How females in the Middle East are cracking the glass ceiling

It seems so, according to latest statistics and expert opinion. There are more than 52 female chief executive officers currently in the Middle East’s corporate ecosystem, steering companies across sectors like banking and financial services, telecommunications, hospitality, consumer goods, healthcare, utilities and construction, according to data collated by EMA Partners, a global leadership search and advisory firm.

While the level of female representation on company boards in the UAE is projected to rise significantly this year, after the Securities and Commodities Authority (SCA) instructed that all listed firms in the country must have at least one female member on their board of directors.

“I really feel we have seen a drastic change in recent years. Social media is helping in awareness and women are supporting women a lot more,” Panchali Mahendra, Dubai-based managing director of global hospitality major Atelier House, said, commenting on how the perceived gender bias against women entrepreneurs and high ranking female professionals is finally on the mend.

Mahendra’s views found resonance among many of the new crop of women start-up founders as well.

“The start-up funding ecosystem in the UAE has come a long way in the last couple of years and female entrepreneurs are finding their rightful place at the table,” Shraddha Barot Amariei and Ayshwarya Chari, the women duo founders of 1115Inc, a Dubai-based e-commerce advisory start-up, told Arabian Business.

“If your idea, plan, numbers and team are solid, we don’t see prejudice against female-run ventures. To illustrate this point, our Emirati female clients have had a smoother fundraising journey than some of our male clients,” the professionals-turned female entrepreneurs said.

Ayshwarya Chari (L) and Shraddha Barot Amariei, founders of 1115Inc.

Senior executives at leadership search firms confirmed the newly found preference by companies in the region for women leaders.

More takers for women for C-Suite roles

“Over the past 4-5 years, on being mandated by clients for C-Suite roles in the region, there is an observed demand to have a healthy representation of women leaders in the mix with a genuine inclination towards onboarding them,” Amarjeet Dutta, partner at EMA Partners UAE, told Arabian Business.

“We see more of this happening in the short-to-mid-term horizon, which is a fantastic trend, ” added Dutta.

Amarjeet Dutta, partner at EMA Partners UAE.

Many female investors are also ecstatic about the changing attitude towards supporting and funding women-led ventures.

“This movement is really positive for the ecosystem in the region as the presence of women will assure diversity of thought, higher accountability and higher returns, resulting in a very healthy ecosystem and economy,” Anvita Varshney, managing partner of Dubai-based AV Capital Partners, told Arabian Business.

“We often lack female role models and this revolution in the region will encourage many start-ups to onboard female founders, resulting in a major boost in entrepreneurship and success rates,” said Varshney, who is also an ex-COO of Naspers and former managing director of Rocket Internet.

Anvita Varshney, managing partner of AV Capital Partners.

Dutta added: “Empirical evidence across the globe has proven that gender diversity is a simple step towards better decisions and greater corporate growth.”

Light at the end of the tunnel

The change journey, however, needs more pushing, cautioned the women leaders. “Giving each other chances and pushing is what is required at this level,” said Mahendra.

“I knew one thing; I just need to work hard, and it [the recognition and support] might happen sooner or later, but it will happen. I am also lucky and fortunate to have my chief executive officer [Ahmass] Fakahany who always believed in me and never differentiated, and is also a big supporter of women empowerment.

Shradha and Aiyswariya added: “We have had nothing but 100 percent support from the decision-makers and visionaries who see where the business needs to go.”

The much-needed course correction for gender parity may be on, but it is happening after long years of struggle by some of the women leaders who dared to question the status-quo.

Panchali Mahendra, Dubai-based managing director of global hospitality major Atelier House.

“The struggle is real. I feel investors or owners see women more as a liability than an asset from the get-go. We are told about our longevity to endurance and working hours, or emotions or family way”, said Mahendra.

Many women start-up founders said this mind set, however, is fast changing and for good.

“The challenge sometimes is to get buy-in from all stakeholders, especially when we go in and have to upgrade or change systems that have been in place for a long time. We always get there in the end but the road can sometimes get rocky – which we prepare them for even before the engagement letter is signed,” Aiswarya said.