By Saudi Arabia’s Vision 2030, announced by Crown Prince Mohammed bin Salman in 2016, is one of the most ambitious economic and social reforms in the Kingdom’s history. With a primary focus on reducing the country’s dependence on oil, diversifying the economy, and fostering a more inclusive society, Vision 2030 has brought about significant changes in various sectors—none more so than in empowering women to become active participants in the Kingdom’s economic future.
One of the key elements of Vision 2030 is the advancement of women’s rights, and the Kingdom has made notable strides in breaking down gender barriers, particularly in entrepreneurship. As part of the plan, Saudi Arabia has taken steps to increase women’s representation in the workforce, promote female entrepreneurship, and create a more supportive environment for women-led businesses. These reforms have opened up new avenues for women to thrive in industries once dominated by men, especially in sectors like finance, technology, healthcare, retail, and education.
This article delves into how Vision 2030 is transforming the landscape for women entrepreneurs in Saudi Arabia, highlighting the changes in policies, the creation of business networks, and the increasing access to funding and leadership opportunities. Through the voices of women entrepreneurs who have benefited from these reforms, we will explore how Saudi women are seizing these new opportunities to establish and expand their businesses, making an indelible impact on the Kingdom’s economy and society.
A Vision for Gender Equality and Economic Inclusion
The first critical step in empowering women entrepreneurs in Saudi Arabia was the creation of policies that directly support women in the workforce. Before the Vision 2030 reforms, the Saudi labor market was largely inaccessible to women, with cultural and legal barriers making it difficult for women to participate in entrepreneurship. Women were often relegated to specific sectors, such as education or healthcare, with limited opportunities to venture into more diverse business fields.
Under Vision 2030, the Saudi government set ambitious targets for increasing women’s participation in the economy. One of the most significant policy changes was the lifting of the ban on women driving, which allowed women greater freedom of movement and independence—key factors in enabling women to become entrepreneurs. Additionally, Vision 2030 targeted a goal of increasing female workforce participation from 22% to 30% by 2030. These measures aimed at creating an inclusive workforce where women could contribute to the Kingdom’s economic development in substantial ways.
Furthermore, the Saudi government has implemented a variety of reforms to increase women’s access to legal and financial resources. For instance, women can now apply for business licenses independently, without needing the approval of a male guardian. This was a landmark move in ensuring that women had the legal autonomy to pursue entrepreneurial ventures without needing external approval or assistance.
Access to Funding: Breaking Financial Barriers
Access to capital has long been one of the most significant barriers to entrepreneurship in Saudi Arabia. Historically, women faced significant difficulties securing loans or venture capital due to traditional societal views on gender roles and financial independence. However, Vision 2030 has been instrumental in shifting these dynamics by fostering an environment that supports women-led startups and businesses.
The government has introduced a number of initiatives to provide financial support for female entrepreneurs. One of the most important of these is the Saudi Industrial Development Fund (SIDF), which has specifically focused on providing women with access to funding for their businesses. Additionally, the Monsha’at (the Saudi Authority for Small and Medium Enterprises), which was created as part of Vision 2030, has launched programs to provide financial aid, advisory services, and training to women entrepreneurs. These initiatives have been vital in empowering women to build, sustain, and expand their businesses in an increasingly competitive market.
Moreover, venture capital firms and angel investors in Saudi Arabia are now more willing to invest in female-led businesses, particularly in industries like technology, education, and health. The success stories of women entrepreneurs who have received investment, such as Rania Nashar, the first female CEO of a Saudi bank, and Sara Al-Suhaimi, the first woman to chair the Saudi Stock Exchange, have helped break down traditional perceptions and opened up funding opportunities for other female entrepreneurs.
Building Business Networks: A New Era of Collaboration
Another important factor in empowering women entrepreneurs in Saudi Arabia is the creation of networking platforms and business ecosystems that support collaboration and mentorship. In a male-dominated business culture, women often face challenges in accessing the same networking opportunities available to their male counterparts. However, Vision 2030 has spurred the development of several initiatives aimed at closing this gap.
One such initiative is the Women’s Business Center, which offers a platform for women entrepreneurs to connect with industry leaders, share insights, and collaborate on business ventures. This center hosts events, workshops, and training sessions to help women build the skills and knowledge they need to succeed in business.
Another key development is the rise of female-focused entrepreneurship networks such as Qotuf, an initiative that supports female entrepreneurs by providing access to funding, mentorship, and resources. These platforms have allowed women to connect with other entrepreneurs, share experiences, and collaborate on ventures that help drive the Kingdom’s economic growth.
Women-led incubators and accelerators are also emerging in Saudi Arabia, providing not only financial support but also strategic guidance for women starting and growing their businesses. The Women’s Entrepreneurial Network (WEN) and Nadwa are two examples of organizations dedicated to fostering collaboration and creating supportive environments where women can grow their entrepreneurial ventures.
Leadership Opportunities: Shaping the Future of Business
The reforms under Vision 2030 are also opening up new leadership opportunities for women. With a goal of increasing female participation in top executive roles, the Kingdom is seeing more women in leadership positions than ever before. Women are now taking charge of major corporations, banks, and government entities, demonstrating their capability as strategic decision-makers.
Several women entrepreneurs have become role models for aspiring business owners. One such example is Lubna Olayan, a renowned businesswoman who served as the CEO of Olayan Financing Company, one of the largest conglomerates in the Kingdom. Olayan’s leadership paved the way for other women to follow in her footsteps. Similarly, Fatimah Baeshen, the co-founder of Dare Ventures, a startup incubator, has used her platform to mentor and guide aspiring entrepreneurs in the region.
In addition to corporate leadership, women in Saudi Arabia are increasingly stepping into political and social leadership roles. These women are shaping policies that benefit not only their businesses but also the broader entrepreneurial landscape in the Kingdom. By assuming leadership positions across sectors, women are demonstrating that they can thrive in leadership roles traditionally dominated by men.
Women Entrepreneurs Who Are Leading the Charge
Numerous women entrepreneurs have emerged as a direct result of the reforms introduced by Vision 2030. These women are not just succeeding in business—they are leading industries and inspiring future generations to pursue entrepreneurship.
For example, Rasha Al-Turki, the founder of Tasnee, one of the first female-led construction companies in Saudi Arabia, has broken barriers in a traditionally male-dominated industry. Al-Turki’s company is involved in large-scale infrastructure projects, and she has proven that women can lead large enterprises in sectors such as construction and engineering.
Similarly, Suhaila Al-Khayat, the founder of Rawan Boutique, has turned her passion for fashion into a successful retail business. She has used her platform to promote Saudi-made fashion and empower women in the Kingdom through entrepreneurship.
Another notable example is Nora Al-Dosari, who founded Smart Touch—a technology solutions company that has become a key player in the Kingdom’s IT sector. Al-Dosari’s ability to scale her business and secure major contracts is a testament to the growing confidence in women-led tech startups in Saudi Arabia.
The Path Ahead: Challenges and Opportunities
While Vision 2030 has created unprecedented opportunities for women entrepreneurs in Saudi Arabia, challenges remain. Despite the positive strides made in legal and financial reforms, women entrepreneurs still face challenges in terms of access to networks, gender biases, and societal expectations.
However, as more women continue to rise to leadership positions, these challenges will become easier to overcome. The continued support from the government and private sector will be crucial in ensuring that women entrepreneurs are not only supported in their early stages but also empowered to scale their businesses and become global players in the marketplace.
As Vision 2030 continues to unfold, the future of women entrepreneurs in Saudi Arabia looks bright. With more access to funding, mentorship, leadership opportunities, and business networks, Saudi women are poised to redefine the Kingdom’s economic future. Through resilience, innovation, and collaboration, Saudi women entrepreneurs are shaping an exciting new chapter in the history of the Middle East.
Vision 2030 has proven to be a game chenger for women entrepreneurs in Saudi Arabia. With the support of government reforms, financial initiatives, and expanding networks, Saudi women are now equipped with the tools they need to succeed in the competitive world of business. As more women continue to lead innovative ventures and break new ground in industries traditionally dominated by men, the Kingdom is on its way to becoming a global hub for female entrepreneurship. The impact of Vision 2030 on women in business will undoubtedly resonate far beyond the Kingdom, inspiring women across the globe to pursue their entrepreneurial dreams.
