WE LEAD Five Women Who Drove Company Success in the Middle East and North Africa And How Good Corporate Governance Helped IN PARTNERSHIP WITH © 2019 International Finance Corporation. All rights reserved. 2121 Pennsylvania Avenue, NW Washington, DC 20433 USA Internet: www.ifc.org The material in this work is copyrighted. The contents of this work are intended for Copying and/or transmitting portions or general informational purposes only and all of this work without permission may be are not intended to constitute legal, se- a violation of applicable law. IFC encour- curities, or investment advice, an opinion ages dissemination of its work and will regarding the appropriateness of any in- normally grant permission to reproduce vestment, or a solicitation of any type. 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All names, logos, and trade- ply any judgment on the part of the World marks are the property of IFC, and you Bank concerning the legal status of any may not use any of such materials for any territory or the endorsement or accep- purpose without the express written con- tance of such boundaries. The findings, in- sent of IFC. Additionally, “International terpretations, and conclusions expressed Finance Corporation” and “IFC” are regis- in this volume do not necessarily reflect tered trademarks of IFC and are protected the views of the Executive Directors of the under international law. World Bank or the governments they rep- resent. FEMALE TALENT REMAINS ONE OF THE MOST UNDER- UTILIZED BUSINESS RESOURCES, EITHER SQUANDERED THROUGH LACK OF PROGRESSION OR UNTAPPED FROM THE ONSET, ESPECIALLY IN THE MIDDLE EAST AND NORTH AFRICA • 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 in- crease 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 com- es 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.