Five Women Who Drove Company Success in the Middle East and North Africa

WE LEAD Five Women Who Drove Company Success in the Middle East and North Africa

And How Good Corporate Governance Helped

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• Achieving full gender parity in MENA • 11 percent of senior management posi- would contribute $2.7 trillion to regional tions in MENA firms are held by women. GDP by 2025, representing a 47 percent increase in regional GDP. • Women comprise 4 percent of board members of publicly listed companies in •300,000 entrepreneurial MENA business- MENA. es are women-owned. • Out of 144 countries ranked for women’s • 25 percent of MENA women are employed economic participation and opportunity or actively looking for work compared to by the World Economic Forum, 4 out of the more than 50 percent in developed countries. bottom 5 are in MENA. 1 FOREWORD FOREWORD 2

FOREWORD

There is increasing evidence to demon- Recent IFC research from this region help companies weather the crises that strate the positive relationship between demonstrates the correlation between are inevitable in emerging markets. The gender diversity in a company’s leadership board diversity and company perfor- women profiled here all consider improv- and its performance. Firms with wom- mance. This set of case studies presents ing the corporate governance practices of en on their Boards of Directors and their an important addition to that growing their businesses as a critical component of senior management teams not only per- body of knowledge on gender and busi- their success. form better financially, they are also more ness leadership. It tells the story of how gender-friendly places to work and tend to five outstanding businesswomen from Further, these stories provide a compelling employ more women. Egypt, Iraq, Jordan, Morocco, and Yemen case for investors to consider both corpo- overcame economic, political, and societal rate governance and gender diversity at These insights are critical to IFC’s mis- obstacles to create successful companies the company level as an integral part of sion to support economic development in challenging environments. Their stories their investment decision making. They in emerging markets. IFC’s focus on gen- contain important lessons for all develop- also serve as a reminder not to write off der includes efforts to enhance women’s ment practitioners. markets and companies in the most chal- financial inclusion, to support female en- lenging contexts and of the impact inves- trepreneurs, and to foster gender parity First, that economies which overlook and tors can have in supporting women such Mary Porter Peschka in the workforce. This issue is particularly fail to develop their female leadership po- as Abir, Nadia, Najat, Sabrina, and Triska. IFC Director - ESG important in the Middle East and North tential do so at their own cost. Second, Africa, which lags behind the rest of the that there is real value in having strong On behalf of IFC, I express my congratu- world on gender inclusion indicators and corporate governance standards as a way lations and thanks to these courageous female labor force participation. to enhance female participation and to women for sharing their stories with us. 3 A MESSAGE FROM THE REGIONAL DIRECTOR A MESSAGE FROM THE REGIONAL DIRECTOR 4

A MESSAGE FROM THE REGIONAL DIRECTOR

Over the many years of IFC’s work to cre- Their stories also need to be told because The five women whose compelling stories ate jobs, build the private sector, promote they show what is possible. are told in this booklet are truly the van- sound environmental, social, and gover- guard, paving the way for other women in nance practices, and boost economies in In Egypt, Abir Leheta stepped up to helm MENA and showing by their example the the Middle East and North Africa, we have her family’s company even as she was powerful difference that more women encountered many extraordinary individu- reeling from a devastating personal loss. in business leadership can make. It is an als who have inspired us. Perhaps no group As interim head of her family’s company, important and positive message at a par- inspires us more than the five remarkable Najat Jumaan, Yemen’s first female gen- ticularly difficult time in the region—when female business leaders whose stories are eral manager, pushed for corporate gov- many countries continue to grapple with told here. They represent a wide range of ernance upgrades that would help the political instability, slow growth, unem- markets and industries. They have demon- company endure political crisis and eco- ployment, and other economic challenges. strated a strong commitment to sustain- nomic downturn. Nadia Shaheen worked ability by championing good governance. her way up the corporate ladder of a Jor- Change does not happen overnight. And They have overcome significant obstacles danian family conglomerate to become long-term solutions require multiple in- to reach the top tiers of business leader- the first non-family member—and first terventions aimed at addressing a wide ship. They have also achieved impressive woman—in top management, while im- range of issues. However, by cultivating business results. And their stories need to plementing women-friendly workplace the pipeline of female talent, giving capa- be told. policies that have led to better gender ble women a fair shot at promotions and balance throughout her division. Sabrina stretch assignments, appointing more We often hear from professional women Bouzidi seized on a market opportunity women to boards—while at the same time Mouayed Makhlouf in the region that they do not have female to start her own engineering consulting focusing on a broader range of corporate Director, MENA role models— women whose experienc- firm, finding a way around the restrictions governance improvements—MENA comes and life journeys they can point to and on women’s access to finance in Morocco panies like those led by the women pro- say: “If they could do this, so can I.” Studies to capitalize her company’s growth. Tris- filed here can take strong steps towards have shown that such self-confidence and ka Alassadi pushed back against cultural becoming true drivers of sustainable eco- sense of empowerment are key ingredi- norms in Iraq to establish an egalitarian nomic growth, enabling this region of 350 ents in the secret formula that drives busi- school system, an approach that is now million people to take full advantage of its ness success, particularly for women. For gaining traction in the country’s education vast potential. this reason, these stories need to be told. sector. 5 ACKNOWLEDGEMENTS 6

ACKNOWLEDGEMENTS

WE Lead was produced as part of IFC’s Volynets. Among external partners, the Corporate Governance Program in the team thanks all regional institutes of di- Middle East and North Africa and devel- rectors in Egypt, Jordan, Iraq, Yemen, and oped with generous support from Japan’s Morocco. Ministry of Finance and Spain’s Ministry of Economy. Finally, we would like to extend our thanks to our author, Ann Moline, and our design- The team thanks all of the women who er, Kurian Ghoting. shared their experiences; the information they provided and the windows into their Amira El Saeed Agag world they permitted formed the core of Corporate Governance Officer, MENA this resource. Environment, Social, and Governance De- partment The preparation and publication of this booklet would not have been possible without the efforts of a number of high- ly dedicated people. The team thanks the many colleagues and partners who provided invaluable insights during its development. Within the World Bank Group, these include: Khawar Ansari, Caroline Bright, Linda Clark, Sarah Cuttaree, Sam- mar Essmat, Shorouk Seida, and Alexey FIVE WOMEN WHO DROVE WE Lead COMPANY SUCCESS IN MENA

1 FOREWORD

A MESSAGE FROM THE 3 REGIONAL DIRECTOR 6 ACKNOWLEDGEMENTS 27 9 INTRODUCTION 11 7 8 NADIA SHAHIN 35

TABLE OF CONTENTS TABLE SABRINA BOUZIDI

ABIR LEHETA

IFC IN THE MIDDLE EAST 43 51 AND NORTH AFRICA

IFC AND CORPORATE 52 GOVERNANCE

IFC CORPORATE 53 GOVERNANCE RESOURCES 19 54 REFERENCES

TRISKA ALASSADI NAJAT JUMAAN 9 INTRODUCTION INTRODUCTION 10

INTRODUCTION

There are no simple fixes to the issues con- delivered strong results and bottom-line dence. Through their leadership, their or- t is hoped that through these women’s fronting many of the countries in the Mid- benefits. ganizations embraced stronger business stories, other talented professional wom- dle East and North Africa. But one thing is fundamentals such as good corporate en in the Middle East and North Africa— abundantly clear—the region’s economies All five women are game changers. They governance, ultimately achieving better and around the world—will see what is will benefit from encouraging more wom- faced the kinds of challenges that will res- performance and increased stability, even possible and aspire to similar heights. en to ascend through the career ranks and onate with millions of professional women in times of political and economic turmoil. achieve positions of leadership. Studies around the world. They come from many Meet five bold women who have accom- have shown direct positive correlations for backgrounds, hail from different countries, Their journeys represent a clarion call plished what once would have been un- businesses that have greater gender diver- and work in a range of industries, including to action for policy makers and business thinkable—shattering the glass ceiling in sity at the top and throughout the work- traditionally male-dominated sectors such leaders of both genders. Women—as MENA. These are their stories. force: higher returns on assets, increased as shipping and traditionally female-dom- CEOs, as business owners, as board direc- productivity, better decision making, and inated sectors, such as education. And tors and chairs—offer enormous potential improved environmental, social, and gov- their firms represent a cross-section of to transform economies by steering their ernance performance. enterprises seen throughout the region, companies towards new growth, by creat- from large corporate conglomerates to ing jobs in a region characterized by high Here are the inspirational stories of five family-owned firms to entrepreneurial unemployment, and by opening doors for women, who against all odds have suc- ownership structures. new generations of increasingly well-edu- ceeded as business leaders in a region cated and culturally aware young women, that consistently lags behind for women’s Together, these women send a powerful so they can pursue their dreams at home economic participation. Their companies message—of empowerment, capability, and contribute to a stronger future for are the better for their leadership, as they intelligence, toughness and self-confi- their countries. EGYPT 12

Transport / Logistics / Engineering ABIR LEHETA

the company for more than 20 years in various executive positions prior to joining the board.

EGYTRANS UNDER ABIR LEHETA’S LEADERSHIP – ABIR Integrated provider of transport and logistics services LEHETA – 350 employees CEO, Egytrans – 8 locations throughout Egypt

In 2015, the board and shareholders of Cai- – ro-based Egytrans faced a major crisis— 71 percent increase in 2017 revenues identifying a successor to take over the compared to 2016 revenues top job following the sudden and untimely death of company chair and CEO, Hussam – Leheta. Lacking a succession plan—a for- 69 percent increase in 2017 net mal transition strategy that designates profits: $4.1 million net profit at and prepares talented staff to fill key lead- year-end 2017, compared to $2.4 LEANING INTOIN ership positions—they needed to act fast. million in 2016 – They turned to the most logical choice, AN UNEXPECTEDUNEXPECT Margin improvements: 37.5 percent albeit an unusual one in a country where in first quarter 2017, up from 11.4 only 7 percent of corporate leaders are percent in first quarter 2016 PROMOTIONPROMOTI women: Hussam’s sister, Abir. A software (as reflected in percent earnings engineer by training, Abir had worked at before interest, tax, depreciation, and amortization) “Initially, I wanted to turn – around and run away, I had never thought of 186 percent increase in share price to date since 2015 myself in this role..” 13 EGYPT

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Still, the nomination was met with started by Hussam and Abir’s father in the some resistance, and from an unlikely 1970s. It has been publicly traded since source — Abir herself. 1988, with the majority of shares now held by non-family members. Spurred by an IFC STABILIZING MARKET assessment that uncovered gaps in the PERCEPTIONS AT A company’s processes and structures that CRITICAL JUNCTURE were negatively impacting performance, an earlier push for corporate governance Prior to Hussam’s passing in 2015, Egy- improvements had already demonstrated trans was in a good place. The company, its worth. The changes—including pro- a leading Egyptian provider of integrated fessionalizing and diversifying the board, transportation and logistics services, was strengthening financial oversight, and increasing public disclosure about company operations— resulted in an impressive 52 percent increase in share price and heightened interest from foreign investors. QUICK TAKES WITH ABIR LEHETA The unexpected loss of the CEO posed an – immediate and existential threat, however, potentially affecting market percep- Why corporate governance is tions of company stability. By accepting critical for MENA businesses: the appointment, Abir understood that she would be ensuring a smooth leader- Our experience clearly shows that corporate governance ship transition. This would demonstrate fundamentals, like having a company strength and resilience, in turn strong board, can help companies reassuring shareholders. And yet, Abir de- weather volatilities with no lasting bated with herself about whether she was negative impact. up to the challenge. “My hesitation was all about me and my professional capabili- One idea for shattering the ties,” she says. glass ceiling: Ultimately, Abir set aside her inner tur- Board and leadership training for moil and accepted the job. Although she promising women that gives them confesses to a steep learning curve on the a solid base of skills, builds their operational side, Abir quickly found her self-confidence, and challenges them to dream big. footing, aided by a strong support system. “I was helped so much by a great team, in- Most important lesson learned: cluding a board and managers who shared the same commitment to the company. I Figuring out how to get out of also had a spouse who encouraged me.” your own way and not letting your insecurities get the best of you. 15 EGYPT EGYPT 16

ABIR LEHETA ABIR LEHETA

GROWING AND EVOLVING some really big projects,” Abir says. that Egytrans faced when her brother WITH CONTINUED FOCUS In 2016, just one year into her new position, passed away. ON CORPORATE the strategy paid off: The company bid on GOVERNANCE and won logistics contracts for two mas- And, emboldened by its recent contracting sive power stations under construction— success, the company under her leader- Abir adds that this support, combined megadeals that contributed significantly ship has decided to explore entry into new with the corporate governance upgrades to a 282 percent increase in revenues as of markets and potential expansion into oth- that formalized systems, processes, and first quarter 2017. The company secured a er countries in the region. structures—and her own deep knowledge third large contract—to support construc- of the company—is what enabled Egytrans tion of a fertilizer plant—in early 2017. “Men should take advantage to withstand a very difficult time. In fact, of the femaile talent in their the company’s share price remained stable Net profit that year soared as well, due company, because our experience in part to a company-wide cost-control throughout the leadership transition peri- shows that more diversity yields od, never losing any of its previous gains. initiative unveiled during the same time- frame—another governance upgrade better business results.” Since assuming the top job in 2015, Abir aligned with Abir’s IFC training. has steered the company to even greater LEADING ON HER heights, with an impressive 186 percent ON BEING A ROLE MODEL increase in share price. She attributes the OWN TERMS company’s recent growth to several fac- As a woman at the top in a male-dom- tors, including a continuous emphasis on Abir is aware that her own leadership style inated industry, Abir knows she faces in- corporate governance. is not the same as her predecessor’s. “I creased scrutiny and heightened pressure tend to be more collaborative in my lead- to perform. But overcoming this hurdle Abir believes that her own grounding in ership style,” she says. “But that doesn’t has been relatively straightforward, she corporate governance gave her a good mean I’m afraid to make decisions.” On the says. The testimonial to her competence place to start as her tenure as CEO began. contrary, she has found that by consider- lies in the company’s business results: “The She points to her participation in IFC cor- ing all perspectives, her decisions are clear bottom line speaks for itself,” she says. porate governance training as key. She had and ultimately more effective. followed in the footsteps of her brother in Abir adds that male leaders who overlook pursuing the training, which she says gave As Egytrans evolves, Abir continues to the professional capabilities of women do her new insight into the importance of at- drive toward ever-better company gov- so at their own risk. “Men should take ad- tending to shareholder interests—and the ernance. She has instituted an informal vantage of the female talent in their com- business potential that comes from being policy encouraging other board members panies, because, our experience shows more in tune with what the market wants. to take IFC’s corporate governance. She that more diversity yields better business has plans to separate the role of chair results.” Armed with this understanding, she chal- and CEO—key for growing companies to lenged her board to consider opportu- strengthen their overall integrity and re- The more difficult obstacle, according to nities that might have seemed beyond duce the potential for conflicts of interest. Abir, is confronting what she calls women’s reach. “Even though our previous volume In addition, she has put in place more for- greatest challenge: pushing back against of business was much smaller, we made a malized succession plans to prepare future their own internal voices of negativity. “If collective decision to aggressively pursue leaders and minimize the kinds of risks your brain immediately goes to all the rea- 17 EGYPT

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sons you won’t succeed, you have to fight that feeling and just go for it.” fast gender facts: Abir is outspoken about her own journey EGYPT of self-discovery and remarkable accom- – plishment because she wants to show younger generations what is possible. “I didn’t have role models for female busi- 47% of Egypt’s university ness leadership. But now, my children graduates are women do,” she says. Abir has concrete proof that her ground-breaking role is making a difference—at least in her own family. At a 30% recent school program on career aspira- of Egypt’s female university tions, Abir’s eleven-year-old daughter did graduates are unemployed not hesitate when asked about her future plans. “She said she wanted to be a CEO when she grows up,” Abir says with pride. 12% of employees in Egypt’s “To me, that was a truly great day!” businesses are women 7% of Egyptian companies, including small and family-owned firms, are led by women 5% of Egypt’s listed companies have female board directors (to confirm Af Dev Bank says 8.2) 9% of Egyptian women have their own bank accounts 34% increase in GDP if Egypt closes the gender gap in the labor market

Sources: Brookings, IFC, IMF ,MSCI, World Bank IRAQ 20

TRISKA ALASSADI

TRISKA ALASSADI Founder, Balla Academy

Away from the headlines about war, civ- quality education product, Triska’s strong il strife, and economic struggle, another leadership, and transformative corporate more positive story about Iraq has been governance training that led to the cre- quietly unfolding. Triska Alassadi is chang- ation of a more formalized organizational ing the very way in which boys and girls structure and better decision-making proof the region learn. She is the founder of cesses. CHANGING SOCISOCIAL Iraq’s first mixed madrassa, a school that educates boys and girls together in the STRENGTHENING THE NORMS ONE STUDESTUDENT same classrooms. SCHOOL THROUGH CORPORATE GOVERNANCE AT A TIMETIM Located in Erbil, the Balla Academy accepts students as young as two for its In a country where only 35 percent of preschool and offers a full kindergarten women have some secondary education, through college-preparatory secondary and where women represent just 15 per- Education school curriculum. Starting in 1998 with cent of the workforce, Triska found that just 68 students, Balla Academy now has she was hungry for connection with other 1500 students enrolled across several professional women as she built her pri- campuses. Several factors contributed to vate school business. “I felt kind of isolat- this remarkable success, in a challenging ed,” she admits. So, she joined the Wom- market environment and over such a short en Empowerment Organization in Erbil, time period: growing demand for Balla’s where she met other like-minded female 21 IRAQ

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professionals and enrolled in the center’s intensive, four-month corporate governance training program.

The program, featuring targeted modules QUICK TAKES WITH taught by IFC’s corporate governance ex- TRISKA ALASSADI perts, opened her eyes. “During this pro- – gram I became convinced about the critical importance of corporate governance, Why Iraq’s businesses need not just for my business, but for every good corporate governance: business,” because of how it helps stan- dardize and formalize processes and oper- The foundation of healthy and ations, Triska says. sustainable businesses is good corporate governance, which Certain aspects of the training resonated contributes to improved strategy, strongly with Triska, including the power- better oversight, and increased ful and positive role a good board can play ability to take advantage of in providing strategic direction, sustain- business opportunities when they present themselves. And Iraq ability and succession planning. “So many needs healthy businesses because businesses in the region are one-person they are critical to rebuilding the shows—including my own,” she says. “This economy. can lead to instability if there are no plans for who will take over when the founder One best idea for nurturing leaves.” By contrast, having such plans in female talent: place makes businesses more operational- ly sound and more attractive to investors, Network and communicate she says. The training also highlighted the to share experiences and importance of formalized processes and stories of success and failure: an ambitious, demand-driven vision for businesswomen need to know future growth. they are not alone; they also need to hear from others so they can avoid making the same mistakes. Following the training, Triska made some significant changes in her own operations. Most important lesson learned: Chief among them: appointing a board of directors, which she says has helped How to find the balance between improve decision making by enabling a having enough self-confidence broader range of perspectives and input. to succeed and having realistic With the board’s assistance, the school expectations of what you can do. developed leadership transition and strategic growth plans, among other formalized processes. 23 IRAQ IRAQ 24

TRISKA ALASSADI TRISKA ALASSADI

Triska credits her board—a diverse mix of opportunity: opening a private nursery male and female directors that includes school. There would be no competition, at business, marketing, finance, and edu- least at the outset, since young children in cation professionals—with identifying a Iraq typically didn’t start school until kin- growing demand among parents of high dergarten. school students for an internationally fo- fast gender facts: cused curriculum. As a group and with Still, Triska faced a classic marketing chal- IRAQ Triska in the lead, the board decided to lenge—building demand for an entirely – expand Balla’s offerings to meet this de- new service offering. She marketed ex- mand, implementing a plan for a second tensively to create awareness and pique % high school that would prepare students interest. Soon, she found a willing contin- 51.4 for university studies abroad. This campus gent of families eager to enroll their chil- of female youth ages 15-24 are is slated to open sometime in 2018. dren in what would become Kurdistan’s illiterate (as of 2015) very first preschool. SWITCHING CAREERS 5 FROM ECONOMICS TO BUCKING TRADITION BY increase years on average “Women need to see girls attend school EDUCATION: A BUSINESS APPLYING FOR A LOAN DECISION examples of other women’s Any new business venture requires seed success. They need to support capital and Triska’s nursery school was 35% Education wasn’t a natural career path each other, invest heavily in only of women have some for Triska, who holds an undergraduate no different. Triska opted against asking secondary education degree in economics and a graduate de- the male members of her family to fund themselves, and network.” gree in statistics. Instead, the education her start-up—the traditional way of do- track was a decision borne of necessity. “In ing things in her culture. Instead, wanting 15% 1998, the political and economic situation to succeed solely on the basis of a sound of the labor force is female in the country was so dire that there were business plan, she applied for a commer- very few private sector jobs available in cial loan. “It was a very unusual thing in my field,” Triska explains. “And those that the country for a woman to ask for a bank 3% were available invariably went to men.” loan,” Triska says. “Even more surprising of directors on boards of publicly listed Given the economic uncertainties, most was that the bank said yes!” companies are women job seekers wanted to secure jobs in the public sector. “Government jobs were the Through the years, Triska has become even only ones where people could hope to ac- more passionate about the role of edu- 26% tually receive a salary, so they were much cation as a key agent of societal change. of parliamentary seats are “Equipping kids with a quality education held by women in demand.” As a woman, Triska realized she had little chance of getting hired for that is the same for boys and girls is of one of these positions regardless of her paramount importance for the future of Sources: Euromena, UNHDR, UNDP, World Bank degrees, so she took a different route, de- this country,” she says. Both boys and girls ciding instead to start her own business. must internalize the equality message—a message the school’s staff reinforces ev- She quickly uncovered a prime business ery single day. “We are sowing the seeds of 25 IRAQ

TRISKA ALASSADI

equality now that will someday yield the Triska believes that it is critical for more beautiful, flowering trees of a more egal- women to step into such positions of itarian society.” leadership, which sends an empowering message to others. “Women need to see SPREADING THE examples of other women’s success,” she CORPORATE GOVERNANCE says. “They need to support each other, in- MESSAGE vest heavily in themselves, and network.” She has been tremendously gratified to After her own transformative corporate see that other women have followed in her governance training, Triska now wants to own footsteps, paving the way for others help others experience first-hand the ben- to open privately owned, mixed-gender efits of a capable board and better overall schools in the country. corporate governance. She has signed on as a board member of the recently opened As she spreads the corporate governance Kurdistan Institute of Directors, which message and expands the reach of her promotes good management practices schools to enable increased access to and raises awareness about the value of quality, egalitarian education, Triska says good corporate governance in attracting that her work means more than just per- new investment and improving business sonal fulfillment. Instead, she sees it as a performance. public service and an economic and mor- al imperative—doing her part to build a more stable future for her people, men and women alike.

ABOUT BALLA ACADEMY –

1500 students, ages 2–18

– First school system in Iraq to offer instruction in English

– First school system in Iraq to teach boys and girls together in egalitarian setting; others have followed Balla’s lead – – In expansion mode, to offer a range of curricular options for students JORDAN 28

NADIA SHAHIN Transport / Logistics

As the general manager of Kawar Group’s shipping and logistics division, Nadia Sha- hin represents multiple firsts: She is the first female and first non-Kawar family member to command a top leadership post at the firm, which she has held since 2010.

She also is the first to implement a series of women-friendly policy changes that have led to the hiring of a more diverse workforce, gender parity in her management team, and significant brand en- hancements. It’s a drive that began with her own experiences as a young working mother It gained traction as a result of NADIA her participation in a women’s leadership training program sponsored by the Inter- SHAHIN national Herald Tribune and in an IFC corporate governance program. General Manager, “In all of the coursework and training I’ve Kawar Group pursued, corporate governance was one of the fundamentals on which so much of good management and proper company operations is based,” Nadia says. “This includes the importance of diversity in leadership, sound and rational human resources policies and procedures that reduce employee turnover, and independent au- diting.” All of these elements contribute to GENDER-BALANCED improved business performance, she says. Other takeaways from Nadia’s gover- MANAGEMENT nance training include the ways in which a well-structured and effective board, featuring both executive and independent di- & WOMEN-FRIENDLY rectors, contributes to innovation, broader perspectives, and better decisions. WORKPLACE Currently, at Nadia’s urging, the company is in the midst of a corporate governance 29 JORDAN JORDAN 30

NADIA SHAHIN NADIA SHAHIN

benchmarking exercise, to see where it well-defined and regularly reviewed pro- stands compared to other companies and cesses. identify opportunities for improvement. “We were the first Jordanian shipping QUICK TAKES WITH BIG SHIPS, BIG AMBITIONS company to get this certification from Lloyd’s of London,” she notes with pride. NADIA SHAHIN Nadia’s 32-year climb to the top of the – traditionally male-dominated commercial PROMOTION, shipping industry started with a first job MOTHERHOOD, AND THE Why MENA businesses need out of college in Kawar’s legal claims de- BALANCING ACT good corporate governance: partment. Sitting in her office overlooking On the one hand, a good Jordan’s Aqaba Port, Nadia would watch The certification process led to some governance principle such as the massive ships pass by. quick wins for the firm, as new custom- diversity in leadership helps the ers signed on with Kawar. It also led to company focus outward, with “It was absolutely thrilling to see these Nadia’s next promotion into the compa- a broader perspective and fresh huge ships, piled with cargo,” she says. ny’s senior management ranks. Though thinking that enable innovation “That’s when I fell in love with the shipping excited by the prospect and pleased that and growth; on the other hand industry and decided I wanted to make my company leaders showed such confidence governance principles such mark in it,” she says. in her abilities, Nadia faced a dilemma. She as audit and control let the had just come off of a 70-day maternity company shine the spotlight She has worn many hats in the company leave—mandated by the government— inward to ensure proper financial since that first claims processing job. Pro- and was still nursing her infant son. management. moted to manager at age 25, Nadia was tasked with expanding a small personnel While she very much wanted the pro- One idea for cultivating female unit into a company-wide human resourc- motion, she also wanted to guarantee a business talent: es department. Later, she led the charge healthy balance between her career and Mandatory training for all staff on a quality initiative that resulted in ISO her responsibilities as a new mother. She on the differences in men’s and certification — an international system of was hopeful that the company’s leader- women’s communication styles management standards that helps com- ship would afford her that level of flexi- and on navigating the gender panies consistently deliver quality prod- bility. “I went to management and said: I dynamics that underlie workplace ucts and services to customers by having will be happy to stay on and take this job interactions. with the understanding that I be allowed to leave the office to nurse my child.” Most important lesson learned: “The biggest challenge

Never give up. Have enough has been trying to balance Kawar’s leaders agreed to her conditions. confidence in yourself to fight for the responsibilities of kids With her mother-in-law living close by what you deserve. And ignore any and work and being fair to the office—and willing to tend to the baby attempt to put you down! both,” she says. “Working during the day—Nadia says that the ar- rangement worked out well. “I knew I was mothers always have guilt.” capable of delivering results,” she says. “But I also knew how lucky I was to have JORDAN 32

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the support of family members who want- pointed more female managers, including ed to help me.” This includes the backing two in senior management positions who of her husband, Tony, who has cheered her remained with the company throughout on from the very beginning. their pregnancies and post-partum leave. And she adopted coaching and mentoring Even with the assistance from family, Na- programs to build the female leadership dia says she fought a constant internal pipeline. battle with herself. And as she ascended further up the ranks, working in virtually Fully aware that not every woman is for- every aspect of the shipping divisions’ op- tunate enough to have family members erations, the struggle continued. “The big- willing to watch their children as she did, gest challenge was trying to balance the Nadia is now championing a drive to set responsibilities of kids and work and being up an infant care center at company head- fair to both,” she says. “Working mothers quarters. And, to ensure that potential fe- always have guilt!” male workers are not put at an unneces- sary disadvantage because they may not EASING THE WAY FOR be able to afford childcare, Nadia and her FEMALE WORKERS team are looking to expand Kawar’s employee benefits options, to include a nurs- With her promotion to general manag- ery school allowance. er of the division, Nadia gained more decision-making authority. She set out to make the work-life balance dilemma a little less daunting for other women. From her own experience, she knew that this would be a way to enhance productivity and to retain female employees who otherwise might have walked away.

She instituted policies that gave parents more time off following the birth of a child. She worked with her management team to allow flex-time work schedules for parents of school-aged children. “Leave and flex- time policies should apply to both men and women,” Nadia explains. “This uniformity in the application of policy encourages men to participate in shouldering some of the parenting load—it shouldn’t always have to be the mom who leaves work to pick up a sick child from school.” She ap- 33 JORDAN JORDAN 34

NADIA SHAHIN NADIA SHAHIN

LASTING CHANGE, MALE best places to work in Jordan—an import- fast gender facts: CHAMPIONS, AND ant differentiator as the company com- petes to attract and retain top talent. JORDAN COMPETITIVE – DIFFERENTIATION

2x In her position, Nadia believes that she average return on equity for ABOUT THE KAWAR GROUP has a unique opportunity to bring about Jordanian companies with women OF COMPANIES on their boards in comparison to the lasting change for more women—which, average ROE for companies without in turn, benefits her company. “In the ear- – female representation ly years of my career, I never had a female Established in 1925, now in its third role model,” she says. “I want to set an ex- generation of family leadership ample for other women of what successful % – 77 female leadership looks like—and make of Jordan’s privately held companies the point that, along the way, you have to Umbrella group for 15 companies in have no female board directors shipping, transport, tourism, ICT, support other women in their journeys.” energy, pharmaceuticals, and healthcare Nadia also says that men in positions of 2.6% – of Jordan’s privately held companies power have an important role to play in 800 employees have women in senior leadership actively pushing for more women in leadership. She notes that Kawar Group’s all- – % male leadership invested in her career and 50 percent female management team 51 in shipping and logistics division of Jordanian women hold that her advancement would not have university degrees been possible without this endorsement. – It is very hard to shatter that glass ceiling if Kawar Shipping rated among Top 20 13% you do not have allies above it, Nadia says. Jordanian companies to work for of Jordanian women work For its efforts to build a more gender-bal- outside the home anced workforce and management team, Nadia’s division, Kawar Shipping, has Sources: IFC, WEF earned a top spot in an annual ranking of MOROCCO 36

SABRINA BOUZIDI

balance in the workplace. She’s also a wife and the mother of a son.

GRIT, DETERMINATION, AND IGNORING THE NEGATIVITY

Sabrina’s independence, keen sense of market opportunity, and willingness to take calculated risks—classic entrepreneurial characteristics—have guid- ed the company’s path from start up to corporate subsidiary of her family’s SABRINA company. After apprenticing at several manufacturing firms to finance her BOUZIDI French university education and with her engineering degree in hand, Sa- CEO, IFAConseil brina seized on an important moment in France, where she was living at the time: the increased corporate emphasis on quality, occupational health, At age 35, Sabrina Bouzidi has already safety, and the environment. As heavy Engineering / Consultation / Construction accomplished more than many people industrial firms clamored to improve do in a lifetime. their performance, demand for support services rose. Sabrina started IF- She is the CEO of IFAConseil, an engi- AConseil, a provider of quality, health, neering consulting company that she safety, and environment services, to built on her own and capitalized as a meet this rising demand. Soon, the joint venture to become a subsidiary company won contracts with some of of Diana Holding, owned by Bouzidi’s France’s major players in infrastruc- family and Morocco’s seventh largest ture, transport, and energy. private company. To date, IFAConseil ENTREPRENEURIAL is one of only a handful of Moroccan In those early days, Sabrina says she businesses with a female chief execu- faced a dual-pronged credibility chal- ENERGY, GOOD tive. She went through the lengthy and lenge: her youth and her gender. “I intensive program offered by IFC and started my business when I was only the Institute of Moroccan Directors 20,” she says. “So getting men to take GOVERNANCE, AND to earn certification as a professional me seriously was a major hurdle to director. She now sits on the boards overcome.” Often the only woman in CAN-DO SPIRIT of four organizations, where she is the room and the youngest of either a vocal advocate for greater gender gender by far, she drew from a well of 37 MOROCCO MOROCCO 38

SABRINA BOUZIDI SABRINA BOUZIDI

inner strength to convey confidence. At the same time, Sabrina was in the “I knew that I couldn’t let on any hint process of formalizing and streamlin- QUICK TAKES WITH of feeling intimidated,” she says. The ing the Moroccan company’s board can-do attitude certainly helped her structure, creating the single man- SABRINA BOUZIDI win the business initially. But it was agement council that typifies limited – the company’s ability to deliver con- liability companies in the country. But crete results that did away with any she also insisted on adding an inde- Why women’s leadership enduring skepticism, solidifying the pendent director to provide an object matters for MENA businesses: company’s status and earning the loy- and outside perspective—a key learn- Women are often more in tune alty of its clients. ing takeaway from her IFC director with their emotional intelligence training, she says. The result of these than men, which is the foundation Not content with the company’s early efforts, according to Sabrina: more of interpersonal relationships success, Sabrina demonstrated a con- collaborative, effective, and efficient and social awareness. This is a tinued willingness to take business decision making. valuable characteristic because risks—as long as they were grounded it makes the company better in market fundamentals. When Colas “We women in the Maghreb This restructured board moved quick- able to sense opportunities that Rail, one of IFAConseil’s major clients, have to believe that we ly when IFAConseil received an equi- other companies might overlook won the bid to build the Rabat tram- have a legitimate place in ty bid from Diana Holding, voting to and perceive hidden risks that approve the 50-50 ownership offer. way in 2009, the Colas team invited corporate leadership and otherwise could lead the company IFAConseil to be a part of the project. The action enabled the company to down the wrong path. Sabrina agreed, setting up a new, Ra- business ownership. We access funding that otherwise would bat-based branch of the company so shouldn’t be shy about not have been available, given the ob- One idea for cultivating female IFAConseil could serve its client while stacles to bank financing faced by fe- business talent: showing what we can do.” retaining the French operations. male business owners in Morocco. And Women-only leadership and the funding catalyzed further growth. board training that teaches WORKING AROUND “Our ability to acquire this infusion of women practical skills and DISCRIMINATORY capital from Diana Holding really made important intangibles, like finding BANKING NORMS TO the difference in our ability to take ad- the strength inside themselves to ACCESS GROWTH CAPITAL vantage of growth opportunities,” Sa- show what they are truly brina says. capable of. Of course, such expansions cost mon- GOVERNANCE UPGRADES Most important lesson learned: ey. Sabrina realized that company growth was seriously constrained by UNDERPIN SUCCESS Don’t let anything stand in the lack of capital. Here again, she faced way of reaching your goals. I was challenges. “In Morocco, accessing fi- The combination of adequate capital- on bed rest during my pregnancy nance is very difficult for female busi- ization, strengthened board, and en- and was still the company CEO— ness owners, in addition to the fact hanced controls—another governance everyone doubted I could do the that objectively speaking, it is really upgrade—has led the company to job but I delegated and got expensive to finance the kinds of proj- even greater success, as it grows and it done. ects we work on.” evolves to meet new demand, according to Sabrina. The company under MOROCCO 40

SABRINA BOUZIDI

Sabrina’s leadership has clarified its reporting lines, strengthened its risk oversight, and engaged with an external firm to conduct annual audits. Sabrina also spearheaded the creation fast gender facts: of risk and remuneration committees, MOROCCO which report to the company’s man- – agement council.

Today, the company’s multidisciplinary 19% teams offer engineering, training, au- of publicly traded companies dit and consulting services across a have female directors range of areas, including quality, safety, hygiene, environment and corporate social responsibility. The approach 12.8% of senior executive positions has clearly worked, as demonstrated are held by women by the company’s rapid expansion and presence in six countries. Among the company’s key clients: Renault, Tram- 10% way de Rabat, and LGV. of women hold parliamentary seats BOOSTING PATHWAYS TO FEMALE LEADERSHIP AND 27% ENTREPRENEURSHIP of women comrpise the labor force

For too long, women in the region have lagged behind others in pursuing 98% business careers, starting their own of women who work in rural areas lack medical coverage businesses, and ascending to senior executive and boardroom ranks, Sa- brina says. “We women in the Maghreb 43% have to believe that we have a legiti- of women are illiterate mate place in corporate leadership and business ownership. We shouldn’t be 0 shy about showing what we can do.” daughters have inheritance rights For her part, Sabrina has championed the cause of women in all levels Sources: OECD, WEF, 2004 Moroccan Family Code of business. IFAConseil has achieved complete gender parity, with a 50-50 balance of men and women through- 41 MOROCCO MOROCCO 42

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out the company ranks. To alleviate some of the stress she felt trying to balance work and home life, Sabrina instituted a telework policy, enabling increased flexibility for working parents. It’s a big deal for a workforce where the average age is 36—prime parenting years. “Basically, our culture is one of results. As long as people are getting their work done and deliv- base. By contrast, says Sabrina—ever ering, we are less concerned with the the optimistic and energetic entrepre- where and the when,” she says. neur, “Think what would be possible as a nation if we took down the barriers ADDRESSING GENDER to entry and encouraged more women IMBALANCES IN to start and lead their own business- MOROCCO’S BUSINESS es.” CULTURE ABOUT IFACONSEIL – Of note, less than 3 percent of Moroc- co’s start-ups are helmed by women, Subsidiary of Diana Holding by some accounts. This is due in part – to a conservative culture that discour- Moroccan clients include Renault, ages women from being too indepen- Tramway de Rabat, and LGV dent, as well as other deterrents to – overall entrepreneurial activity: the Supports clients in achieving Global Entrepreneurship Monitor re- international quality certifications ports that Morocco ranks at the bot- – tom for business conditions—including access to finance—supportive of Provides corporate governance consulting for businesses start-ups compared to other countries around the world. – 100 employees; 50 percent The lack of support for female entre- female employees preneurship and business ownership – comes at a significant cost to the Mo- Two-thirds female management roccan economy, Sabrina believes. At a steering committee time when a growing body of evidence correlates a healthy small business sector with economic vitality, the nation is losing out on an important opportunity to strengthen its economic YEMEN 44

NAJAT JUMAAN

BREAKING NEW GROUND AS AN EDUCATED FEMALE AND BUSINESS LEADER

NAJAT JUMAAN General Manager, JTI

"It is not a common thing in Yemen for But the company did not want to shut a woman to lead a business,” says Najat down its home operations entirely. Na- Jumaan, the dean of the economics and jat, a JTI board director, was identified as commerce faculty at Sana’a University. the most qualified to step in and keep the doors open in Yemen. She should know. In 2015, she became the country’s first female general manager— Given the context—a country where less an interim appointment to helm her fam- than 2 percent of women have enough fi- ily’s firm, Jumaan Trading and Investment. nancial independence to open their own bank account, much less head a business— The appointment came at a time of severe the appointment of Najat was astonishing. political and economic upheaval in Yemen, causing a cascade of problems, including Trade / Investment / Construction significantly curtailed economic activity. “It was quite clear from my JTI, one of Yemen’s leading construction research that companies and heavy equipment contracting firms, with better corporate had decided to shift some of its operations to other countries as a way to sustain its governance practices have revenue base. The board dispatched one of a competitive advantage in Najat’s brothers, then JTI’s general manag- management quality.” er, to Djibouti to oversee company’s new international division. 45 YEMEN YEMEN 46

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SUPPORTIVE FATHER CHAMPION OF CORPORATE defined. At the management and op- NOURISHES AMBITIONS GOVERNANCE CHANGE erational levels, such changes as increased financial oversight also helped As a child, Najat recalls spending much While conducting research on the rea- stabilize the company. The strength- of her spare time in her father’s office, sons for Yemeni business failings in the ened governance also enabled the quietly absorbing the finer points of early 2000s, Najat developed a pro- board’s swift and decisive action when running a construction company. For found appreciation for the importance it was most needed—appointing Na- a girl in a patriarchal society like Ye- of good corporate governance. jat to fill the leadership void when her men’s, where women and girls are ex- brother relocated to set up JTI’s inter- pected to focus on the home front, Na- Challenging macroeconomic condi- national division. jat’s interest in business was unusual. tions played a major role in these companies’ struggles, to be sure. But Na- STABILITY THROUGH CRISIS But Mohammed Ahmed Jumaan, JTI’s jat’s research also pointed to the lack CEO, was not a typical Yemeni patri- of understanding about basic gover- To further strengthen her own lead- arch, according to Najat. “My father al- nance principles—such as formalized ership and governance skills during ways told me that I could do anything operational processes, financial con- her tenure as GM, Najat enrolled in an a man could do,” Najat says. “This was trols, and management oversight—as IFC-sponsored corporate governance the bedrock support that gave me the key contributors to the poor business training program. “Corporate gov- confidence to pursue my dreams.” outcomes. “It was quite clear from my ernance is a journey, and this means research that companies with better there is always more to learn, even In the beginning, those dreams in- corporate governance practices have for someone like me, who had a good volved a higher education, a goal a competitive advantage in manage- grounding in corporate governance,” that—to this day—is inaccessible to ment quality.” In turn, quality manage- she says. the majority of young Yemeni women. ment leads to performance improve- Even more extraordinary, in a country ments, she says. Following the training, Najat urged the where more than two-thirds of female board to put in place additional gover- students don’t complete high school Around this time, Najat joined JTI’s nance upgrades. Among the most no- and a scant 2 percent of women hold board, a move championed by her fa- table changes: formalizing the compa- undergraduate diplomas, Najat con- ther as a way to provide the company’s organizational structure, further tinued on the academic track, with a ny with professional management and solidifying its financial underpinnings, focus on business studies. As a freshly corporate governance guidance. De- hiring more women, and creating pro- minted PhD in business management, termined that her family’s company cesses to ensure that the third genera- she distinguished herself with her should not fall into the trap that en- tion, including male and female family scholarship, climbing quickly through snared other Yemeni firms, she spear- members, had the experience and ed- the ranks from associate professor to headed an initiative to upgrade JTI’s ucation to sustain the business going full professor at one of Yemen’s lead- corporate governance. forward. ing business schools. At the board level, rules, roles and re- These efforts have yielded strong responsibilities were formalized, a reg- sults, stabilizing the company amidst ular schedule of meetings was set, ongoing political conflict. By the end and decision-making processes were of 2015, despite the civil war, JTI’s sales 47 YEMEN

NAJAT JUMAAN

had rebounded by about 55 percent, helped by the strong leadership and the expansion abroad. fast gender facts: Najat takes pride in the quantitative YEMEN evidence of her strong leadership. But – she is equally gratified by the impact on younger female family members— more of whom are obtaining a univer- 141st sity education and pursuing a career. rank out of 144 countries for women’s economic participation, opportunity and “These young women now have an ob- women’s educational attainment, vious mentor in their own family com- and 144th - dead last - for women’s pany, who helped to shatter the glass political empowerment ceiling,” she says. “At 10 percent, the number of women in the company is still small, but it is a start.” 68% of young women do not attend high school CHANGE ON A BROADER SCALE 6% of women pursue a In 2016, Najat stepped away from university-level education her roles in JTI to affect change on a broader scale, although she continues to oversee one company division, the 0% of parliamentary seats are held Yemen Feed Company. She returned by women to her academic roots at the university, where she actively encourages more women to study business. 1.7% of women hold bank accounts Najat also started Concept Investment Consultancy, a professional services firm that offers corporate governance 63c and other management consulting to women’s average earning, for equal work, companies that want to professional- for every dollar men earn ize their operations. The goal, she says, is to instill a culture of better gover- 100% nance among Yemen’s businesses. It’s of daughters have no part of her commitment to strength- inheritance rights ening Yemen’s private sector, which, Source: WEF she believes, will help forge a path to economic progress and post-war re- 49 YEMEN YEMEN 50

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covery. “Companies in Yemen have “I definitely faced challenges along the a lot of work to do when it comes to way because of the cultural and so- implementing corporate governance cietal norms that rigidly define male rules and principles,” she says. “But it and female roles.” She acknowledges ABOUT JUMAAN TRADING is the only way that they will be able to that her country lags behind others in & INVESTMENT COMPANY sustain themselves and grow.” the region when it comes to balancing – the gender scales in classrooms, office EXPANDING ACCESS TO cubicles, boardrooms, and executive Family-owned heavy equipment OPPORTUNITY suites. And yet, she is encouraged by contractor: supplier of generators, her students and what she sees in the machinery, tractors, road construction gear, servicing, repair, aftermarket classroom. Stabilizing the country’s economy parts and accessories also requires attention to the socie- – tal factors that are getting in the way “Younger women and men are much Headquartered in Sana’a, Aden, Taiz, of private sector growth, according more open minded than previous gen- Hodedah, Mukallah, and Rada’a to Najat. The low level of education- erations,” she says. There is a small – al attainment for girls is one of those but growing cadre of men in power factors—a key reason for the minimal who are endorsing increased gender International branches in Djibouti and Saudi Arabia female participation in the profession- equality—an important cultural shift. al workforce. And, she says: “More women are get- – ting an education. In some university $15 million annual revenues programs, the women outnumber the This means prioritizing women’s ac- – cess to educational and business op- men. This is a very positive sign.” 120 employees portunities, she says. “Men still dom- – inate everything in this country. They can go anywhere and do anything. 10 percent female workforce Women have been prevented from this – freedom.” Female GM of Yemen Feed Company division She encourages women to speak up and speak out, push for educational and career opportunities—and work harder than anyone else to gain knowledge, skills, and international expe- ABOUT CONCEPT rience. “We have to show men what INVESTMENT women can do, but women also need CONSULTANCY to be their own advocates, pursuing – experiences that will broaden their perspective, skills, and worldview.” Provider of professional services, including corporate governance and Najat understands from first-hand ex- management training, consulting, perience just how difficult that can be. and research 51 IFC IN THE MIDDLE EAST & NORTH AFRICA ABOUT IFC AND CORPORATE GOVERNANCE 52

IFC provides leadership in promoting IFC IN THE MIDDLE EAST good corporate governance practices in developing and emerging markets. With strong donor support, IFC continues to AND NORTH AFRICA strengthen corporate governance programs in underserved regions, particularly in Sub-Saharan Africa, Latin America, and ABOUT IFC & the Middle East and North Africa, by close- IFC, a member of the World Bank Group, is provided over $1 billion in financing for its ly integrating its investments and advice the largest global development institution own account and mobilized another $1 CORPORATE and by building the capacity of interme- focused exclusively on the private sector. billion from other investors. IFC’s support diaries, resulting in improved operational Working with private enterprises in about enabled businesses in the region to pro- GOVERNANCE efficiency. 100 countries, we use our capital, exper- vide more than 119,000 jobs, distribute tise, and influence to build a strong and power to about 500,000 people, and de- Together, IFC and the World Bank are engaged private sector, with the goal of liver health care to more than 2.9 million building on their successful track record eliminating extreme poverty and boosting people. Corporate governance is defined as the with the aim of delivering targeted corpo- shared prosperity. IFC brings more than structures and processes by which com- rate governance support to more clients 60 years of experience in unlocking private IFC also runs a large advisory services pro- panies are directed and controlled. and stakeholders for even better results. investment, creating markets and oppor- gram in the region, with 83 active proj- Our efforts include: tunities where they are needed most. ects valued at over $128 million at the end Good corporate governance helps com- Since 1956, IFC has leveraged $2.6 billion of FY18. That work focuses on creating a panies operate more efficiently, improve • Assessing a firm’s corporate governance in capital to deliver more than $265 billion business-friendly environment and sup- access to capital, mitigate risk, and safe- practices and providing advice on how to in financing for businesses in developing porting entrepreneurship, bolstering in- guard against mismanagement. It makes improve them countries. frastructure development, reducing gen- companies more accountable and trans- • Providing specialized advisory services der inequality, expanding access to finance parent to investors and gives them the on board effectiveness, the control envi- In the Middle East and North Africa, IFC is for smaller businesses, and combating cli- tools to respond to stakeholder concerns. ronment, and family business governance committed to pursuing private sector-led mate change. • Building capacity of local partners, insti- job creation and economic diversification Corporate governance also contributes to tutes of directors, media, and educational throughout the region, where conflict and Our work in the region is focused on sev- development. Increased access to capital institutions on corporate governance ser- instability have forced 15 million people to eral priority areas: encourages new investments, boosts eco- vices, training and reporting flee their homes, giving rise to the biggest nomic growth, and provides employment • Working with regulatory institutions and refugee crisis since World War II. • Fragile and conflict-affected states opportunities. Businesses that operate governments to improve corporate gover- • Gender more efficiently tend to allocate and man- nance laws, regulations, codes and listing During fiscal year 2018, IFC committed a • Infrastructure and renewable energy age resources more sustainably. Better requirements record $2 billion to support the region's • Regional integration stakeholder relationships help companies • Raising awareness of corporate gover- private sector, boost innovation, drive • Small and medium enterprises address environmental protection, social, nance through conferences, workshops economic growth, and create jobs. IFC • Youth employability and labor issues. and publications 53 IFC CORPORATE GOVERNANCE RESOURCES REFERENCES 54

ly Law), unofficial translation, February, 2015, http://www.hrea.org/wp-content/ uploads/2015/02/Moudawana.pdf

IFC, Banking on Women in Egypt, Work- shop Report, IFC and the government of Canada, March, 2016.

IFC, Gender Diversity in Jordan, Washing- ton, D.C: November 2015, http://www.ifc. org/wps/wcm/connect/topics_ext_con- tent/ifc_external_corporate_site/ifc+cg/ resources/guidelines_reviews+and+- IFC CORPORATE REFERENCES case+studies/gender+diversity+in+jordan IFC, “Investing in Women: Creating Val- GOVERNANCE RESOURCES ue and Accelerating Growth for Egypt’s Businesses,” IFC Roundtable Presentation, Bessma Momani, Equality and the Econ- Cairo, March 30, 2017. omy: Why the Arab World Should Employ More Women, Washington, D.C: Brook- ILO, Women in business and management: Want to learn more about how you and ings Institution and Brookings Doha Cen- Gaining Momentum, Global Report, Ge- your organization could benefit from cor- ter, December 2016. porate governance and women’s leader- neva: International Labour Organisation, 2015. ship training? Daniela Marotta, Morocco: mind the gap - empowering women for a more Jonathan Woetzel et al, “How advanc- Women on Boards: contact: open, inclusive and prosperous society, ing women’s equality can add $12 trillion https://www.ifc.org/wps/wcm/con- Washington, D.C.: World Bank Group, to global growth,” McKinsey Global In- nect/topics_ext_content/ifc_exter- Sanaa Abouzaid | 2016, http://documents.worldbank.org/ stitute, September, 2015, https://www. nal_corporate_site/ifc+cg/topics/wom- Corporate Governance Lead curated/en/798491468000266024/ mckinsey.com/featured-insights/em- en+on+boards Tel: +1 202-458-1614 Morocco-mind-the-gap-empowering- ployment-and-growth/how-advancing- Email: [email protected] women-for-a-more-open-inclusive-and- womens-equality-can-add-12-trillion-to- Board Leadership Training: prosperous-society https://www.ifc.org/wps/wcm/connect/ Khawar Saeed Ansari | global-growth topics_ext_content/ifc_external_cor- Program Manager Euromena Funds/Shareholder Rights, Katrin Elborgh-Woytek et al, Women, porate_site/ifc+cg/topics/board+leader- Tel: +92-51-227-9631 Women Representation on Boards of Di- Work, and the Economy: Macroeconomic ship+training Email: [email protected] rectors on MENA Exchanges, Gender Di- Gains from Gender Equality, IMF Staff Dis- versity Research and Policy Paper, Share- cussion Note, Washington, D.C.: Interna- More information on IFC’s corporate gov- holder Rights, October, 2016. ernance services is available online at: tional Monetary Fund, September, 2013. Meggin Thwing Eastman, Damion Rallis, ifc.org/corporategovernance Human Rights Education Associates, and Gaia Mazzucchelli, The Tipping Point: For information about this report, please Moudawana (2004 Moroccan Fami- 55 REFERENCES ABOUT IFC 56

Women on Boards and Financial Perfor- mance, Women on Boards Report 2016, MSCI, December, 2016, https://www.msci. com/documents/10199/fd1f8228-cc07- 4789-acee-3f9ed97ee8bb

Mottaghi, Lily, “The Problem of Unemploy- ment in the Middle East and North Africa Explained in Three Charts,” World Bank blog, August 8, 2014, http://blogs.worldbank.org/arabvoices/problem-unemployment-middle-east-and-north-africa-explained-three-charts

OECD, Women’s Economic Empowerment in Selected MENA Countries: The Impact of Legal Frameworks in Algeria, Egypt, Jor- dan, Libya, Morocco and Tunisia, Compet- About IFC itiveness and Private Sector Development, Paris: OECD Publishing, 2017. IFC—a sister organization of the World Bank and member of the Sanaa Abouzaid, “Gender Diversity on World Bank Group—is the largest MENA Boards,” Ethical Boardroom, Spring global development institution 2017, https://ethicalboardroom.com/gen- focused on the private sector der-diversity-on-mena-boards/. in emerging markets. We work with more than 2,000 businesses United Nations Development Programme, worldwide, using our capital, Human Development Report 2016: Devel- expertise, and influence to create opment for Everyone, New York: UNDP, markets and opportunities in 2016, http://www.iq.undp.org/content/ the toughest areas of the world. iraq/en/home/library/human_develop- In fiscal year 2018, we delivered ment/human-development-report-2016. more than $23 billion in long-term html financing for developing countries, leveraging the power of the private World Bank gender data portal, http:// sector to end extreme poverty and datatopics.worldbank.org/gender/ boost shared prosperity.

World Economic Forum, The Global For more information, visit Gender Gap Report 2017, Geneva: 2017, http://www.ifc.org/ http://www3.weforum.org/docs/WEF_ GGGR_2017.pdf Amira El Saeed Agag Corporate Governance Officer, MENA Environment, Social, and Governance Department ifc.org/corporategovernance March, 2019