Inaugural Women Power Summit in Bahrain supported by KPMG

25 May 2018

KPMG in Bahrain has supported the first Women Power Summit held in the Kingdom, which with over 700 delegates and more than 100 guest speakers was billed as the largest ever summit of its kind to take place in the MENA region.

Held over two days in Manama earlier this month, the Woman Power Summit brought together leading businesswomen and identities from across the region to celebrate the inspiring stories of women in the Middle East in the continuing pursuit for empowerment. Organised by local PR and design agency Obai & Hill, in partnership with the Bahrain Economic Development Board and Bahraini state business-support agency Tamkeen, the event attracted more than 700 attendees across its schedule of seminars, workshops, panel discussions and more.

Among the attractions were a number of complimentary on-one-one mentoring sessions for aspiring local female entrepreneurs, including free consultations with event partner KPMG Fakhro, the local arm of the global Big Four firm. In addition to the 35 individual consulting sessions on offer, 50 guests received guidance from influential business mentors across a variety of industries, and over 80 participated in a speed-networking event.

Guests also had the opportunity to listen to a diverse field of guest speakers drawn from the business, entertainment and political realms, with a series of panel discussions, round-tables, spotlight sessions and keynote addresses held throughout the event. The line-up of over 100 speakers and moderators, made up of 20 different nationalities from 13 countries, featured a number of representatives from the local consulting industry - which in the area of management consulting is now worth upwards of $80 million per annum.KPMG partners with the inaugural Women Power Summit held in BahrainAs well as addresses from high-profile business identities, speakers from the local consulting sector included Leena Al Olaimy, the co-founder of sustainable development consultancy 3BL Associates; Alanoud Alsharekh, Director and Managing Partner of Ibtkar Strategic Consultancy; Nadia Muijrers, the founder of multi-disciplinary consulting firm Alphard; Hala Sulaiman, founder of Beyond Borders Consultancy, and; Emma Almansoori, founder of accounting and business consultancy Empower Business Solutions.

The event also sought to connect new opportunities for investment, partnership, and collaborations between entrepreneurs, innovators and investors, with a Power Pitch Competition for local female-led start-ups in front of a panel of experts and instant feedback given on how to grow their businesses in Bahrain and across the region. The inaugural first-prize was awarded The Stories Studio, a platform for the creation of social impact video games.

“This summit is a celebration of the women who have joined us today as I see the largest gathering of past, present and future women leaders before me. We hold the keys to our future and are in the driving seat. We need to drive towards promoting entrepreneurship, women in tech, workplace flexibility, athletic representation and achievement, medical education amongst so much more – so that women can contribute as fully as possible to the national and global economy,” event patron and executive director of INJAZ Bahrain H.H. Shaikha Hessa Bint Khalifa Al Khalifa said of the occasion.

INJAZ Bahrain is a non-profit organisation established in the country to aid youth employment pathways and job creation for the benefit of economic development and empowerment. KMPG Fakhro has also sought to promote the development of young local talent through financial and mentoring support, recently celebrating its 99th local employee to achieve professional qualifications. “This milestone showcases the progress of the firm’s flagship personal development initiative, designed to support the professional growth of young Bahraini talent,” the firm said at the time.

EY estimates $33 billion boon to UAE economy from Expo 2020 Dubai

16 April 2019

Professional services firm Ernst & Young has outlined the potential economic impact of Expo 2020 Dubai to the UAE economy, concluding a possible $33 billion windfall in gross value add and a near 50,000 full-time equivalent jobs per annum to 2031.

With the Expo 2020 Dubai global showcase now just around the corner – and expected to attract 25 million visits from across the world during its six month schedule from October next year – professional services firm Ernst & Young has released an economic impact report for the event, calculating a US$33 billion (AED122.6 billion) boost of gross value added (GVA) to the local economy from 2013–2031 along with contributing more than 900,000 ‘job years’.

“Expo 2020 Dubai is an exciting long-term investment for the UAE, and is expected to have a significant impact on the economy and how jobs are created directly and indirectly,” said EY MENA Transaction Advisory Services partner Matthew Benson, adding; “Dubai aims to use the event to further enhance its international profile and reputation. The event will celebrate innovation, promote progress and foster cooperation, and entertain global audiences.”

According to the report, the six months of the Expo – the first to be held in anywhere in the Middle East, Africa or South Asia in the event’s 168-year history – will contribute around 1.5 percent of the UAE annual forecast GDP, with the analysts taking in ‘direct’ increases in economic activity, ‘indirect’ benefits of increased supply chain demand, and ‘induced’ benefits from increased spending by employees of participating firms to arrive at its $33 billion figure.EY estimates $33 billion boon to UAE economy from Expo 2020 DubaiConsidering further the planning and legacy phases, EY has in addition estimated AED 4.7 billion in investment to small and medium enterprises (SMEs) during the pre-Expo phase, supporting approximately 12,600 job-years, with the Expo expected to support more than 900,00 full-time equivalent (FTE) job-years in total in the Emirates from 2013 to 2031 – equivalent to some 49,700 FTE jobs. Meanwhile, strong legacy planning will ensure the ongoing benefits.

“Over 80 percent of the Expo built environment is planned to be retained for District 2020, and eventually expand into a city covering more than four million square meters,” states the report, adding that District 2020 aims to support the UAE’s future vision as to sustainable economic development and an innovation-driven economy, with a supportive business environment for key growth industries such as logistics and transport, tourism, construction, real estate and education.

“Although the Expo event lasts less than a year, the positive economic impact continues far beyond the event,” said Jamie Torrens, EY MENA’s head of Economic Advisory in its transaction advisory service division. “Across the period of our study, spanning the Pre-Expo, During-Expo and Legacy phases between 2013 and 2031, Expo 2020 is expected to support billions of dirhams of Gross Value Added (GVA) and thousands of jobs in the UAE.”

As a breakdown, the three largest impact areas across the full study period will be events organisation & business services (contributing over half of the overall figure) followed by construction and then hospitality, while transport, storage & communications will be another significant contributor during the life of the Expo and its planning phase. Retail will also see a boost during the legacy period, with nearly 550,000 jobs years created in this period across sectors.

“This independent report demonstrates that Expo 2020 Dubai is a critical long-term investment,” said Expo 2020 Executive Director Najeeb Mohammed Al-Ali. “Not only will the event encourage millions around the world to visit the UAE in 2020, it will also stimulate travel and tourism and support economic diversification for years after the Expo, leaving a sustainable economic legacy that will help to ensure the UAE remains a leading destination for business, leisure and investment.”

Related: Accenture and SAP roll out next-generation technology for Dubai Expo