Women’s empowerment in the Saudi workplace
This week, I will concentrate on women’s empowerment and how the role and capacity of women could shape the Kingdom’s future.
Saudi women are an important part of the sustainable development of the Kingdom’s human capital, and their empowerment is vital in Saudi Arabia’s National Transformation Program (NTP) 2020. Saudi women have recently been appointed to leadership positions, especially in the financial sector. These include Lubna Al-Olayan, chairwoman of the merged Saudi British Bank with Alawwal Bank; Sarah Al-Suhaimi, chairwoman of Tadawul; and Rania Nashar, CEO of Samba Financial Group.
The number of women in the workplace has increased substantially in our country over the past four years. According to a report released by the Ministry of Labor and Social Development in 2017, the country’s private sector recorded a 130 percent increase in the number of Saudi women in the workplace. It was confirmed that 30 percent of the total Saudi workforce in the private sector is now female.
Increasing participation of Saudi women in the labor market will help in achieving one of the most important goals of the Kingdom’s Vision 2030, which is to increase Saudi women’s participation in the market to 30 percent, up from 22 percent in 2016. It will also help to reduce the unemployment rate among Saudi women, which has reached a record high of 33 percent. According to the government, this would contribute to an increase of 3 percent in the gross domestic product (GDP) from non-oil sectors
Despite these numbers, over half (52 percent) of Saudi women believe that the biggest myth hindering their career is that they don’t have the right skills for the job opportunities available. Saudi women are clearly highly educated and qualified to join the workplace. For those women who did not have the chance to continue their educations, there are initiatives allowing them to start a career using their skills.
Increasing participation of Saudi women in the labor market will help in achieving one of the most important goals of the Kingdom’s Vision 2030
Basil M.K. Al-Ghalayini
We at BMG are involved in discussions with a client who wants to set up a beauty academy giving young Saudi females the chance to become skilled beauticians. I believe these specialized training initiatives give the opportunity to thousands of young Saudi women who want to pursue a career in a skilled service and earn good income without necessarily having academic qualifications.
On a related topic, we should not ignore the positive impact of Saudi businesswomen in the Saudi economy. Recent statistics reveal that Saudi women own more than SR45 billion ($12 billion) in Saudi banks and SR130 billion in real estate investments. Furthermore, Saudi women are owners of around 25,000 small- and medium-scale establishments and companies.
As the country moves toward achieving Vision 2030, women should continue to seek higher education and learn new skills to keep up with business and industry. Women should be preparing themselves for top-level positions or starting their own businesses in the private sector as these opportunities become more readily available and have government endorsement.
• Basil M.K. Al-Ghalayini is the Chairman and CEO of BMG Financial Group.
