Every day, there is news of women ascending to leadership positions in various fields such as politics, economics, finance and key roles within major global corporations. This upward trend is supported by consistent data highlighting active female participation in the labor market, particularly in leadership roles.
McKinsey’s annual report on women’s involvement reveals a significant increase in the number of women in executive-level positions, or the C-suite, from 17 to 28 percent since 2015. In addition, there has been notable progress in the representation of women in vice president and senior vice president roles, commonly referred to as V-level management.
The World Bank has observed a remarkable trend where one out of every three companies worldwide has a woman as a major owner. This fact underscores the substantial presence of female ownership in businesses. Interestingly, the level of female ownership often correlates with the income level of a country. In low-income countries, approximately one in four companies has women owners, while middle and high-income countries exhibit higher rates of women’s entrepreneurial participation, ranging from 36 to 37 percent.
The World Economic Forum reports a significant 3.6 percent increase in the proportion of women appointed to leadership positions over six years, progressing from 33.3 percent in 2016 to 36.9 percent in 2022 (based on the latest available figures). In 2022, women’s representation in senior and leadership roles reached an all-time high of 42.7 percent.
Participation rates of young women entrepreneurs
The Global Entrepreneurship Monitor highlights that low-income countries showcase the highest rates of participation among young women entrepreneurs. According to the GEM study, young women entrepreneurs aged 18 to 34 constitute a majority, accounting for 56 percent of such entrepreneurs in low-income countries. This percentage slightly declines to approximately 50 percent in higher middle-income countries and further drops to 43 percent in high-income countries.
Approximately 50 percent of businesswomen worldwide can be found in the wholesale and retail sector. Moreover, the health, government, education and social services sectors collectively attract around 20 percent of female entrepreneurs.
Additionally, the European Investment Bank identifies that around 60 percent of women-led companies achieve notable scores in environmental, social and governance metrics. These scores serve as indicators of a company’s success in addressing risks within its operations and day-to-day practices.
Women & Artificial Intelligence
The technology field remains predominantly male-dominated, presenting significant challenges for women. Women constitute less than 25 percent of AI professionals, only 14 percent of the cloud computing workforce, and 20 percent of engineers. According to the WEF, women account for a mere 15 percent of Facebook AI Research and only 10 percent at Google.
UNESCO reports that women make up just 30 percent of academic researchers, and this number drops to a mere 11 percent in top positions. Unequal pay is another issue faced by women in the industry. For example, a study by the tech hiring marketplace, Hired, reveals that women in technology earn an average of 3 percent less than their male counterparts. Furthermore, women applying for technology jobs earn 63 percent less in salaries than men.
Governments play a crucial role in promoting and encouraging women’s success in technology-related roles. This is particularly noticeable in Arab states, where governments actively strive to create opportunities for women to participate in this rapidly evolving industry.
Read more: New acceleration program for women-led startups launched in UAE
Empowering women in the Arab world
In the Arab world, there is a growing recognition of the crucial role women’s economic empowerment plays in driving development and fostering economic growth. Saudi Arabia, in particular, has witnessed a notable increase in women’s employment, with rates reaching 35.3 percent in 2023, up from 17 percent in 2017, according to the World Bank. Saudi women are also making strides in leadership positions and exploring new sectors such as tourism and leisure.
Saudi Arabia has surpassed its target for women’s empowerment outlined in Vision 2030. This vision aims to open new avenues for work, reduce unemployment rates among Saudis, expand career opportunities for women, and enhance the working environment in the private sector to attract a broader range of job seekers from both genders.
Conversely, World Bank data underscores the persistently low participation of women in Jordan’s labor market, standing at only 15 percent compared to 65 percent among men. Furthermore, a quarter of women in Jordan’s labor force are unemployed, in contrast to 16 percent of men. Women in Jordan encounter challenges in crucial entrepreneurship indicators, including the share of women-led companies and access to financial and non-financial services.
IMF Managing Director Kristalina Georgieva emphasizes the significance of women’s full participation in the economy, saying, “When women participate fully in the economy, societies are much better off. Increasing economic opportunities for women create stronger economies for all.”
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