JEDDAH, 21 January 2007 — A group of American businesswomen under the sponsorship of the Global Women’s Foundation (GWF) yesterday discussed investment opportunities and joint business ventures in the Kingdom with their Saudi counterparts in a meeting held at the Jeddah Chamber of Commerce and Industry (JCCI).
“Saudi Arabia is experiencing a boom in investments in all fields, this is a great time for foreign investments,” urged Saleh Al-Turki, chairman of JCCI. However, he cautioned that there is the problem of lack of capacity and resources to meet and sustain this boom.
The American businesswomen sought opportunities in the financial, industry and tourism sectors.
JCCI board member Ulfat Kabbani, in charge of the chamber’s Corporate Social Responsibility (CSR) projects, briefed the delegation on its activities. Madawi Al-Hassoun, also a board member, gave a presentation on the road that led the four businesswomen — Al-Hassoun, Kabbani, Lama Al-Sulaiman and Nashwa Taher — to gain their seats on the JCCI board of directors. “Now we are a dynamic force within the chamber and the society,” said Al-Hassoun.
Vernelle Rose Dennis, managing director of The Global Women’s Foundation and a founder of the Saint Dennis Group that specializes in emerging market development, mineral resources, technology transfer, and training and education exchange, suggested that the JCCI and GWF pen together a letter to American corporations working in Saudi Arabia urging them to participate in the chamber’s CSR area.
Elizabeth Lee Hennessee, managing director of the Hennessee Group financial consulting company, and Dorothy Hungerford-Baggett of the Hungerford Terry (H&T) Company that specializes in water treatment equipment, spoke about how they were initially denied work in their families’ business but eventually succeeded either on their own or by forcing themselves in. This trip is the first for a women from H&T to represent it.
Both see this trip as an opportunity for establishing contacts and considering investment and business options.
Lisa Verdon of the Joint Middle East Trade Center in Philadelphia is working on having an Arab representation in Philadelphia to be among the other 32 embassies in that city.
Gulnihal Ozbay, research assistant professor at the Department of Agriculture and Natural Resources in Delaware State University, wanted to develop relationships between hers and research institutions in the kingdom.
Dr. Rosetta Garries, a plastic surgeon and founder of the Le Pavillon Garries for cosmetic skin surgery, claimed she has innovated some non-invasive techniques for face rejuvenation and is looking forward for joint ventures in beauty and health.