A new report by Swiss private bank UBS, in collaboration with Women in Business Arabia, explores regional trends that impact women in the MENA (Middle East and North Africa) region, in business and in their investment experience.

Looking ahead to the next decade, there is a need to recognise emerging trends for women in the MENA region, with a focus on financial inclusion, entrepreneurial ambition, and business education, a report by UBS shows.

The report highlights four emerging trends, stating that early education and financial literacy play a critical role in the long-term viability of a woman’s success in business.

Interactions between stakeholders, particularly between public and private financing and private enterprises, are dynamic and are also gaining momentum, it states. Female entrepreneurs also offer a tremendous economic opportunity that is expected to grow exponentially through the next decade, it finds.

The Swiss bank is not the only organisation to have tapped into the need to improve how women in the Middle East and North Africa are treated as a rising wealth management client segment. For rexample, a report by WealthBriefing, in partnership with First Abu Dhabi bank, also explores what HNW women in the region want from advisors, and why it is also important for firms to understand and serve these clients more effectively. This news service recently announced the launch Winning Women in MENA: How Wealth Managers Can Help Further Female Empowerment. See more here. Produced in conjunction with First Abu Dhabi Bank (FAB), the report examines the challenges, solutions, and arguments for the best ways to improve the position of women in the MENA region’s wealth management sector, as well as ensuring that this increasingly important cohort of clients and advisors have the resources they need.

The UBS report said that with women’s wealth in the Middle East accounting for $786 billion, societal and cultural norms are still barriers to unleashing women’s potential in day-to-day business – particularly for family businesses.

“Our research is unanimous: there is a need for conversation, education, and systemic support for women in the MENA region to better engage in discussions around finance, investment, and entrepreneurship,” Emma Wheeler, head of women’s wealth at UBS Global Wealth Management, said. 

“While their experiences differ in detail to female entrepreneurs in other locations around the world, globally there are clear trends emerging. The industry needs to make strides with clear intentions, mentorship, encouragement, and continuity, to help improve the accessibility of information and unlock the economic opportunities that diversity and inclusion bring to all,” she added.

“With a decade of commitment to women and investing, we are eager to shine a spotlight on the acceleration we are observing in this region,” Christine Novakovic, head, UBS Global Wealth Management Europe, Middle East and Africa (EMEA), continued. 

Increasingly active
The report shows that 62 per cent of women interviewed want to become more active investors.

The report outlines four action steps for change to accelerate the economic momentum that exists within the region. This includes starting the conversation about finance, business, and entrepreneurship. Establishing frameworks for mentoring and networking as well as giving visibility to role models will benefit women in many ways. In their personal lives, it will increase their financial participation. In their professional lives, it will advance their careers, and in their entrepreneurial roles, it will support women-founded businesses, the report states.

The report also says that achieving sustainable impact requires changes in attitudes and approach as women work across industries and cultures: â€śUnleashing this impact involves understanding the cultural needs, barriers and prospects of both women with wealth that requires management and those seeking to create it. As they share their financial confidence and entrepreneurial experience, becoming role models and mentors, the region can benefit, thus accelerating sustainable change.” 

The report also recommends applying a gender lens by considering women-owned businesses, companies employing women across all tiers as well as companies offering products and services that benefit women.

Finally, the report highlights the importance of building financial confidence. Empowered and educated women are deeply rooted in the region and they are committed to making a difference with their educational, professional and entrepreneurial experiences from home and abroad, thereby contributing to a culture shift over time, the report says.

It concludes that more programmes are needed that support founders in investment readiness and essential leadership and communication skills. These coaching opportunities should run alongside the technical work required to launch a company, acquire funding, expand a business, or continue a career path.

The research involved an online survey distributed via the researchers’ social media platforms directly to its subscriber list - 658 surveys were returned. The survey consisted of four main sections: socio-demographic characteristics; experience and education; entrepreneurial self-efficacy; and business experience. In addition to the survey, the UBS research team conducted interviews with 34 female respondents from the MENA region, both in-person and via Zoom.