Call to increase funds for women’s projects

Call to increase funds for women’s projects
Updated 13 April 2015

Call to increase funds for women’s projects

Call to increase funds for women’s projects

Businesswomen stressed the need to increase financing for women’s projects noting that increasing the funding limit last year has significantly increased investments.
These funds can introduce women to new job opportunities that weren’t available before, which will eventually have a positive influence on the general economy and women’s participation in the industrial and commercial sectors.
Now women represent SR3 billion of the commercial sector. Women’s companies comprise 4.3 percent of the total number of companies with an expected development rate of 5 percent.
Businesswoman and head of women’s workshops committee in The Eastern Province Committee Shua Al-Dahailan said women represent 20 percent of the national labor force. She added that there are multiple factors contributing to the increase of women’s economic activity and the direction towards supporting women’s projects.
“The participation of small and medium enterprises in the Kingdom’s general economy reached its highest levels during the past two years,” she said, explaining that this high percentage was a direct result of supporting women’s investments and encouraging women to enter new sectors.
Al-Dahailan said loans can help women project owners limit difficulties and achieve maximum benefits from the new possibilities to reach a large number of consumers. She said the funds would enable, encourage and rehabilitate women’s participation in industrial and commercial investment, especially as industrial zones are ready to receive hundreds of women’s projects.
She clarified that financing small and medium enterprises is a social idea while raising the limit of financing and finding ways to develop projects is a new strategic concept that signals a long-term vision and ability to determine the future shape of the economy and bring diversity to commercial activities.
In turn, businesswoman Fawzia Al-Mhazei, confirmed that increasing the financing rate will increase the rate of women’s participation in growing the gross domestic product. She said the latest official statistics revealed that women’s investments in the commercial sector alone amounted to SR3 billion.
“Women’s companies grew to reach 4.3 percent of the total number of private sector companies. Women’s number of businesses reached more than 36,000 in the Kingdom representing 4.7 percent of the total number of business institutions,” she explained adding that there are expectations of a growth of 5 percent in women’s investments in the coming years, especially after overcoming obstacles facing these investments and directing interested parties to agencies supporting women’s investments.
Al-Mhazei pointed out that raising the lending limit has a positive influence on the modern facilities that the Saudi market has witnessed in terms of increasing investment, and providing a suitable environment for investment, and increased trade and diversity of employment opportunities.