Fresh Perspective: Empowering Saudi Women in Economic Growth
Determined spirit of Saudi women remains optimistic amidst limitations towards their empowerment
In a surprising twist, despite the World Bank's claim that Saudi Arabia ranks high in laws restricting women's economic opportunities, the kingdom's women are confidently carving out a path towards empowerment. The virulent legislation, which affects nearly 90% of the 143 countries surveyed, limits women's abilities to work, make bank decisions, and open accounts [1].
Formerly relegated to niche industries like schools and kitchens, many Saudi businesswomen are now breaking barriers, finding their places among the world's most influential women [2]. These trailblazers have also made strides in joining the Kingdom's highest legislative body, the Shoura Council (the advisory body), and buying businesses [3].
Nowadays, Saudi women are amongst the Middle East's most influential economic forces. Intriguingly, a study by the Sayyida Khadija bint Khuwaylid Center of the Jeddah Chamber of Commerce revealed that Saudi businesswomen possess bank savings totaling more than SR45 billion and SR8 billion in investment funds [2]. Women's real estate investments add up to an impressive SR120 billion [2].
Fawzia Al-Bakr, a Saudi academic and author, shared her perspective in an interview with TIME magazine in March. She praised King Abdullah, acknowledging his desire for women to power forward in Saudi Arabia. The monarch supports women's education, provides scholarships to Western universities, and is resolute about confronting the deeply-rooted issue of segregation, Al-Bakr noted [2].
Early this year, Newsweek magazine singled out Al-Bakr as one of 125 women who significantly impacted their societies [2]. The Kingdom's dogged pursuit of social and economic change propels women forward from dependent roles into leadership positions.
Rania Salama, head of the Young Businesswomen Committee at the Jeddah Chamber of Commerce and Industry (JCCI), emphasized the necessity of thinking big and being more competitive [3]. Salama believes that instead of confining themselves to minor businesses like abaya design or cupcake making, women should push boundaries and innovate to compete with international businesswomen [3].
The Young Businesswomen Committee at the JCCI has assisted young, successful female entrepreneurs in various fields [3]. Salama is optimistic, highlighting these success stories while emphasizing the importance of helping women think differently and take calculated risks [3]. If they adjust their thought processes, 100 abaya designers could combine their ventures into companies instead of just running home businesses [3].
In May, Al-Bakr was nominated for the Medal of Excellence for the most influential figure in the world by Waldenburg International College and the International Council for Human Rights, Arbitration, Political, and Strategic Studies [3]. The committee behind the Jeddah Entrepreneurs Meet, chaired by Salama, supported budding female entrepreneurs by supplying them with training, funding, and internships [3].
However, Saudi businesswomen still face hurdles when trying to reach international competitiveness [4]. Issues include the gender wage gap, limited representation in leadership positions, balancing work and family life, and access to international markets and networking opportunities [4].
The government has recognized these challenges and has vowed to boost job opportunities for women to reduce unemployment [5]. Fahd Al-Tukhaifi, assistant undersecretary at the Ministry of Labor, emphasized the ministry's plans to create a favorable working environment for Saudi women [5].
Starting from humble beginnings, Saudi women are gradually creating a name for themselves on the global economic stage. With governmental support, entrepreneurial innovation, and societal shifts, these trailblazers refuse to be held back by outdated laws and patriarchal norms. They crave a wider playing field and global recognition, and they are determined to make it happen.
- Saudi Arabia, despite having restrictive laws according to the World Bank, sees its women confidently navigating their way towards economic empowerment, challenging norms and carving out paths in industries beyond schools and kitchens.
- These trailblazing Saudi businesswomen have made significant strides, not only in the local economy but also on the international stage, and are now counted among the world's most influential women.
- A study by the Sayyida Khadija bint Khuwaylid Center revealed that Saudi businesswomen possess impressive savings and investment funds, totalling over SR45 billion in bank savings and SR8 billion in investment funds.
- Fawzia Al-Bakr, a Saudi academic and author, has been recognized for her impact on society, being singled out by Newsweek magazine as one of 125 women who significantly influenced their societies.
- The Kingdom's emphasis on social and economic change has been instrumental in propelling women forward from dependent roles into leadership positions, with one example being their inclusion in the Shoura Council and ownership of businesses.
- Rania Salama, head of the Young Businesswomen Committee at the Jeddah Chamber of Commerce and Industry, encourages women to think big, innovate, and push boundaries, rather than confining themselves to minor businesses or traditional roles.
- Governmental support, entrepreneurial innovation, and societal shifts are keys to moving Saudi women from humble beginnings to global recognition on the economic stage, as they strive to overcome challenges such as the gender wage gap, limited representation, and access to international markets.
