JEDDAH, 4 June 2003 — Saudi women, who hold nearly 70 percent of bank accounts in the Kingdom with deposits worth SR62 billion, intend to expand their business activities to play a greater role in the country’s economic development.
According to a report carried by Al-Madinah newspaper, some 30 businesswomen will present their problems to the Shoura Council by the middle of this month and seek solutions to facilitate their investment activities.
Quoting a university study, the Arabic daily said Saudi women held 20 percent of corporate shares and owned 15 percent of private companies and 10 percent of the real estate sector. The study also pointed out that women have a 34 percent stake in private businesses in Riyadh, 25.6 percent in Jeddah and 5.58 percent in Makkah. There are an estimated 5,000 businesswomen in Riyadh and 4,000 in Jeddah.
The 120-member consultative body has already invited the businesswomen for a meeting to discuss their problems and ideas. Saudi women intend to invest in projects that would mainly be run by women.
Saudi businesswomen run food import firms, contracting companies, electrical and electronic equipment shops, wedding halls, restaurants, flower shops and many other businesses.
But existing regulations do not give them a free hand in managing their businesses and put a number of obstacles in their way.
The need for a legal male agent to conduct business was one of the major obstacles facing women’s investment in the Kingdom, says Afaf Al-Hamdan, director of the service center for women established by the Saudi Arabian General Investment Authority.
“Women lagged behind in investment because of the lack of proper investment channels,” she said.
