Kingdom’s female investors warned against swindlers

A number of Saudi working women are falling prey to scammers in an attempt to hide their savings and properties from their husbands. By blindly following past experiences recounted by other women, these women end up caught in the traps set by con men, who pretend to help them make instant money.
Economist Abdullah Al-Maghlouth believes that it will be beneficial for the whole country if Saudi women were to enter the real state sector and own real estate. This would establish a female presence in the Saudi market. However, he warned that women’s lack of expertise could be detrimental if they don't seek counseling. “Investors in this market have to consult real-estate experts and legal counselors so they learn about contracts that protect the rights of all parties,” he said, adding failure to seek expert advice is one of the main reasons for fraud.
Al-Maghlouth said that some women decide to conceal financial information from their husbands in order to protect their savings and secure a good financial future. However, he advised women to invest in several fields and not just limit themselves to real estate.
“They can buy stocks and precious stones and jewels like gold and silver, and they can invest in investment funds through banks and bank-managed investment portfolios which are considered a safe way to keep the money,” the expert added.
But female investors face several obstacles in the Kingdom, according to economist Fadel Al-Bouainan, most of them pertaining to fraud and deception. “There are many fake real-estate companies that could exploit people’s naivete, and not only women’s, to make money,” he said explaining that female investment is limited to some fields, and the stock market is a high-risk sector that requires good skills.
Al-Bouainan warned of the dangers of following relatives and friends when investing. “Investment should be based on knowledge, advice and an analytical reading of the economic situation,” he added, advising women not to invest in the stock market because it’s one of the riskiest fields.
He warned women against investing in the real-estate market, unless it’s to buy a personal home and advised them to work in e-marketing which could yield 100 percent revenue and has low risks.