Latest news with #MostPowerfulWomenInternationalSummit
Yahoo
23-05-2025
- Business
- Yahoo
Saudi Arabia has doubled the share of women in the workforce since 2015—but obstacles remain
Since Sundip Patel began expanding his business in Saudi Arabia three years ago, he says there's been 'astounding' growth in the kingdom structurally and socially. The co-founder and CEO of AVANA Companies, a direct private commercial lender, Patel works directly with women and minority entrepreneurs to build their companies. He says that things that would have been unthinkable in Saudi Arabia not long ago are now everyday occurrences, particularly as it relates to the treatment of women.'People are accepting that women can be breadwinners,' says Patel. 'Imagine that seven, eight years ago. That was not there, but it's there now.'What Patel, who has lived in the region at least part-time for the past 18 years, is experiencing is the changing landscape of Saudi Arabia following the creation of Vision 2030, a government program launched by de facto ruler Crown Prince Mohammed bin Salman in 2016 that seeks to diversify Saudi Arabia economically, socially, and culturally. As part of that mission, many of the barriers and mores that held women back from the workforce are no longer in place. Saudi women can now drive, travel freely without a guardian, converse with men they are not married to in public, and, yes, work. The change in the country in less than 10 years has been dramatic. Women now comprise around 36% of the workforce, according to the government, up from 17.4% in 2015 and well past Vision 2030's initial goal of 30%. The religious police—previously a threat to anyone not adhering to the kingdom's strict conservative laws and norms, especially single women operating in the public sphere—are far less visible, particularly in large cities like Jedda. Unrelated women and men can mingle in public—and in the workplace, eliminating one of the major obstacles to companies hiring women in the past. Saudi labor regulations explicitly prohibit wage discrimination based on gender, though the gender wage gap remains in practice, and can be as high as 49%, according to a study by the Saudi-based Alnahda Center for Research. And women do not need a male guardian's permission to handle administrative business like leasing an office also do not need a male guardian's permission to secure a business loan. That has helped women flourish in the entrepreneurship scene, where they now lead 45% of the Kingdom's small- and medium-sized enterprises, according to government figures. Female business leaders Lubna Olayan, of the Olayan Group conglomerate, who spoke this week at Fortune's Most Powerful Women International Summit in Riyadh, and Adwa Al Dakheel, of Falak Investment Hub, are well-regarded throughout the country. It helps that getting more women in the workforce is a priority of the Saudi government. There is a push for incubators and accelerators specifically for Saudi women, says Patel, and government support is strong. Monsha'at, the Saudi-equivalent of the U.S.'s Small Business Administration, hosts academies to train women entrepreneurs. Women have made particular in-roads in retail, hospitality, teaching, health care, the civil service, and tourism, according to government statistics. Finance has also become more welcoming to women, both in Saudi Arabia and in the Gulf states with which the kingdom shares many cultural ties. Both women from the Middle East and North African region who appear on Fortune's 2025 Most Powerful Women list are finance executives: Hana al Rostamani, Group CEO of First Abu Dhabi Bank; and Shaikha Al-Bahar, deputy group CEO of the National Bank of Kuwait. As one result of the country's earlier sex-segregation policies, women also have proliferated in the tech sector, says Rothna Begum, legal advocacy director at the New York-based Clooney Foundation for Justice's Waging Justice for Women initiative. Many were able to learn coding on their own because it would enable them to work without being in a mixed environment. It remains rare to find women at the top ranks of the corporate world or government in Saudi Arabia. Just a handful of women have reached senior level cabinet positions, including Al-Shihana bint Saleh al-Azzaz, an attorney who was recently appointed by MBS to chair the Saudi Authority for Intellectual Property. Still, it's hard to overstate how profoundly some women's lives have changed. 'I think the biggest structural difficulty is the amount of time it takes to change long-standing social norms and expectations,' says Tim Callen, a visiting fellow at the independent nonprofit Arab Gulf States Institute. 'But they are certainly changing. When I went to Riyadh in January, a female customs agent checked my passport both going in and leaving. That was unthinkable five years ago.' 'There's a ton of what you would consider liberalization of society,' says Begum, who now lives in the United Kingdom. 'It will be less segregated than it was even five to six years ago.' 'Saudi women came from not being involved in the economy to being fully involved, and they're making it happen,' says Patel. 'It's amazing.' While the Vision 2030 statistics paint an optimistic picture, Begum, who was previously a women's rights researcher for the Middle East and North Africa region of Human Rights Watch, says they belie an at times darker reality. Though the Crown Prince implemented the sweeping changes, he has also overseen one of the strictest crackdowns on criticism of the government in recent history. Imprisonment and harsh treatment of activists, including torture and death sentences for some advocates, have had a chilling effect on speech, says Begum, who adds that even online, 'the authorities do not tolerate dissent.' The share of women in the workforce, though it exploded in the first few years of the program, has stagnated more recently, hovering between 33% and 36% since 2020, according to the government's statistics. Begum believes that the flattening reflects women being scared to overstep. 'We're not going to see the types of women's rights reforms that we need to see,' says Begum. 'because no one can complain, no one can advocate for anything more.' And while Saudi Arabia may be unrecognizable from just a few years ago, deeply held societal norms seldom change overnight, or even over a decade. Begum says there was hope when the Crown Prince first announced Vision 2030 that it would lead to the dismantling of the country's male guardianship system. Instead, the Personal Status Law, codified in 2022, reinforced it. Under that law, Saudi women must obtain a male guardian's permission to marry, cannot divorce without petitioning a court on limited grounds, must still 'obey' their husbands, and cannot abstain from sex without a husband's these norms put a ceiling on women's economic freedom, advocates argue. 'While some women are managing to get into workplaces and sectors of the labor market that we want, it really is up to the family and the man in charge,' Begum says. 'If you are from a progressive, modern family, you might be okay, as long as you stay quiet.' The country also boasts a significant migrant worker population, and women domestic workers, many of whom are migrants, 'endure gruelling, abusive and discriminatory working conditions,' Amnesty International said in a new report. Although Vision 2030 introduced some reforms to Saudi Arabia's labor law, domestic workers are excluded. Change takes time, says Sundip Patel of AVANA. While there are more Saudi women in the workforce, there is also a lack of mentorship and networking infrastructure for them, meaning many aren't able to level up their careers, at least not yet. Women in the C-Suite, or even the level below, remain rare, he notes. A lot can change in a decade, but even more can stay the same. 'The capability of women being sort of fully ingrained in the economy has just been very recent, 10 years,' he says. 'Experience is the best teacher. So you need time to groom and cultivate this knowledge.' This story was originally featured on
Biz Bahrain
22-05-2025
- Business
- Biz Bahrain
Bahraini Delegation Participates in the Fortune Most Powerful Women Summit in Riyadh
An all-female delegation from the Kingdom of Bahrain, headed by H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of the Bahrain Economic Development Board, participated today in the Fortune's Most Powerful Women International Summit held in Riyadh, Saudi Arabia. Convening under the theme 'New Era for Business: Partnering for Global Prosperity,' this marks Fortune's first international summit in the Middle East. The two-day summit brought together influential female business leaders from across the region and beyond to explore key forces shaping the global business landscape and, specifically, how the public and private sectors can partner to supercharge innovation and growth. In addition to H.E. Noor bint Ali Alkhulaif, the delegation includes Rana Ebrahim Faqihi, Chief Executive Officer of the National Bureau of Revenue; Sara Ahmed Buhejji, Chief Executive Officer of the Bahrain Tourism and Exhibitions Authority; and Hala Ali Yateem, Chairperson of the Board of Directors of the National Bank of Bahrain. During the event, H.E. Noor bint Ali Alkhulaif participated in a fireside chat titled 'MPW Spotlight: Bahrain's Path to Economic Transformation,' highlighting the Kingdom's achievements in economic growth and diversification, with focus on innovation, sustainability, and investment attraction. The session also discussed how Bahrain is building a strong environment for businesses to thrive, as well as efforts around developing a future-ready workforce. Hala Ali Yateem also participated in the panel discussion titled 'Driving Growth and Innovation in a Changing World' sharing her perspectives on navigating the evolving financial services landscape and the importance of consistently adapting to a rapidly shifting global economy. The participation of the all-female Bahraini delegation in this invitation-only conference exemplifies Bahrain's dedication to empowering women as key drivers of economic progress and innovative change. Bahrain is a global leader in closing the gender skills gap, with the Kingdom's ranking among the top five globally for girls outperforming boys in learning outcomes, according to the World Economic Forum and World Bank.
Yahoo
21-05-2025
- Business
- Yahoo
Aarthi Ramamurthy unveils Schema Ventures' $20 million first fund
Today at Fortune's Most Powerful Women International Summit in Riyadh, Aarthi Ramamurthy sits down to—once again—have a good time. A former engineer at Meta, Netflix, and Microsoft, Ramamurthy has since 2020 hosted an online talk show—originally called The Good Time Show—with her husband Sriram Krishnan, former Andreessen Horowitz general partner and current White House senior AI policy advisor. Now, at MPW Riyadh, she's unveiling her own VC firm as a solo GP, called Schema Ventures, which launches with a $20 million first fund. 'If you ask a VC firm, any venture capitalist, they'll be like: 'Oh, too many funds, lots of VC firms out there, I don't think we need any more partners,'' said Ramamurthy. 'But if you ask founders, there's still such a big gap. I've been through this journey, being this outsider coming into Silicon Valley. And now I've been in SF for about half my life and I have all the access and connections—but it wasn't easy to get in and break into that circle and that ecosystem. Schema is basically that culmination.' Ramamurthy comes to her fund as both an outsider and an insider. 'I come from India, small town, recruited straight out of college, worked at big tech companies, worked at Microsoft, worked with Netflix, Facebook,' she said. 'But when I came to the U.S., I'd actually never traveled outside of India. So, I packed my suitcase and showed up. I didn't have any network, no connections, no access, and sort of figured it out as I went.' Schema's LPs include big Silicon Valley names like Marc Andreessen, Garry Tan, Elad Gil, Gokul Rajaram, Charlie Songhurst, Leo Polovets, and Lachy Groom. Y Combinator's fund-of-funds is also an LP. Schema will focus on early-stage investments and writing collaborative checks, with an eye on companies in developer tools and back-end infrastructure software. The firm has already made a number of investments, including solar panel-focused robotics company Cosmic Robotics, back-office healthcare operations startup Confido Health, and law firm workflow software startup Powerhouse. 'I look at Schema as: How do you move away from the hype cycle and just truly find contrarian founders?' said Ramamurthy. 'Not for the sake of being contrarian, but because they're actually doing something that's a personal problem for them. I think that's really unique for me, and that's what I like to do.' This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Leaders
20-05-2025
- Business
- Leaders
Tokyo Governor to Participate in Fortune Magazine's Summit in Riyadh
Tokyo Governor Yuriko Koike will participate in Fortune magazine's Most Powerful Women International Summit in Riyadh on May 20 and 21, according to Arab News. During the summit, Koike will speak at the closing main-stage session and also take part in a panel discussion titled 'Leadership: Women in Public Service.' Themed 'A New Era for Business: Partnering for Global Prosperity,' the conference marks the first international summit in the region for the female leadership franchise. Promisingly, the event will explore the key factors that shape the worldwide business landscape and tackle how the public and private sectors can collaborate to fuel innovation and growth. Furthermore, the participants will discuss economic shifts and their business impacts, the deployment of emerging technologies, along with the evolution of the businesses of sports, entertainment, and design. 'Fortune strives to be at the center of new frontiers of global business, and Saudi Arabia is one of those places,' said Anastasia Nyrkovskaya, CEO of Fortune. In the light of this, Koike will shed light on the central role of female leaders in the public sector. She will also reveal more about Tokyo's promising initiatives for female leaders and government officials. To advance Saudi-Japanese relations, Koike will held various discussions and talks with representatives of local government agencies. Related Topics: Saudi Delegation Visits Tokyo to Enhance Saudi-Japanese Trade SDAIA Highlights Saudi Arabia's Digital Transformation at Expo 2025 Japan Japanese FM Fosters Partnerships with GCC's Secretary-General Short link : Post Views: 153
Yahoo
20-05-2025
- Politics
- Yahoo
Saudi Arabia's head of human rights dispels Western misconceptions around school segregation
There's a lot of noise around gender-segregated education in Saudi Arabia. But the Kingdom's head of human rights says that if it wasn't for the system in place, many young girls would miss out on being educated—herself included. 'I can tell you that we received a lot of harsh criticism on segregating schools,' H.E. Dr. Hala bint Mazyad Al-Tuwaij said on stage in Riyadh at Fortune's Most Powerful Women International Summit. 'But actually, those of us who come from this part of the world know that if schools were mixed, many conservative families would not have sent their girls to school in the first place,' she added. Al-Tuwaijri has been president of the Saudi Arabia Human Rights Commission, with the rank of minister, since September 2022. It's a job that, if it weren't for same-sex classes, she may not have been able to work up to. 'Many of the educated women you see today, including myself, would not be sitting here because our families back then would not have accepted the fact that we'll be sitting next to boys in high schools.' Before joining the world of work, Al-Tuwaijri earned a bachelor's degree in English literature in 1998, a master's degree in English literature and drama in 2004, and, in 2011, a Ph.D. in American literature and drama all from King Saud University. Looking back, she says the qualifications prepared her for her current role. 'For people who know a bit about studying literature, it's not about reading stories,' Al-Tuwaijri said. 'Actually, behind every story, there is a culture, history, philosophy, ideas …' 'My focus has always been on the issue of identity,' she said. 'What shapes people's identity and what actually informs the literature they write, whether it's theater, or performance, or art in general—and that, of course, took me to study the sociopolitical context of these areas, and the ideas, and the philosophical background to where all of this is coming from and where it's taking.' 'So, without knowing, I was actually preparing myself for looking into a more global platform of issues pertaining to identity, rights, stories, and all of that.' After graduating, Al-Tuwaijri joined KSU's staff as a lecturer and also worked as an assistant professor of English literature at the university. She worked her way up to vice chair of the English language department. Before becoming president of the Saudi Human Rights Commission, with the rank of minister, she was secretary-general of the Family Affairs Council. 'My career has been crowned and honored by this great country and our wise leadership, who celebrated women, elevated their status, and paved the way for their advancement,' she told Arab News soon after the appointment. Of her new role, Al-Tuwaijri said: 'Saudi Arabia has made great and honorable strides in the field of human rights, and the testimony of just countries and organizations is the best proof.' This story was originally featured on
