improvement among women in
understanding higher-level investment. Despite this, 62% of women want to become more active
investors, wishing to improve their financial skills. A recent report revealed that Emirati women
own well over 128000 small and medium businesses, making them a considerable economic
force to reckon with. Financial products made especially for women will provide them with
better access to capital and funding, encouraging more women to start their businesses.
The panellists identified cultural norms and legal frameworks as critical barriers to achieving
financial independence for women in the UAE. Cultural expectations often limit women’s
participation in the workforce, and legal frameworks, such as Sharia-based inheritance laws, can
pose challenges to women’s financial autonomy.
Speaking of financial empowerment opportunities, the panel agreed that small business
ownership offered significant exposure. According to the International Finance Corporation,
women-owned businesses constitute about 30% of SMEs in the region yet receive just 7% of
total funding. Robust support systems are crucial for the success of women entrepreneurs as they
often lack access to the financial assets required to secure business loans. Microfinance
institutions and government-led finance solutions could fill the gaps, while women could use
mentorship and networking platforms to hone skills needed to scale businesses.
Environmental, Social, and Governance (ESG) was also an integral aspect of the panel
discussion. Furthering the topic, Tola Denloye said, “ESG is the lens through which we humans
can assess the broader impact of environmental, social, and governance decisions on society and
the environment. It is also the framework within which we advocate and champion the tenets of
each ESG principle”. While the world feels dominated by the Environmental factors in ESG
investing today, there is an increasing consideration of the social factors that evaluate a
company’s impact on customers, employees, local communities, and society in general. By 2030,
many investors believe Social will contribute more to shareholder value than Environmental.
This shift also means that Gender Equality needs further attention and action from the leaders.
Katie Holmes from the British Chamber of Commerce Dubai explained how critical ESG had
become; she said, “83% of consumers think that companies must have ESG principles, 91% of
business leaders believe they have a responsibility towards ESG and 86% of employees want to
work for companies with ESG principles.”With more and more stakeholders insisting on
including the ESG principles, it opens new vistas for women in ESG investing. With their natural
inclination towards societal and environmental concerns, women are in a vantage position to
guide and promote ESG investing through various ESG investment portfolios.
Concluding the discussion, the experts agreed that achieving sustainable impact requires a
change in approach and attitude. Women in the Middle East work across industries and
unleashing their potential in financial planning requires understanding cultural needs and
barriers. Financial literacy will allow women to comprehend and make well-informed financial
decisions and effectively manage their money, both personal and business funds.
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