In recent years, Saudi Arabia has emerged as a thriving hub for entrepreneurship and innovation in the Middle East and North Africa (MENA) region. What remains less recognized, however, is the pivotal role played by female entrepreneurs in steering this transformative tide in the Kingdom’s economy.
With a demographic landscape where two-thirds of its population is under 35 years old, Saudi Arabia is well-positioned to leverage its Vision 2030 program, aimed at diversifying the economy beyond oil dependency. A robust support system from the public sector, offering investment initiatives and skill development programs, has fostered a conducive business environment. This support has propelled Saudi-based companies to stand out regionally, making substantial strides in various sectors.
At present, the Kingdom boasts over a million Small- and Medium-sized Enterprises (SMEs) across diverse industries. These enterprises are not only crucial in driving the nation’s diversification goals but are also elevating Saudi Arabia’s stature as a significant contender on the global startup landscape. Notably, female entrepreneurs constitute nearly half of the Kingdom’s SME owners. They are not only contributing to the exponential growth of the private sector but are also spearheading the development of burgeoning sectors such as e-commerce, retail, food & beverage, and fintech.
Reforms in the business environment coupled with changing attitudes toward entrepreneurship have been instrumental in this paradigm shift. A report by the Global Entrepreneurship Monitor (GEM) highlighted that an overwhelming 95% of Saudi women regard entrepreneurship as a promising career choice, with 93% recognizing opportunities for new businesses, and 90% finding it easy to start one.
One such luminary in the realm of female entrepreneurship is Mounira Jamjoom. Co-founder of Aanaab, an online professional development platform for educators across MENA, Jamjoom’s company has significantly impacted the education sector. Aanaab’s innovative approach, bridging education and technology, aims to swiftly and effectively upskill teachers with globally recognized qualifications. The edtech sector in Saudi Arabia is gaining momentum, reflecting the sector’s transformative potential in an era of rapid technological evolution.
Another exemplary venture is Gathern, a peer-to-peer vacation rental marketplace founded by Latifah Altamimi in 2017. The company’s rapid expansion to over 50,000 properties in 200 cities across Saudi Arabia underscores the burgeoning opportunities in the peer-to-peer accommodation sector. With the Kingdom’s commitment to fostering tourism as part of Vision 2030, Gathern’s growth trajectory mirrors the evolving landscape of travel and accommodation.
Supporting the meteoric rise of female-led initiatives are entities like Monsha’at, Saudi Arabia’s Small and Medium Enterprises General Authority. Collaborating across the startup and SME ecosystem, Monsha’at endeavors to stimulate investments and provide an array of services, including incubators, accelerators, consultation, and networking platforms, thus enhancing the entrepreneurial ecosystem.
Biban, an annual forum organized by Monsha’at, plays a pivotal role in nurturing Saudi Arabia’s startup environment. This esteemed gathering serves as a global platform for startups, SMEs, and entrepreneurs to network, share ideas, seek funding, and participate in groundbreaking pitch competitions. This year, Biban is set to host the final round of the Entrepreneurship World Cup, amplifying opportunities for budding entrepreneurs and further promoting female entrepreneurship through exhibitions and awards.
As Saudi Arabia’s entrepreneurial landscape evolves, female entrepreneurs will continue to be the driving force behind the Kingdom’s burgeoning startup ecosystem. Their unwavering ambition, resilience, and innovation have propelled them into leadership roles within the country’s thriving private sector. With ongoing support from the public sector, the economic opportunities for female entrepreneurs are poised to expand exponentially, fostering a landscape where their contributions become increasingly pivotal to the Kingdom’s economic transformation.
