Women control 22% of wealth in the Middle East

Published June 13th, 2011 - 08:08 GMT
The modern Muslim woman seeks to keep pace with socioeconomic developments and is not afraid of change
The modern Muslim woman seeks to keep pace with socioeconomic developments and is not afraid of change

According to the Fifth Conference of Marketing held at the Address Hotel in Downtown Dubai, 22% of the wealth in the Middle East belongs to women. Furthermore, women in the region control 58% of weekly/monthly expenditures.

More wealth translate into more consumption. As a result, researchers have started analyzing what women look for in their brands - including their perceptions, common trends, and prevailing attitudes. The conference began with the discussion of a new study conducted by Yahoo! Maktoob, which looked at Arab women wealth and consumption trends in the UAE, Saudi Arabia and Egypt.

On this occasion, Vice President and Managing Director of Yahoo! Middle East, Ahmed Nassef commented, "Our main focus for this research was three fold; firstly we identified the internet needs of women; then the online channels that best meet those needs; and finally the channels through which women are most receptive to marketing and advertising messaging. These findings are a huge coup for businesses as this segment of the market has remained a mystery for too long. The more specific our knowledge is about our audience the better able we as an industry are able to communicate with them."

AMRB - a company specialized in market research - in cooperation with JWT, conducted a study that addressed the modern Muslim woman. Their study concluded with the fact that modern Muslim women seek to keep pace with social economic development and change, and do not consider the matter to be a violation of their strong faith, nor a contradiction between rapid development and Islamic traditions.

Vikram Krishna, President of Marketing and Branding at Emirates NBD warned that the needs of women in the Middle East have not been met. Banks and financial institutions need to provide more general knowledge of banking laws and the best ways for women to invest their finances if they want to conserve and increase their proportion of women customers. Women in the Middle East are seeking financial security for themselves and their children based on concise and efficient information. 

Source: www.yallafinance.com

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