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Saudi Database to Boost Women Participation in Economic Sectors

The Saudi government issued several decisions and legislation to enable women to participate in all economic sectors (Asharq Al-Awsat)
The Saudi government issued several decisions and legislation to enable women to participate in all economic sectors (Asharq Al-Awsat)
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Saudi Database to Boost Women Participation in Economic Sectors

The Saudi government issued several decisions and legislation to enable women to participate in all economic sectors (Asharq Al-Awsat)
The Saudi government issued several decisions and legislation to enable women to participate in all economic sectors (Asharq Al-Awsat)

Asharq Al-Awsat learned that the Council of Saudi Chambers intends to involve businesswomen in various economic sectors, issues, training and qualification programs, initiatives, and investment opportunities.

It will do so by building a database for directing invitations to enable women to enter appropriate projects.

At the Council of Saudi Chambers, a Women Empowerment Coordination Council (WECC) was established in accordance with a Cabinet decision.

The decision stipulated the formation of a women’s committee with experience and competence to coordinate with the relevant authorities to encourage private sector establishments to find activities and fields of work for Saudi women.

Furthermore, the WECC issued a circular asking all Saudi chambers to collect the required data to be able to send invitations to the programs and initiatives offered.

The WECC aims to increase the participation of Saudi women in the national labor market as it seeks to ensure the localization of the female labor force, the provision of new opportunities, and the development of capabilities.

Overall, the council looks to activate the role of Saudi Women in the field of economic development. It also wants to remove obstacles inhibiting their participation in various fields of work.

Saudi Arabia, according to its national strategic objectives, is pursuing the empowerment of Saudi women, as the number of establishments owned by women reached more than 174,000 in 2021.

Among the efforts spent by the Council Saudi Chambers in terms of women empowerment is Saudi women being given representation on the boards of directors of chambers. They have also been given a chance to chair several national committees and business councils and attained membership in those committees and commissions.

The empowerment of Saudi Arabian women is at the heart of the Kingdom's 'Vision 2030' reform program with the stated aim of increasing women participation in the job market from 22 % to 30 %.

The Ministry of Human Resources and Social Development worked to empower women, raising their participation in the labor market by the end of the third quarter of 2022 to 37%, exceeding the country's vision goals of 30%.

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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.