LONDON, 19 March 2007 — Saudi businesswomen are on the march. Emboldened by the policies of a reforming monarch, Custodian of the Two Holy Mosques King Abdullah, they are keen to play their role in contributing to the Kingdom’s GDP and economic development.
Empowerment and gender equality may be largely aspirational at this stage, but as the first-ever supplement of the Top 20 Saudi Companies run or owned by local businesswomen in today’s Arab News shows, they are well on their way. This contribution speaks for itself. The Top 20 Companies listed in this supplement, for instance, employ more than 4,200 people, presumably women. In this respect they are creating real jobs for Saudi women, whose adult unemployment rate ranges from the official 30 to 40 percent to the unofficial 80 percent.
The top Saudi company owned and run by women, Al Sale Eastern Company, based in Alkhobar in the Eastern Province, had revenues of SR300 million with assets of SR100 million. Sheikha Nadia Al-Dossary, the CEO and partner of Al Sale Eastern Company, is thus Saudi Arabia’s top businesswoman. The economic power of women in the Kingdom cannot be understated. Women own 10 percent of real estate, especially in major cities such as Jeddah and Riyadh, and 30 percent of brokerage accounts in the Kingdom. They own some 40 percent of family-run companies, very often as silent partners. Saudi women as a whole have estimated cash funds of SR45 billion, of which 75 percent is sitting idle in bank deposits.
According to a recent study by the Khadija bint Khuwailid Businesswomen’s Center at the Jeddah Chamber of Commerce and Industry (JCCI), investment by Saudi businesswomen has reached some SR8 billion, which is around 21 percent of total investment. Women “own” some 1,500 companies — about 4 percent of the total registered businesses in the Kingdom. There are 5,500 commercial registrations of women’s projects, representing 20 percent of businesses in the retail, contracting, wholesale and transferable industries sectors. The scope of this supplement is a wide one. It should not merely serve as a list of the top 20 Saudi companies owned and run by women. It should also discuss frankly the issues relevant to the empowerment of Saudi women in business, industry and the wider economy. If the Saudi authorities need convincing that the country needs a dedicated minister for women’s affairs, they need to look no further than the considerable achievements of many Saudi women in business and industry as highlighted in this supplement’s various articles.
Lubna Olayan is suggested by many as the ideal candidate for the first minister of women’s affairs. She has the personality and the drive to make an excellent minister whose prime objective would be to promote female empowerment in all walks of life and to influence and advise the Cabinet accordingly.
The asset distribution spectrum of the companies ranges from the top SR100 million to SR84.925 million for Ghassan Al Nemer Factory for Gold and Jewelry, SR15 million for My Little House and the House of Knowledge Schools Group and SR10 million each for Luthan Company and Al-Bashaer School. The revenue streams are more impressive. Al Sale’s SR300 million is first, followed by Ghassan for Gold and Jewelry’s SR67.05 million.
The profitability of the listed companies is mixed, with nine failing to disclose figures. Ghassan for Gold and Jewelry reported the highest profit in 2006 — SR6.74 million — followed by Fawziah A. Abdulaziz Al-Tubayyab Trading Establishment with SR3 million.
