JEDDAH, 25 May 2003 — The Saudi Arabian General Investment Authority has set up a one-stop service center for women in its bid to attract investments worth an estimated SR62 billion ($16.5 billion) from Saudi businesswomen.
“The new service center will activate participation of Saudi female investors in the economy,” a SAGIA statement said.
The center would be run by a group of women experts, and will provide full-fledged services to both Saudi and foreign businesswomen intending to invest in the Kingdom, ensuring their privacy.
“It will help women to carry out their businesses without any middlemen and help them receive all the required services at one place,” the statement added.
The authority intends to strengthen women’s role in the economy by encouraging them to invest their untapped funds in viable investment projects.
Afaf Al-Hamdan, director of the new Riyadh-based center, told Al-Watan daily that a number of Saudi businesswomen have already applied for investment licenses.
“Women lagged behind in investment because of the lack of proper investment channels,” she said, adding that many were unaware of good investment opportunities.
The need for a legal male agent to conduct business was one of the major obstacles facing women’s investment in the Kingdom, Al-Hamdan said. The difficulty in obtaining bank loans along with a lack of administrative expertise and trained female staff, were other obstacles, she said, and the new service center would strengthen the economy by creating a suitable atmosphere for women’s investments in the country.
