Saudi Arabia’s entrepreneurial landscape has witnessed significant evolution recently, symbolized by a dramatic shift from oil-dependence to a thriving startup ecosystem. In an effort to stifle unemployment and rebrand the nation’s image, the Saudi government has initiated numerous programs to support startups.
This shift towards a more diversified economy has driven a surge in startup activity across various sectors, including technology, education, healthcare and entertainment. It has also brought an influx of job opportunities, further combating unemployment. Saudi Arabia’s new global image is now one of an entrepreneurial powerhouse, which balances its traditional oil-based economy with a highly active business ecosystem.
An interesting fact about this entrepreneurial boom is the significant role of women, driven largely by the Vision 2030 initiative. There’s been an immense increase in the number of female entrepreneurs, resulting in numerous groundbreaking innovations. This shift has altered Saudi society’s perspective on women’s roles, breathing a new life into the economic landscape. Women aren’t just participating but driving this transformation, reshaping the startup industry, and strengthening Saudi’s economy.
An example of this change is Maha Shirah, a pioneering female entrepreneur, who has confirmed the substantial economic impact of startups. Shirah founded the first women’s workspace in Saudi Arabia in 2014, overcoming restrictive legislation. Her act has since fostered a nurturing environment for women professionals and significantly grown the domestic startup community.
The Women’s Report for the Kingdom of Saudi Arabia 2021-2022 sheds light on the growing acceptance of entrepreneurship by Saudi women, with 95% viewing it as a viable career choice. Also, there has been a marked increase in resources and mentorship support for entrepreneurs, especially women, from the Saudi government which further promises a surge in women-owned businesses in the country.
However, the report acknowledges the presence of some challenges faced by Saudi women entrepreneurs, such as cultural barriers, societal attitudes, and funding accessibility. But with continued support from the government and shifting societal attitudes, these obstacles can gradually be overcome.
Another successful Saudi female entrepreneur, Marriam Mossalli, a women’s rights advocate and founder of C-Suite Advisory, highlights these challenges while also emphasizing the potential gains. Through her venture, she aspires to bring about a transformation in the perception of female professionals and reshape the investment landscape in favor of women.
Overall, Saudi Arabia is on the right track towards achieving its Vision 2030 objectives, promoting a more inclusive and diverse workforce, and furthering its economic diversification.
