blog.gov.jeDeputy Elaine Millar, Jersey’s Minister for Treasury and Resources, looks back at her visit to the Middle East at the start of October
Doha and Dubai are extraordinary places, and it’s hard not to come away inspired by the energy of change and growth that the whole region exudes.
I returned from the Middle East last week, having been there to participate in Jersey Finance’s ‘Perspectives: Women in Leadership’ initiative.
Now in its seventh year, Perspectives brings together industry leaders, young professionals and inspirational speakers to share the experiences of women in the workplace and build the networks (which included men!) to foster opportunities for women in professional sectors.
This year, there were three panel events in three jurisdictions over five days, reflecting Jersey Finance’s commitment to supporting the growing influence of women in finance and leadership. Hosting multiple events across the Gulf region ensured greater accessibility for local women, allowing them to participate in their home countries rather than requiring them to travel for a non-business event, which can be a significant commitment. Additionally, each country is at a different stage in its journey toward full female inclusivity.
Today, women are emerging as a significant economic force in this region, integral to many family businesses and occupying top positions in the corporate world and leading institutions, as well as in Governmental roles. This positive development, coupled with the rise of a new generation of millennials transforming traditional business practices, presents a unique opportunity for families in the region to re-evaluate their strategies.
I think you need only look at the volume of existing flows between Jersey and the GCC – which stretches into billions of sterling every year – and the size of opportunity still present there, to recognise how even a small effort to increase Jersey’s access, visibility and connectivity can make a huge difference to our inflow of capital, and thus to jobs and growth in Jersey.
My role in Perspectives
It is important for the Government of Jersey to be seen to be supporting the Island’s biggest industry and I firmly believe in the importance of face-to-face meetings and visiting the countries with which Jersey wants to do business for our mutual advantage.
In my capacity as Minister, my visit helped to further Jersey’s wider objectives with partners across the GCC and show how the Island’s public and private sectors work together. This included meetings with Ministerial counterparts in Qatar and Saudi Arabia – with whom Jersey already has developed commercial relationships. I was struck by the high regard in which the Island is held as a centre of excellence, political stability and sound regulation, evidence that the work of Jersey Finance to enhance our visibility in the region is clearly cutting through. Discussions such as this are an important means to develop links through knowledge-sharing and capacity building.
Visits to Qatar and the UAE helped to strengthen relationships and unlock further engagement around key mutual interests, including the implementation of Pillar 2 and efforts to tackle financial crime. In Saudi, where this was the first Ministerial visit for five years, I am hopeful that this helped develop Jersey’s long-standing objectives for a bilateral treaty relationship, with the strong commercial interest in this huge and still relatively under-served market. External Relations will coordinate the follow-ups to capture this momentum and convert it into tangible outcomes to benefit both Jersey and the region.
I was pleased to use my time in Doha to meet the Qatari Minister for Social Development and Family, H.E. Maryam Al Misnad, to discuss ways in which Jersey and Qatar can learn from each other in this space.
I was also glad to meet colleagues in the British Embassies, who represent Jersey’s interests in the region and who had a good understanding of Jersey’s value to the wider British family. I reiterated Jersey’s interests in participating as fully as possible in the UK’s growing network of post-Brexit Free Trade Agreements, which have great potential for our Island.
Next steps
As I said at the start, what I took away most from my time in the Gulf is the infectious energy of change and growth that abounds from every part of the region. This is not only having an immense impact on people and politics in the Gulf, but it also represents a significant opportunity to build partnerships and tap into this dynamism for the benefit of our own businesses, culture and politics.
And Perspectives aligns with other Jersey Finance initiatives in South Africa, its ‘Women in Alts’ (Alternative Assets) events, and partnering with 100 Women in Finance in Jersey, demonstrating ongoing support for women in leadership roles.
My particular thanks to Amy Bryant, Deputy CE of JFL, and An Kelles, JFL’s GCC Director, for their excellent work to make the events such a success and I look forward to returning in future.
Photo gallery – with kind permission of Jersey Finance Limited
