Gulf Businesswomen Demand Formation of Specialized Platform

5th Gulf Businesswomen Forum 2023 was hosted by the Jeddah Chamber of Commerce and Industry to discuss the empowerment and leadership of Gulf women in economic development and its sustainability (Asharq Al-Awsat)
5th Gulf Businesswomen Forum 2023 was hosted by the Jeddah Chamber of Commerce and Industry to discuss the empowerment and leadership of Gulf women in economic development and its sustainability (Asharq Al-Awsat)
TT

Gulf Businesswomen Demand Formation of Specialized Platform

5th Gulf Businesswomen Forum 2023 was hosted by the Jeddah Chamber of Commerce and Industry to discuss the empowerment and leadership of Gulf women in economic development and its sustainability (Asharq Al-Awsat)
5th Gulf Businesswomen Forum 2023 was hosted by the Jeddah Chamber of Commerce and Industry to discuss the empowerment and leadership of Gulf women in economic development and its sustainability (Asharq Al-Awsat)

Gulf businesswomen participating at the 5th Gulf Businesswomen Forum 2023 called for creating a platform that brings them together to share aspirations, plans, and investment opportunities.

They said it would support their businesses and encourage them to move assets and enter the industry.

More than 1,000 prominent figures from Gulf and Arab countries participated in the 5th Gulf Businesswomen Forum 2023 and the accompanying exhibition held under the theme “Gulf Woman: Between Empowerment and Leadership.”

The two-day forum was hosted by the Jeddah Chamber of Commerce and Industry to discuss the empowerment and leadership of Gulf women in economic development and its sustainability.

Amani Bukhamseen, Secretary-General in charge of the Federation of Gulf Chambers, told Asharq Al-Awsat the Forum will work to create a platform for Gulf businesswomen to launch joint initiatives between the Arab Gulf countries, including a database for all businesswomen.

Another edition of the Forum will be held in 2024 in the Sultanate of Oman, revealed Bukhamseen.

According to Bukhamseen, Gulf women own assets estimated at $340 billion, which have not yet been operated or invested.

“These forums encourage women to enter the field of trade and get involved in developing the Gulf economy,” said Bukhamseen, noting that Gulf businesswomen had access to facilities offered by their governments.

Fatima Al Awadhi, executive member of the Board of Directors of the Emirates Businesswomen Council, also reaffirmed the need to create a platform for bringing Gulf businesswomen together.

Al Awadhi’s affirmation came during the Forum’s first session, which focused on the role of Gulf female entrepreneurs in planning and developing a sustainable economy.

One of the Forum’s outcomes is that a platform that includes Gulf businesswomen from the six Gulf Cooperation Council member states would be established, she told Asharq Al-Awsat.

“We will create the basic system, encourage Gulf women and facilitate their tasks to enter the world of finance and business, as well as the world of digital transformation, which has become the commercial and economic future,” added Al-Awadhi.

Furthermore, Al-Awadhi explained that many indicators confirm that the role of Gulf businesswomen has become an element of strength and support for Gulf economies.

She noted that the value of the assets of small and medium-sized companies managed by businesswomen in the GCC countries was estimated at about $385 billion in 2016.

The market size of high-net-worth women in the GCC countries is estimated at $224 billion, or 20.2% of the total personal wealth in the region, added Al-Awadhi.



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)
TT

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.