UAE’s Ministry of Economy mandates female representation in every private joint-stock company board after the end of the term of the current boards.
This mandate comes as a result of UAE’s strategy to boost its global competitiveness rankings and also sheds light on the government’s efforts to enrich the country’s women empowerment initiatives. This move by the UAE Ministry of Economy is one to include women on their boards to foster female participation in corporate governance.
“Over the past decades, women in the UAE have consistently proven their capabilities, making significant contributions to the business, financial, and investment sectors. Today, they are indispensable partners in economic growth and vital to the UAE’s global competitiveness. This decision will bring added value to private joint-stock companies, enhancing their institutional performance by drawing on the insights and experiences of successful businesswomen in the country,” Abdulla bin Touq Al Marri, Minister of Economy said.
He also extended his gratitude to Sheikha Manal bint Mohammed bin Rashid Al Maktoum, President of the UAE Gender Balance Council, for her steadfast efforts to boost women’s participation in the economy. Initiatives such as the ‘Women on International Boards’ programme and the ‘SDG 5 Pledge to Accelerate Gender Balance in the UAE Private Sector’ are key to a larger goal of ensuring women hold 30% of leadership roles by 2025.
The Ministry of Economy has announced that the decision will take effect from January 2025, encouraging relevant companies to incorporate this requirement into their upcoming board restructuring plans.