50,000 commercial licenses for Emirati women entrepreneurs, worth 60 billion dirhams, in 2021
The results of a recent survey, which included a sample of 1,000 female entrepreneurs in the United Arab Emirates, showed that the percentage of female business owners under the age of 40 in the country is 77.6%, of which 48.8% are CEOs, while 61.4% of them run companies as sole owners without partners. This gives a positive indication of the leadership of Emirati women in the field of investment and leadership of economic and development projects.
The results of the survey came as part of the report "Women-owned Companies in the United Arab Emirates: A Golden Opportunity" that was issued in cooperation between Namaa for the Advancement of Women and the United Nations Women's Agency, monitoring the reality and prospects for Emirati women's contributions to comprehensive development, enhancing the sustainability of economic sectors and diversifying sources of national income, while The report concluded with recommendations that respond to the aspirations of women entrepreneurs to improve access to local and global sources of financing and markets.
The report praised the entrepreneurship system in the UAE, which is characterized by strength, flexibility and sustainability, noting the great progress it has made to strengthen the regulatory framework that takes into account gender equality through a series of legal, political and institutional measures, to prevent various forms of discrimination on the basis of gender in employment and economic participation, And obtaining credit or loans, as the UAE ranked first in the world in entrepreneurship, according to the Global Entrepreneurship Monitor report for the year 2021/22.
The report also noted the efforts of the Emirate of Sharjah in building a sustainable economy by promoting youth entrepreneurship, emerging technology-based industries, enhancing competitiveness, and improving business opportunities for micro, small and medium enterprises, and thus it shows a steady increase in new registered companies.
The report showed a clear increase in the number of Emirati female entrepreneurs, as 25,000 Emirati female entrepreneurs own 50,000 commercial licenses worth 60 billion dirhams in 2021, compared to 23,000 women running companies worth 50 billion dirhams in 2019, and 11,000 businesswomen. Emirati women running companies worth 12 billion dirhams in 2010.
All participants showed confidence in their business growth plans, and expressed the importance of continuing policies to facilitate access to financing sources. All participants agreed on the added value that joining a women's association or network that would provide comprehensive support for entrepreneurship, starting with networking, training and guidance. , down to advisory services and institutional guarantors of credit plans.
The participants pointed out the importance of communicating with mentors, trainers, companies that incubate ideas, creative projects, and initial capital investors, in order to enhance their presence in the markets as pioneers and contributors to development, as the report indicated that 13% of women are co-owners with more than 51% of the shares, and 25% are business leaders. With less than 51% of the shares, and that most of the women’s businesses are mainly micro-enterprises at 72%, 24% are small enterprises, and only 3% are medium enterprises.
The report included a comprehensive vision of the reality of small and medium-sized enterprises and women-owned companies, their access to finance, and suggestions and recommendations on ways to develop their business, pointing to the great progress made by the UAE in various regulatory frameworks to take into account gender equality and combat all forms of discrimination against women in economic participation. and employment, with the assistance of a set of laws, legislation and institutional measures in the public and private sectors.
The Nama and UN Women report pointed out that businesswomen's councils in the UAE were the main driver of national legislation related to companies and businesses that encourage increased women's participation in entrepreneurship through micro-enterprises, and that Emirati girls are constantly encouraged to continue to thrive in business leadership, and start Their entrepreneurial journey with the minimum requirements.
According to the report, the challenges facing female entrepreneurs in the UAE centered on 3 main axes, namely financing, marketing and competition, as 41.2% of the respondents expressed that the main challenge they face in the UAE is the need to access markets, and 38.8% mentioned that easy access to financing and capital Money and bank loans represent a major challenge, while 33.5% said that the high competition in the markets is the main challenge for them.
Commenting on the results of the report and the survey, Director of Namaa for the Advancement of Women, Reem Bin Karam, said: "We strongly support the results of the report, which will be a pioneering statistical evidence in enhancing the role of women as a major component of the comprehensive development in the United Arab Emirates, by seeking to take into account the resulting recommendations." About the report, which stresses the importance of continuing to develop policies and legislation supporting women in the business sectors, and providing a comprehensive and reliable database on the path of equal opportunities for both sexes.
In turn, Director of the UN Women Liaison Office for the Gulf Cooperation Council, Dr. Moza Al-Shehhi, said: “Many women entrepreneurs have used innovative methods to direct their businesses and take advantage of a share of market opportunities in new sectors during 2022, but the biggest obstacles are in obtaining financing.” Access to markets and the sustainability of business growth requires overcoming these obstacles and concerted efforts between financial institutions, government agencies and the private sector, which control purchasing policies that support women entrepreneurs or exclude them from competition in the market.
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