Women control 21% of Saudi investments

[Ms DD]

Women control 21% of Saudi investments

 

10-03-2007

 

By P.K. Abdul Ghafour

 

JEDDAH, Arab News — Saudi Arabia’s efforts to empower women are yielding fruits as its businesswomen now own more than 20,000 companies and establishments and hold 21 percent of total private investments, according to Abdul Wahab Attar, the Kingdom’s permanent representative to the United Nations.

 

“Saudi women account for 56.5 percent of total university graduates and 40 percent of Saudi doctors,” Attar told a meeting of the UN General Assembly. Of the total Saudi work force in the Kingdom 14 percent are women, with 30 percent of them concentrated in education, Attar said.

 

Attar gave the latest statistics about Saudi women’s growing role in the nation- building process. “Saudi businesswomen own more than 20 percent of money in investment portfolios,” he said, adding that there are about 43,000 commercial registrations under the name of women in different regions.

 

“The Eighth Five-Year Development Plan (2005-2010) has a separate chapter for the first time on the role of women in development with detailed plans to increase their participation in the development process,” the official said.

 

According to a recent study, investment by Saudi businesswomen has reached some SR8 billion, especially in the retail, contracting, wholesale and transferable industries sectors. The study also claims that Saudi women as a whole have funds of SR45 billion, 75 percent of which is sitting idle in bank deposits.

 

That means there is a large untapped financial resource in the Kingdom that could, with the right incentives, regulations and facilities, contribute to the country’s economic development in a range of sectors and also reduce unemployment.

 

There is also a large untapped labor force. According to official statistics, only 5.5 percent of an estimated 4.7 million Saudi women of working age are actually employed. The Jeddah Chamber of Commerce and Industry has conducted a study on the present situation of women’s employment.

 

According to Nashwa Taher, a member of the chamber’s board of directors, the chamber would present proposals to the relevant government departments and organizations to increase job opportunities for women.

 

“The proposals included a comprehensive study on the present situation of women’s employment and the obstacles facing them,” Taher said. The Ministry of Commerce and Industry insists that a businesswoman should have a male manager to get a commercial registration, she said. A nine-point Cabinet decision in 2005 had called for increasing job opportunities for women. Efforts are also under way to establish a research center for women in Riyadh with modern facilities.

 

http://www.arabnews.com/?page=1§ion=0&article=93395&d=10&m=3&y=2007

[N.O.R.F]

NGONGE, what are you thinking?

[NGONGE]

I think Cambaro has an obsession with Saudi Arabia.

[N.O.R.F]

I know But this is a nice topic on the KSA :cool:

 

Businesswomen Keen to Play Their Role in Kingdom’s Development

Mushtak Parker, Arab News

 

LONDON, 19 March 2007 — Saudi businesswomen are on the march. Emboldened by the policies of a reforming monarch, Custodian of the Two Holy Mosques King Abdullah, they are keen to play their role in contributing to the Kingdom’s GDP and economic development.

 

Empowerment and gender equality may be largely aspirational at this stage, but as the first-ever supplement of the Top 20 Saudi Companies run or owned by local businesswomen in today’s Arab News shows, they are well on their way. This contribution speaks for itself. The Top 20 Companies listed in this supplement, for instance, employ more than 4,200 people, presumably women. In this respect they are creating real jobs for Saudi women, whose adult unemployment rate ranges from the official 30 to 40 percent to the unofficial 80 percent.

 

The top Saudi company owned and run by women, Al Sale Eastern Company, based in Alkhobar in the Eastern Province, had revenues of SR300 million with assets of SR100 million. Sheikha Nadia Al-Dossary, the CEO and partner of Al Sale Eastern Company, is thus Saudi Arabia’s top businesswoman. The economic power of women in the Kingdom cannot be understated. Women own 10 percent of real estate, especially in major cities such as Jeddah and Riyadh, and 30 percent of brokerage accounts in the Kingdom. They own some 40 percent of family-run companies, very often as silent partners. Saudi women as a whole have estimated cash funds of SR45 billion, of which 75 percent is sitting idle in bank deposits.

 

According to a recent study by the Khadija bint Khuwailid Businesswomen’s Center at the Jeddah Chamber of Commerce and Industry (JCCI), investment by Saudi businesswomen has reached some SR8 billion, which is around 21 percent of total investment. Women “own” some 1,500 companies — about 4 percent of the total registered businesses in the Kingdom. There are 5,500 commercial registrations of women’s projects, representing 20 percent of businesses in the retail, contracting, wholesale and transferable industries sectors. The scope of this supplement is a wide one. It should not merely serve as a list of the top 20 Saudi companies owned and run by women. It should also discuss frankly the issues relevant to the empowerment of Saudi women in business, industry and the wider economy. If the Saudi authorities need convincing that the country needs a dedicated minister for women’s affairs, they need to look no further than the considerable achievements of many Saudi women in business and industry as highlighted in this supplement’s various articles.

 

Lubna Olayan is suggested by many as the ideal candidate for the first minister of women’s affairs. She has the personality and the drive to make an excellent minister whose prime objective would be to promote female empowerment in all walks of life and to influence and advise the Cabinet accordingly.

 

The asset distribution spectrum of the companies ranges from the top SR100 million to SR84.925 million for Ghassan Al Nemer Factory for Gold and Jewelry, SR15 million for My Little House and the House of Knowledge Schools Group and SR10 million each for Luthan Company and Al-Bashaer School. The revenue streams are more impressive. Al Sale’s SR300 million is first, followed by Ghassan for Gold and Jewelry’s SR67.05 million.

 

The profitability of the listed companies is mixed, with nine failing to disclose figures. Ghassan for Gold and Jewelry reported the highest profit in 2006 — SR6.74 million — followed by Fawziah A. Abdulaziz Al-Tubayyab Trading Establishment with SR3 million.

 

arabnews.com

[NGONGE]

Where do you see these rich Saudi women in ten years time, saaxib? Liberated or ripped off?

[roobleh]

with all that wealth but unable to drive to the bank. hoping things will get better for them in the near future.

[Ms DD]

Originally posted by NGONGE:

I think Cambaro has an obsession with Saudi Arabia.

lol..I am fascinated with them. It is a culture of secrecy coupled with feeling of sel-righteousness and pious smugness, complete with element of hypocricy.

 

It is positively titillating .

[JUSTICE]

^^^Its good to know the reason behind this, cause I really thought you were up to something.

 

I agree with you though, Saudi culture or way of life is full weird practices