29 Oct 2024
RIYADH: Saudi Vision 2030 has reshaped women’s lives in the Kingdom, as regulatory reforms help females pursue more opportunities in the public and private sectors, according to Riyadh’s ambassador to the US.
Speaking at a panel discussion in the inaugural edition of the HERizon Summit, on the sidelines of the eighth Future Investment Initiative, Princess Reema bint Bandar said that the right policies should be implemented to accelerate the progress of females in the business and entrepreneurial landscape.
Launched under the theme “Invest in Women,” the event aims to bridge the gender gap and empower females to become a formidable force in the global workforce.
A report released by the World Bank earlier this month affirmed Saudi Arabia’s progress in ensuring gender parity and highlighted that the Kingdom successfully raised female labor participation from 22 percent in 2016 to 34 percent by the end of 2023.
“The Kingdom’s progress since Vision 2030 is quite astounding. The biggest change has been made is the regulatory frameworks and the laws that have been implemented, which allowed not just the government to push forward on the inclusion of women, but it also created a framework for the private sector to understand their responsibilities,” said Princess Reema.
She added: “When we talk about the accelerators for the inclusion of women, more policies and investments have to be made. It is not just the policy on paper; it is all about the implementation, the follow through, and the creation of a space where the woman herself understands what proportion of resources she needs.”
According to the top diplomat, mentorship, internship, and investment in training and education could help women in the Kingdom explore unique job opportunities in new sectors.
“Our women do need the exposure to help them level up. The more we engage with women from other countries and men from other countries and learn and expose ourselves, these Saudi women will be women who can work anywhere in the world. That’s the goal,” added Princess Reema.
She emphasized placing the right woman in the proper role to fully leverage their expertise and achieve the best results.
“I would really employ the due diligence to hire ‘the’ right women, not just ’a woman’. ‘The’ woman that you are looking for does exist. You just need a little time to look for them and find them,” she said.
She added: “The women in the Kingdom of Saudi Arabia, we are not tokens, we are not a box to tick. We are women who are dedicated to the development, not just about the country, but about families, nations, and our neighborhood.”
During the event’s opening ceremony, Richard Attias, CEO of FII Institute, said that the first edition of the HERizon Summit is a gathering dedicated to highlighting the limitless potential of women worldwide.
He added that the event aims to discuss transforming women’s lives and igniting that change.
“We must acknowledge that the past has not been easy for women, where too many voices remained unheard. Today, we are here to break down those barriers. We should envision a world where opportunities are boundless and equal for all. This is a movement toward inclusion, innovation, and unity,” said Attias.
He added that the summit will work to ensure that women will get equal opportunities like men in all sectors, breaking the barriers of borders and therefore allowing females to reach their highest potential.
The FII CEO added: “We believe that when women rise, a nation prospers. When women lead, society is transformed, and when women’s voices are amplified, our shared future becomes brighter and stronger. We believe in that.”
In the panel discussion, Cecilia Attias, founder and president of Cecilia Attias Foundation for Women said that females should be given specific quotas in the board of companies to ensure gender parity.
“I am surprised we still have a panel for women. We should be part of the other panels. We are in the 21st century. We should have the same opportunities like men,” said Cecilia.
Jenny Johnson, president and CEO of Franklin Templeton said that women are more talented than men in handling venture capital funds, despite the less support they receive.
“In the US, less than 2 percent of venture capital have been given to women entrepreneurs, yet they have twice the returns of the average venture capital funds,” said Johnson.