Today's Edition
SARA ALZAABI (ABU DHABI)
The growing role of women in the financial sector took centre stage at the Women in Finance event, held as part of Abu Dhabi Finance Week (ADFW) 2024.
The event, held in partnership with the Atlantic Council’s Rafik Hariri Center for the Middle East, took place at the Rosewood Hotel on December 12.
In her opening remarks, Emilia Pierce, Deputy Director of Operations and Finance for Middle East Programmes at the Atlantic Council, highlighted the importance of women’s participation and leadership in the financial sector, particularly in investment, for the economic and social future of the MENA region.
She stressed how empowering women economically benefits entire communities: “When women have the freedom and opportunity to choose their economic future, it uplifts entire neighbourhoods, entire communities, entire societies.”
Pierce further highlighted the potential of MENA’s educated, entrepreneurial, and ambitious women, spotlighting the challenge of access rather than capability, encouraging the bold thinking and action for financial transformation.
During her keynote, Dr. Martina Strong, US Ambassador to the UAE, stressed the historic significance of the year in the US-UAE relations.
She highlighted that the success of a dynamic environment requires strong partnerships, stressing the US’ commitment to collaboration with the UAE.
The ambassador noted that one of the core priorities for both countries is women’s economic empowerment, particularly in finance and entrepreneurship.
“We recognise that women’s economic empowerment is not just nice to do, it is something that we must do.”
“This partnership is built, as always, not by diplomats like me, but by people like you who are working every single day to create partnerships, relationships, and friendships,” she added.
Dr. Alyazia Al Kuwaiti, Executive Director of the UAE Industries – UAE Investments Platform at Mubadala, spoke to Aletihad, saying: “Mubadala, positioned at the heart of Abu Dhabi – the capital of the capital – plays a pivotal role in this progress. With its bold ambitions, Abu Dhabi creates opportunities for women to lead in forward-looking sectors such as artificial intelligence, advanced manufacturing, energy transition, and life sciences. By equipping them to navigate unforeseen challenges and transformative events that reshape industries and societies, Mubadala empowers women to lead with confidence and resilience.”
As a Hub71 startup, Lorena Puica, founder and CEO of SID.life.ai, shared her entrepreneurial journey with Aletihad.
“The best entrepreneurs draw from personal experience, because they are committed to their startup,” Puica said.
She described SID.life.ai’s impact: “What we have created is the first global large language model focusing on life quality. Empowering citizens improves productivity, creativity and the socio-economic context. We are in 26 countries and working with the Abu Dhabi Department of Health.”
She highlighted the growing role of women in finance, noting a study that found companies with women on boards have a 37% higher return on equity.
“The power of women in finance is in bringing diversity of opinion, leading to more value creation.”
Puica praised the UAE’s focus on life quality and human values, saying:
“We will see better financial returns and equity with a balanced approach between men and women in finance.”
Offering advice to entrepreneurs, she stressed the importance of clarity and commitment. “Think deeply about the problem you want to solve, and be prepared to invest more time, capital, and resources. The quality of people you surround yourself with is key,” she said.
Puica concluded with a message of empowerment: “This is the perfect time to do whatever you set your mind to. In the AI world, there is no excuse – go big or go home.”
Khatija Ali, CEO & Founder of BioSapien, shared her insights on innovation and women’s progress in business with Aletihad.
Ali highlighted the UAE’s faster, more collaborative regulatory environment. “In the UAE, it is a lot faster, quicker, and there is more innovation and collaboration when you speak to a regulatory body. This is something not commonly seen in places like the US or Europe.”
Ali expressed optimism about women’s progress in finance: “There is a huge push towards more women in finance and leadership roles here in the UAE. The energy is buzzing, and the momentum is growing.”
She also acknowledged that the UAE is actively supporting women in business, despite the global funding challenge for female founders, where only 3% receive funding.
Ali’s advice to women entrepreneurs was clear: “Make sure you really want to do it. Find what you are passionate about – food, clothing, health – and just start. Most people do not start, and that is the biggest piece of advice: Just start.”
