Saudi Arabia is set to become the first market in the Middle East to host a unicorn company led by a woman, reflecting the growing number of female entrepreneurs driving economic transformation in line with Vision 2030.
A unicorn refers to a startup valued at over $1 billion without being publicly traded. The term symbolizes the rarity and exceptional nature of such companies, which serve as key drivers of innovation and economic growth across industries.
Speaking on the sidelines of the Global Labor Market Conference in Riyadh, Silvina Moschini, founder of Unicoin, told Asharq Al-Awsat that Saudi Arabia has many opportunities, with its startup ecosystem growing tenfold. She attributed this rapid expansion to Crown Prince Mohammed bin Salman’s vision of transforming the Kingdom into a global hub for innovation and digital transformation, alongside the country’s strong educational system.
Moschini emphasized that unicorn companies possess technologies capable of disrupting business models to serve large and fast-growing markets. These ventures are typically led by visionary founders with strong leadership skills who can attract top talent and inspire them to execute bold ideas.
She highlighted the main challenge as integration into the global market. While the region’s startup ecosystem is expanding, the companies leveraging technology have the best chance of scaling internationally. She added that Saudi Arabia and the Gulf region offer a sizable market, though further expansion is needed. However, the current conditions indicate that Saudi startups are well-positioned to become global unicorns in the near future.
Moschini noted that women face multiple challenges in entrepreneurship. The first is overcoming traditional cultural barriers, which have historically limited women’s roles in business. However, opening doors for women creates vast opportunities for skill development and the establishment of billion-dollar enterprises. She stressed that often, women impose restrictions on themselves, limiting their own potential.
The second major challenge is securing capital and convincing investors that women can build high-growth companies. Despite this hurdle, she pointed out notable changes, particularly in Saudi Arabia, where women account for 57% of advanced academic degrees, reflecting a high level of education.
According to Moschini, statistics show women-led companies achieve 20% higher profitability than those led by men. She emphasized the importance of confidence and perseverance in bringing ideas to life. She also encouraged female entrepreneurs to collaborate and build strong networks, working alongside both men and women to support the growth of the startup ecosystem.
