Women in the Middle East Control Around $0.7 Trillion of the Region's Total Assets
By Iqpc Middle East, PRNESunday, November 7, 2010
DUBAI, November 8, 2010 - Historically, Arab women have been quite disadvantaged as
compared to males and, more often than not, their destinies are inhibited by
the dominant males in their lives - father, brothers or husband.
In a recent study of inequality between men and women across 134
countries published by the World Economic Forum (WEF Gender Gap report 2010),
the GCC & Arab region ranks amongst the lowest in the world. While Iceland
and Scandinavian countries rank at the top, the highest ranked Arab country
is UAE at 103rd place, with Kuwait at 105, Bahrain at 110, Lebanon 116, Qatar
117, Oman 122, Egypt 125 and KSA at 129. This is despite the fact that
several of the GCC countries are considered "High income" societies, while
some so called "Low income" countries like the Philippines (9) and Sri Lanka
(16) rank in the Top 20. The highest ranked Muslim country is Indonesia at
87.
Interestingly, countries in this part of the world score low at the
aggregate level, not due to education or health factors, but due to lower
scores on economic opportunity and political empowerment for women.
Does this mean that targeting women for financial services is not viable
in the Arab region? Definitely not. According to Reuters women in the GCC
alone hold billions in personal wealth, US$12 billion belongs to Saudi
Arabian women, of which 75% sits in cash deposits and 20% in unit trusts.
Accumulated wealth has increased among the growing population of female
professionals.
The market is witnessing the emergence of a specific type of female
customer - the traditional holder of inherited capital whose quest for
financial sophistication is motivating them to find better ways of investing
their money and doing so in an environment that suits their personal style
and requirements.
Boston Consultancy Group research reports that women in the
Middle East control around $0.7 trillion of the region's total assets under
management. This represents 22% of the total AUM in the region. Further, it
has been observed that there are differences in the type of investment advice
sought by men vs women - while women tend to seek advice in order to fulfil
long term goals (e.g. children's education, old age pensions etc), males on
the other hand tend to look more for short term gains.
At Financial Services for Women Middle East Summit
industry-leading experts will convene to discuss possibilities in diversified
investment and wealth management for women and look on wealth held by women
and growth projections in the Middle East. Most importantly, the summit will
highlight how retail banks can capture this market through their ladies
banking division or through tailoring their retail products accordingly.
About the Financial Services for Women Middle East Summit
Financial Services for Women Middle East Summit is taking place from 28
November - 1 December 2010 at the Shangri-La Hotel, Dubai. The summit will be
joined by Tara Dawood, CEO & Founder, Dawood Capital Management & Ladies
Fund, Taroub Hassan, Deputy Head of Business, Abu Dhabi HSBC Bank, Shahzah
Waraich, Vice President of Global Wealth Management, HSBC Amanah, Shimi Shah,
Former Chief Executive Officer & Chairman, Forsa & Carousel Solutions, Lara
Hussein, Head of E-banking at Emirates NBD and many more. Visit
www.financialserviceswomen.com for more information.
About IQPC
IQPC provides business executives around the world with tailored
practical conferences, large scale events, topical seminars and in-house
training programs, keeping them up-to-date with industry trends,
technological developments and the regulatory landscape. IQPC's large scale
conferences are market leading "must attend" events for their respective
industries.
IQPC produces more than 1,500 events annually around the world, and
continues to grow. Founded in 1973, IQPC now has offices in major cities
across six continents including: Berlin, Bengalaru, Dubai, Johannesburg,
London, Madrid, New York, Sao Paulo, Shanghai, Singapore, Stockholm, Sydney,
and Toronto. IQPC leverages a global research base of best practices to
produce an unrivalled portfolio of conferences.
For more information contact Michelle Petiza, Marketing Manager,
IQPC Middle East, +971-4-364-2975, enquiry@iqpc.ae
For more information contact Michelle Petiza, Marketing Manager, IQPC Middle East, +971-4-364-2975, enquiry at iqpc.ae
Tags: Dubai, IQPC Middle East, Middle East, November 8