Saudi women don’t need male permission to start businesses

The Saudi commercial sector is witnessing a new era inthe empowerment of women.
Updated 18 February 2018
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Saudi women don’t need male permission to start businesses

JEDDAH: Saudi women do not need the permission of a male guardian to start their own business, according to the Ministry of Commerce and Investment.
“No need for a guardian’s permission. Saudi women are free to start their own business freely,” ministry spokesperson Abdul Rahman Al-Hussein tweeted on Thursday using an Arabic hashtag that translates as #No_Need.
The #No_Need campaign is an initiative of Taysir, which aims to streamline the necessary procedures to establish a new business.
There is no longer any need to visit a notary to document the founding of a company. The Abshir system means this can all be done electronically.
Saudi women will no longer face more obstacles than a man does to establish their own business and government agencies will no longer require the consent of a guardian for a woman to complete the necessary procedures.
Al-Hussein told Arab News: “Women can practice all their commercial transactions in the Ministry of Commerce and Investment without a guardian or a notary.”
Nojood Al-Qassim, head of the Department of Personal Status, Family Legacies and Women’s and Children’s Rights, pointed out that this latest step toward the empowerment of Saudi women is in line with the government’s overall development drive.
“One of the directives of Vision 2030 is to activate the role of Saudi women in society and to give them their full rights and the rights guaranteed by Shariah,” she told Arab News.
Dima Al-Shareef, a Saudi law consultant, said: “I believe this new approach will open the door to (women) in our homeland to highlight their talents and ideas and translate them into a realistic business with a worthy financial return.”
She added: “We are witnessing a new era in the empowerment of Saudi women, in the commercial sphere in particular.”


‘Saudi Arabia moving fast toward achieving its Vision 2030 goals’

Dr. Ayedh bin Hadi Al-Otaibi, deputy governor of investment climate.
Updated 12 min 59 sec ago
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‘Saudi Arabia moving fast toward achieving its Vision 2030 goals’

  • The SAGIA adopts strategies that are in accordance with Vision 2030 to support an investor’s journey within the Kingdom

RIYADH: The Saudi economy is standing strong and it is supported by a competitive environment, said a senior official of the Saudi Arabian General Investment Authority (SAGIA).
Dr. Ayedh bin Hadi Al-Otaibi, deputy governor of investment climate, was speaking at the Sixth Saudi Trade Finance Summit, which began on Wednesday in Riyadh.
Al-Otaibi delivered a speech on “Unlocking the potential of the Arab world’s largest economy” in which he reviewed the objectives and role of SAGIA with a particular reference to Vision 2030.
The SAGIA official also highlighted the recently introduced reforms in the investment environment to support the business sector in the Kingdom.
Al-Otaibi said Saudi Arabia is moving rapidly toward achieving its goals as envisaged in Vision 2030. The goals, he added, include an increase in foreign direct investment in the Kingdom, diversification of sources of income and leveraging its unique attributes as the heart of the Islamic world and the link between three continents.
The official said the Kingdom is taking all steps to make small and medium enterprises (SMEs) the main engine for economic development in the Kingdom.
Due to the recent measures and reforms the SMEs in the Kingdom are witnessing a spurt in growth and job creation, he added.
SMEs are considered a key partner in the development of Saudi Arabia.
One of the important actions in supporting these companies is the establishment of the General Authority for SMEs (Monshaat), which aims to increase the contribution of such businesses in the economy. Monshaat aspires to contribute to innovation, facilitate funding and create jobs for Saudi males and females.
The government has put in place stimulus packages of up to SR200 billion ($53 billion) until 2020 under the Fiscal Balance Program, one of the central initiatives for realizing the Kingdom’s Vision 2030 reforms.
The PIF, the Kingdom’s sovereign wealth fund, has also supported the sector by setting up a SR4 billion fund ($1 billion) that will give SMEs access to capital. The “fund of funds,” as it is known, will invest in venture capital and private equity funds targeting the SME sector.
A privatization program also encourages the private sector to own or manage state-owned assets and to take over public services currently provided directly by the government.
SMEs are important to all economies around the world and will specifically play a major role in the non-oil-reliant Saudi economy. SMEs contribute to the economy by generating employment opportunities for the Saudi people and fostering economic empowerment for the youth and women. This will help in achieving the Vision 2030 goals of decreasing unemployment from 11.6 percent to 7 percent and increasing female participation in the workforce from 22 percent to 30 percent.
The SAGIA adopts strategies that are in accordance with Vision 2030 to support an investor’s journey within the Kingdom.
It also promotes a business environment based on customer service by measuring the satisfaction of investors with the services offered to them.