Wanna know what to answer when asked about the crisis?
How about this: “It’s Dubai, Shanghai or … Goodbye!”
The post-subprime doom is forcing businesses all over the Western world to exit the comfort zone and venture into new regions.
And the message from the Middle East is one of change and hope.
Forget the stereotypes.
Middle Eastern countries have been introducing ambitious reforms aimed at progressively closing the gap between genders and giving women a wider role to play in the development of their economies.
Thirteen years ago, Egypt had only one association of business women. There are now 22.
In Saudi Arabia, 1/3 of all bank accounts are held by women. Women own 40% of the country’s businesses through silent partnerships.
According to a survey conducted by the US law firm DLA Piper, 71% of the men in the United Arab Emirates are in favour of women working. While only 18% of the women think that women should stay at home.
Even if growth in the Middle East is expected to drop from 6 to 3% in 2009, these developments speak of a new dynamic.
One that is likely to turn into a major trend in the years to come.
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