The Securities and Commodities Authority (SCA) and UAE Gender Balance Council have signed a MoU to boost co-operation and intensify efforts to increase women's participation in companies listed on the country's financial markets in a bid to narrow the gender gap in the vital sector, as mandated by national plans.

The MoU provides for exchanging expertise between the two agencies, co-operating on conducting training in financial services and markets as well as organising conferences and other meetings, reported state news agency Wam.

The agreement reflects a common desire to promote co-operation, stated Obaid Al Zaabi, the acting chief executive of SCA, after signing the MoU with Shamsa Saleh, the secretary-general of the UAE Gender Balance Council, in the presence of a number of officials.

He hailed the council for working towards closing the gender gap in all sectors in the UAE through relevant initiatives with the ultimate goal of advancing the UAE's raking on global competitiveness indices, stated the report.

Saleh pointed out that the MoU gives a boost to women's economic empowerment through increased participation in the boards of directors of the companies and federal organisations.

"Promoting co-operation with the SCA reflects the keen interest of Sheikha Manal bint Mohammed bin Rashid Al Maktoum, President of the UAE Gender Balance Council and President of Dubai Women Establishment, in bolstering the council's strategic partnerships and increasing women's representation to boards of directors of listed public joint stock companies to 20 per cent by 2020," she added.