WTO Launches $50Mln Fund for Female Entrepreneurs in Developing World

Director-General of the World Trade Organization Ngozi Okonjo-Iweala launched on Sunday a $50 million fund to help female entrepreneurs in developing countries. (UNCTAD website)
Director-General of the World Trade Organization Ngozi Okonjo-Iweala launched on Sunday a $50 million fund to help female entrepreneurs in developing countries. (UNCTAD website)
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WTO Launches $50Mln Fund for Female Entrepreneurs in Developing World

Director-General of the World Trade Organization Ngozi Okonjo-Iweala launched on Sunday a $50 million fund to help female entrepreneurs in developing countries. (UNCTAD website)
Director-General of the World Trade Organization Ngozi Okonjo-Iweala launched on Sunday a $50 million fund to help female entrepreneurs in developing countries. (UNCTAD website)

Director-General of the World Trade Organization Ngozi Okonjo-Iweala launched on Sunday a $50 million fund to help female entrepreneurs in developing countries to export more using the opportunities offered by the digital economy.

The announcement came ahead of the 13th ministerial conference of the WTO which opens on February 29 in the United Arab Emirates.

Okonjo-Iweala said the “ground-breaking initiative... embodies our collective commitment to empower women.

“We need catalytic solutions to solve the financing issue that women face,” she added.

The fund will help businesses run by women in developing countries to adopt digital technologies and increase their online presence.

Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, said his country would contribute $5 million to the fund, adding: “This initiative allows us to celebrate the invaluable contribution of women entrepreneurs and women-led businesses around the world and to recognize the critical role they play in driving economic growth.”

“While women are one half the world’s population, they only contribute 37 percent to the global GDP,” he said.

Also at the announcement was Saudi Arabian Minister of Commerce Majid al-Kasabi, who called it a “milestone” and said his country was “dedicated” to supporting female empowerment.

Okonjo-Iweala said that in meeting female entrepreneurs, “a common refrain among them is the need for adequate financing to scale their businesses and to tap into the vast opportunities of global trade.”



Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)

Business activity in Saudi Arabia's non-oil sector accelerated to a four-month high in September, driven by strong demand, which led to faster growth in new orders. The Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI), adjusted for seasonal factors, rose to 56.3 points from 54.8 in August, marking the highest reading since May and further distancing itself from the 50.0 level that indicates growth.

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders, alongside challenges in supply. The improvement in business conditions contributed to a significant rise in employment opportunities, although difficulties in finding skilled workers led to a shortage in production capacity.

At the same time, concerns over increasing competition caused a decline in future output expectations. According to the PMI statement, inventories of production inputs remained in good condition, which encouraged some companies to reduce their purchasing efforts.

Growth was strong overall and widespread across all non-oil sectors under study. Dr. Naif Al-Ghaith, Senior Economist at Riyad Bank, said that the rise in Saudi Arabia's PMI points to a notable acceleration in the growth of the non-oil private sector, primarily driven by increased production and new orders, reflecting the sector’s expansionary activity.

Al-Ghaith added that companies responded to the rise in domestic demand, which plays a crucial role in reducing the Kingdom's reliance on oil revenues. The upward trend also indicates improved business confidence, pointing to a healthy environment for increased investment, job creation, and overall economic stability.

He emphasized that this growth in the non-oil sector is particularly important given the current context of reduced oil production and falling global oil prices. With oil revenues under pressure, the strong performance of the non-oil private sector acts as a buffer, helping mitigate the potential impact on the country's economic conditions.

Al-Ghaith continued, noting that diversifying income sources is essential to maintaining growth amid the volatility of oil markets. He explained that increased production levels not only enhance the competitiveness of Saudi companies but also encourage developments aimed at expanding the private sector's participation in the economy.

This shift, he said, provides a more stable foundation for long-term growth, making the economy less susceptible to oil price fluctuations.