JEDDAH, 20 December 2003 — Saudi women are pushing for permission to operate their own businesses without a male agent. They worry the agents find it easy to cheat them and harm their ventures.
Hussa Al-Aun, chairwoman of Al-Bidaya Company for Trade and Industry and member of the businesswomen’s committee at the Jeddah Chamber of Commerce and Industry, said the commerce and industry minister responded positively to an application from the committee to consider the matter.
“We have received a good response from the minister,” Al-Watan Arabic daily quoted Al-Aun as saying.
“An office for businesswomen will be opened at the ministry’s Jeddah branch shortly,” she said.
The office containing representatives of all government departments will facilitate women’s business activities without the need for a male agent.
Many businesswomen have become victims of embezzlement committed by their male agents.
“I signed a contract with him and gave him a good salary. In the first year, he did a good job. In the second year, the company experienced huge losses. We found that he had stolen SR1 million. I fired him, and after he left, I learned that the company was deep in debt. In fact, after paying the debts, my total loss was just over SR3 million,” one woman said.
“It is very strange to have to hire someone to look after a woman’s business. Women are independent in Islam. They are financially independent and they can conduct business on their own,” Layla Ali said.
“As a Saudi businesswoman, I find it very upsetting to leave my money and business in the hands of a stranger,” she added.
Leena Fadhl said once the ministry approves commercial registration by women without an authorized agent it would encourage women to invest the huge funds which now lie dormant in their bank accounts.
Untapped bank deposits of Saudi women are estimated at SR62 billion ($16.5 billion).
The Saudi Arabian General Investment Authority has opened a special center to encourage investment from Saudi women.
In 2001, Al-Rajhi Banking and Investment Corporation launched the Kingdom’s first investment fund for women, targeting some 215,000 businesswomen in the country. All Saudi commercial banks have increased their services for women whose interest in business and investment has increased considerably in recent years.
