Forbes recently released its list of the “50 Most Powerful Women in Business.” The list was intriguing as the top 10 women represented the fields of IT, food, chemicals, defense and finance. Ages ranged from 38 to 60, with IT execs the youngest and food execs on the other end of the spectrum. Here are the top 10:
1) Ginni Romety (56), Chairman, President and CEO of IBM, a 102 year old tech giant.
2) Indra Nooyi (57), Chairman and CEO, PepsiCo, the largest food and beverage company in the US, expanded beyond the soda business entering fast growing categories like yogurt and hummus. Pepsi today boasts 22 billion dollar brands.
3) Ellen Kullman (57), Chairman and CEO, Dupont, a chemical giant over 200 years old.
4) Marillyn Hewson (59), CEO and President, Lockheed Martin, world’s largest defense contractor, a global aerospace, defense, security, and advanced technology company.
5) Sheryl Sandberg (44), COO, Facebook, an online social networking service.
6) Irene Rosenfeld (60), Chairman and CEO, Mondelez International, a multinational confectionery, food and beverage conglomerate, Kraft’s former global snacking business.
7) Patricia Woertz (60), Chairman, President and CEO, Archer Daniels Midland (ADM), American global food- processing and commodities-trading corporation.
8) Marissa Mayer (38), President and CEO, Yahoo, a multinational Internet corporation.
9) Meg Whitman (57), CEO, HP, a multinational information technology corporation.
10) Abigail Johnson (51), President, FMR (Fidelity Investments), mutual fund giant with $4.3 trillion in assets under administration.
The list made me think…how are women in the Middle East region doing? In reviewing “Forbes 100 Most Powerful Women in the World in 2013”, only two women in the Middle East were listed.
Lubna Olayan (58), Deputy Chairperson and CEO, Olayan Financing Saudi Arabia, was ranked #92. The Olayan Group, a Saudi conglomerate, was founded by her father 66 years ago.
Sheikha Lubna Al Qasimi (67), who was UAE’s Minister of Foreign Trade at the time, was ranked #67 out of 100. Sheikha Lubna is a trailblazer having been the UAE’s first female minister. Now that her portfolio has changed since her appointment as Minister of International Cooperation and Development, it will be interesting to see where she ranks next year.
At the Global Clinton Initiative held in New York in October 2013, Sheikha Lubna during a discussion about female decision makers in the global economy noted the importance of incorporating more women into management roles. However, she disagreed with quotas “because companies, organizations and entities will start placing women as window dressing, where they’re not effective. I’m a firm believer of putting a woman consciously in an organization and supporting them to succeed.”
She is right. By supporting women, not imposing quotas, women can rise in business. In the UAE, according to a report by Al Masah Capital, women own or run about 30 percent of small and medium-sized enterprises (SMEs). With 70% of the UAE’s growth due to the SME sector, that is a significant contribution. Women are also receiving considerable financial support. According to Hussain Jasem Al Nowais, Chairman of the Khalifa Fund, women were awarded 35% of the SME projects they funded this year.
An Arabian Business poll of the 100 Most Powerful Arab Women in 2013 awarded 25% of the places to Emirati women. They were a mix of political, social and business figures. As the number of women owned and run businesses in the UAE increases, the UAE will likely have more businesswomen represented not only in regional rankings but in international rankings as well.
By Theresa F Weber
ABOUT THERESA WEBER:
Theresa Weber is the President and Co-Founder of Alexandria Consulting Team (ACT) LLC, an international management consultancy. Terry is also editor of the daily e-newsletter: MENA #WomeninBusiness Forum
Follow @TheresaFWeber and @ACT_LLC
