Undoubtedly, in recent years, Saudi Arabia has been undergoing a significant transformation with regard to women’s empowerment. From driving to women in the workforce, one of the most notable changes has been the rise of women entrepreneurs.
Despite facing numerous obstacles and cultural barriers, women are increasingly starting their own business setup in KSA and contributing to the country’s economic growth. Let’s look at what that means for women in business and explore the reasons why now is the time for women to start their own businesses in KSA.
-
Support from the Government
The Saudi Arabian government has recognized the important role that women entrepreneurs can play in driving economic growth and job creation in the country. In recent years, there have been a number of initiatives launched to support women in starting and growing their own businesses.
For example, the government has established the Small and Medium Enterprises General Authority (Monsha’at) to provide support to small businesses, including women-owned businesses. In addition, the government has launched various programs to provide training, funding, and mentorship to aspiring women entrepreneurs.
-
Changing Social Attitudes
Traditionally, entrepreneurship has been seen as a male-dominated field in KSA. Women have faced significant cultural barriers to starting their own businesses. However, in recent years, there has been a shift in social attitudes towards women entrepreneurs. They are increasingly being recognized for their contributions to the economy and society, and their entrepreneurial spirit is being celebrated. As a result, more and more women are feeling empowered to take the leap and start their own businesses.
Read more: How Women Entrepreneurs in KSA are Changing the Business Landscape
-
Access to Funding
Access to funding has traditionally been a major challenge for women entrepreneurs in KSA. However, this is beginning to change. In recent years, there has been a growing number of funding opportunities specifically targeted at women-owned businesses. For example, the Women Angel Investors Network has been established to provide funding and support to women entrepreneurs across the Middle East.
In addition, there are now a number of banks and financial institutions in KSA. Offer loans and financing specifically for women entrepreneurs.
-
Growing Market Opportunities
As the Saudi Arabian economy continues to grow and diversify, there are increasing opportunities for women entrepreneurs to start businesses in a wide range of sectors. For example, there is a growing demand for businesses in the technology and innovation sectors, as well as in fields such as healthcare and education. Women entrepreneurs are also well-positioned to tap into the growing demand for sustainable and socially responsible businesses in KSA.
-
Ability to Drive Social Change
Finally, women entrepreneurs in KSA have the ability to drive social change and make a positive impact on society. By starting businesses that address social and environmental issues. Women can contribute to building a more sustainable and equitable future for KSA. In addition, women entrepreneurs can serve as role models for future generations of women. Inspiring them to pursue their own entrepreneurial dreams.
To further emphasize the rise of women entrepreneurship in KSA, let’s take a look at some statistics:
- According to a report by the General Authority for Statistics in KSA, the number of women entrepreneurs in the country increased by 60% between 2011 and 2018.
- In 2020, the Saudi Arabian government announced that it had provided over 3,400 loans worth a total of SAR 664 million (approximately USD 177 million) to women-owned small and medium-sized enterprises (SMEs).
- A survey conducted by GulfTalent in 2020 found that 52% of female professionals in KSA would consider starting their own businesses, and 43% believed that they would be successful if they did.
- In a 2021 report by Mastercard on Women Entrepreneurs in Emerging Markets. KSA was ranked third out of 58 countries in terms of the percentage of women entrepreneurs. With 18.6% of businesses in the country being owned by women.
These statistics demonstrate that there is a growing trend towards women entrepreneurship in Saudi Arabia. Women are increasingly being supported and empowered to start and grow their own businesses.
Conclusion
In conclusion, there has never been a better time for women to start their own businesses in KSA. With support from the government, changing social attitudes, access to funding, and growing market opportunities. With the ability to drive social change. They are well-positioned to succeed and make a positive impact on the economy and society.
