Womenomics

I frequently talk about the gender gap but here in the West maybe it ain't so bad? Despite the Prophet Muhammad's first wife supporting her husband financially, women in Saudi Arabia were legally required to conduct business through a male agent until 2004. Although that law has gone its ramifications live on, which makes the male dominated world of banking particularly hard to penetrate.

But on a positive note some forward thinking Saudi banks have set up ladies only branches which allow women to manage their finances independently of fathers, brothers and husbands. (There is no religious law banning women from managing money and laws based on Islam have guaranteed women the right to own property for centuries - unlike the West).

Increasingly wealth managers are realising that women in the Gulf region are sitting on fortunes in cash, land and jewellery. Western female bankers routinely travel to the Gulf to hold meetings with clients.

In the UAE (United Arab Emirates) a government holding company has set up an investment company run by women for women - who rightly scorn the "thinking pink" superficial changes.

I am almost jealous; I have spend a couple of decades trying to convince various players in financial services to market to and support women's investment and banking programmes to no avail. One estimate I read recently suggests that by 2010 half of all private wealth will be in the hands of women. Can't wait.