UAE Securities and Commodities Authority (SCA) took a decision regarding women’s representation on boards of directors and in decision-making positions and how vital it is to the national economic growth. With that being said, any UAE listed company is required to have one female on the board.

Her Highness Sheikha Manal bint Mohammed bin Rashid Al Maktoum, President of the UAE Gender Balance Council, President of Dubai Women Establishment, and wife of HH Sheikh Mansour bin Zayed Al Nahyan, UAE Deputy Prime Minister and Minister of Presidential Affairs, commended the decision.

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UAE listed companies are now required to have at least one female on the board of directors

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.@MMbinRashid: Increasing women’s representation on boards of directors contributes to achieving the objectives of the @UAEGBC to narrow the gender gap in all fields and increase women’s representation in leadership and decision-making positions in both public and private sectors

— Dubai Media Office (@DXBMediaOffice) March 15, 2021

The decision was taken on Sunday following a board meeting by the market’s regulator.

This is a priority for the SCA and its board during the coming period and we will work with all partners to enhance the local investment environment and support its legal infrastructure to meet the UAE Vision 2021 and the targets of the next 50 years

Mr Abdulla Bin Touq, head of the SCA’s board and Ministry of Economy, said in a statement.

The SCA previously used to accept explanations if the companies were not compliant to achieve the 20% female representation on their board regulation.

The regulator’s chief executive, Obaid Said Al Zaabi stated they are no longer going to accept explanations if companies are not compliant.

With the UAE’s leading vision towards creating gender equality in the workplace, the country has the highest level of women in the workforce with 57.5% as of 2020. The data is in comparison to any country in the Middle East and North Africa as found in a report by the World Bank.

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