JEDDAH: The UAE has mandated private joint-stock companies to reserve at least one board seat for women, reinforcing the nation’s commitment to gender equality in leadership.

The Ministry of Economy issued this new directive, which will take effect once the current board terms expire, aligning with the Gulf state’s goal of enhancing global competitiveness. This initiative highlights the leadership’s dedication to empowering women and advancing sustainable development goals.

The ministerial resolution, which regulates the governance and operations of private joint-stock companies, builds on a similar mandate introduced for public joint-stock firms in 2021. This earlier measure has yielded positive results by improving institutional performance and economic outcomes.

The UN Development Program recently announced that the UAE has climbed to 7th place in the 2024 Gender Inequality Index, a significant rise from 49th in 2015 and 11th in 2022. This announcement was made during the 68th session of the Commission on the Status of Women in New York.

In 2015, the Gulf country established its Gender Equality Council, a federal entity tasked with developing and implementing the gender equality agenda. The council aims to close the gender gap across all government sectors, positioning the UAE as a global model for equality.

The UAE also leads the world in women’s parliamentary representation, with women occupying 50 percent of positions in the Federal National Council. Additionally, women are highly represented in the labor market, specialized professions, and emerging fields, according to the UAE government portal.

Minister of Economy Abdullah bin Touq Al-Marri emphasized that, under the guidance of the UAE’s leadership, the country is committed to enhancing women’s contributions across various fields, particularly in economic development.

“The decision will reinforce the UAE’s vision to enhance gender balance, empowering women in the business sector and increasing their presence in leadership and decision-making roles,” he was quoted as saying by the UAE’s official news agency.

The minister added that the initiative will further strengthen the Gulf nation’s global competitiveness and its position as a leader in gender equality.

Al-Marri pointed out that women in the UAE have consistently demonstrated their capabilities over the past decades, 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,” he said.

He expressed his deep gratitude to Sheikha Manal bint Mohammed bin Rashid Al-Maktoum, president of the UAE Gender Balance Council, for her efforts to enhance women’s participation in the economy.

Mona Ghanem Al-Marri, vice president of the council, emphasized the strategic collaboration between the Ministry of Economy and the council, noting that the ministry’s decision will significantly advance gender balance.

She added that the decision reflects the productive partnership between the ministry and the council, underscoring the country’s unwavering commitment to empowering women economically and increasing their participation in the workforce.

The Ministry of Economy announced that the implementation of this decision will commence in January 2025 and urged relevant companies to integrate this requirement into their future board restructuring plans.

RIYADH: Saudi Arabia’s Public Investment Fund has launched the National Interactive Entertainment Co. to create immersive storytelling experiences rooted in the Kingdom’s heritage and Islamic history.

The newly established firm, known as QSAS, will focus on developing, owning, and operating world-class interactive exhibitions throughout the Kingdom, according to a statement.

This initiative aligns with the Kingdom’s goal of balancing the preservation of cultural heritage with the creation of thriving business opportunities. It also supports PIF’s strategy to strengthen the local private sector through partnerships in construction, event management, and technology.

Mishary Al-Ibraheem, head of entertainment, leisure, sports, and education at PIF, said: “The tourism and entertainment sector is a strategic local priority for PIF, as we focus on enriching the tourism and entertainment experience.”  

He added: “QSAS will contribute to strengthening Saudi Arabia’s position as an attractive tourist destination with storytelling inspired by history, culture and heritage, and will invest in local talent to build new economic activity focused on providing interactive experiences; a sector which is witnessing significant global growth.”  

The statement also revealed that QSAS will play a key role in localizing knowledge and technology within the private sector content creation industry, with expectations to generate over 11,000 direct and indirect jobs by 2030.

The firm plans to offer a variety of interactive exhibitions, including both permanent and touring displays, designed to provide multisensory immersive experiences that enhance local culture and boost the tourism sector.

This initiative is part of the Pilgrim Experience Program, a Vision 2030 project aimed at accommodating 30 million pilgrims by 2030. It also complements the Ministry of Tourism’s National Tourism Strategy, which aims to attract 150 million visitors annually by the same year.