The gender gap and the women who fall through it



There have been two contradictory events in society recently. The first was when a member of the Federal National Council said in a high-level national discussion that unmarried women are creating a "financial burden" because they're not doing their job of "bearing or producing any children". The second was the UAE ranking first in the Middle East, and 37th worldwide, for treating women with respect in the Social Progress Index, in data released by the World Economic Forum's Global Agenda Council.

The government's message is loud and clear: women's rights should be respected. As Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, put it: "We have the deepest respect for women. We respect their sacrifices and their dedication as partners in the building of our nation."

His words have been interpreted to mean a continuous effort to address the gender gap, leading to remarkable structural changes.

On the other hand, the FNC member’s controversial comments towards women represent an idea that I fear is held by many men, and even women, in this society, even after women joined the workforce.

The intention behind such comments could be good. He and those who share his views could genuinely be thinking about the interest of women from their own perspective, but might be unaware of the prejudicial impact of such constricting ideas on women.

The idea that, as the FNC member put it, “the man is responsible outside the house to provide all expenses for each wife and family of his, and the woman carries more responsibility inside the house”, is a traditional notion that persists in many societies around the world, if not now then often quite recently. The sole responsibility of women had been determined to be staying home and raising children.

It’s also common for people to have predetermined expectations of the two genders.

Men are typically labelled as being tough, strong, assertive, forceful, dominant and independent. Women are more often associated with a set of traits labelled “communal”, such as soft, caring, fearful, sentimental and submissive.

In her paper, Getting to Grips With Unconscious Bias, Dr Karen Morley discussed the “unconscious gender schema” that many people learn so early and so thoroughly that they become oblivious to it. As she put it, this reaches the extent where, if we ever reflect on it, it seems the “natural order of things”.

“Gender schema is learnt early, thoroughly, stored in memory and accessed without awareness,” she explains.

“What most people are unaware of is that we have an interesting duality of beliefs: our conscious and unconscious beliefs are quite likely to contradict each other.

“That’s particularly the case for contentious issues, like gender and race. It applies to people who believe themselves to be egalitarian: conscious egalitarian beliefs coexist with unconscious bias in the same person. In general, what we say represents our conscious beliefs, while what we do, particularly our non-verbal behaviour, is more representative of our unconscious beliefs,” she explains.

The “gender schema” is reflected in the way women behave and view themselves. Studies had found that women have lower confidence and that can lead to inaction.

Journalists Katty Kay and Claire Shipman’s new book, The Confidence Code: The Science and Art of Self-Assurance – What Women Should Know, discusses how women’s self-doubt and the preconceived notions about their own ability can have devastating effect on their lives, especially in the workplace.

But why does it occur among women rather than men?

In a column in The Guardian, Jessica Valenti suggested: “The ‘confidence gap’ is not a personal defect as much as it is a reflection of a culture that gives women no reason to feel self-assured.”

When UAE women hear comments, such as the one said at the FNC about being a burden, many of them will undoubtedly question – whether consciously or unconsciously – their abilities to do more than raising children, and that can have a negative impact on their personal and professional lives. To tackle this kind of cultural bias, we need to be aware of it first, before anything else.

I’m proud of the achievements that UAE women have made and are still making every day.

I’m also grateful of the constant support by the government to empower women. However, we should always look not only at how far we have come, but also how much further we can still reach.

The fact that we have made great progress in terms of narrowing the gender gap should not lead us into complacency, thinking that the required progress has been made and that no further efforts are necessary. We might have moved beyond conscious discrimination, but we still face an unconscious bias against women.

aalmazroui@thenational.ae

On Twitter: @AyeshaAlmazroui

Prophets of Rage

(Fantasy Records)

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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