Economists estimate that more women in the workforce could generate up to $28 trillion in global GDP by 2025 According to the UN, women’s economic empowerment is good for the economy DUBAI/RIYADH: Gender inequality is still a worldwide issue, and while some organizations say they are trying to rectify the situation, it requires genuine social acceptance if policies surrounding female empowerment are to make any real difference, a leading Saudi executive has warned. “Samba has all the right policies supporting the inclusion of women in terms of the pay grade and mentorship programs,” Samba Financial Group CEO Rania Nashir said on Tuesday on the first day of the Future Investment Initiative (FII) 2019 conference in Riyadh. The majority of female employees at Samba work at its head office, and “Samba has no pay gap,” she said. “Promotions aren’t based on gender. They’re based on competency, skills and qualifications.” But these policies “won’t be as effective” if “social acceptance and family support isn’t there,” Nashir said. “There are two main challenges for women inclusiveness in the workforce: Men in leadership to believe that women can add value, and for women themselves to believe that they have a role to play.” Nashir, who said she was supported by her family in her decision to not marry, said women are CEOs by nature, being able to multitask and “manage chain, human resources, diversity, education — they’re project managers.” Although she lauded current government efforts, including investing in women’s education and health, “this hasn’t been reflected in their contribution to the economy,” Nashir said. “Women are contributing 23 percent to the economy. This looks low, but if we compare it to two years ago, it was only 17 percent,” she added. “This shows accelerated growth of women inclusiveness in the workforce, but we have to do more. We have to have more role models.” Economists estimate that more women in the workforce could generate up to $28 trillion in global gross domestic product (GDP) by 2025. Also on the panel discussing the “She economy” was Dr. Sahar Nasr, Egypt’s minister of investment and international cooperation. She said Egypt had managed to enable an environment for women to play an active role economically, and provide equal access to finance, capacity-building and training. According to the UN, women’s economic empowerment is good for the economy — it is estimated that gender gaps cost the economy 15 percent of GDP. The UN also states that economic equality is good for business. It is widely documented that companies that increase employment and leadership opportunities for women perform better, are more profitable and experience greater growth. Citigroup CEO Michael Corbat said: “The benefits of a diverse workforce far outweigh any costs that come with the course of a natural lifecycle.” He added that Citigroup already provides emergency childcare facilities to help parents when their child is unable to attend school. The three-day FII, held at the Ritz-Carlton Hotel in Riyadh, is being attended by heads of state, government leaders, and decision-makers from the business and finance communities.