As part of the Biban 24 Forum, held under the slogan “A Global Destination for Opportunities,” the Prince Mohammed bin Salman College of Business and Entrepreneurship (MBSC) in partnership with the Babson Global Center for Entrepreneurial Leadership (BGCEL) has announced the release of the third edition of the Saudi Women’s Global Entrepreneurship Monitor (GEM) Report. The report, launched with the Small and Medium Enterprises General Authority (Monsha’at) at the Biban Forum, underscores Saudi women’s pivotal role in entrepreneurship as the Kingdom continues to create a business ecosystem that meets international standards and empowers local and international entrepreneurs.
Eight Years of Data Reflects Growth in Women’s Entrepreneurial Intentions
The 2023-2024 GEM KSA Women’s Report, encompassing eight years of data, reveals that nearly half of Saudi women express intentions to start a business within the next three years—a 30% increase over previous years. This rise reflects the success of Saudi Arabia’s efforts to nurture an inclusive environment where women thrive at all phases of business development, contributing positively to society across all age groups, education levels, and income brackets.
Societal Impact and Innovation on the Forefront
Highlighting the influence of women entrepreneurs in the consumer sector and beyond, the report shows a strong commitment to societal value, with over 75% of women entrepreneurs implementing strategies to maximize social impact and reduce environmental impact. As the report was unveiled at Biban 24, it highlighted the importance of the event in fostering global connections and encouraging new ventures, in alignment with Saudi Vision 2030.
Building a Network of Opportunity
Saudi women entrepreneurs benefit from strong personal and professional networks, with 86% of women knowing another entrepreneur personally. Additionally, a significant proportion of women investors support close family and friends in launching new ventures. This trend is driving not only economic growth but also community resilience and self-reliance, as women investors support other women to strengthen the Kingdom’s business landscape.
“Saudi Arabia’s entrepreneurial landscape is enriched by the contributions of women, whose role continues to expand across all areas of business,” stated Dr. Zeger Degraeve, Dean of MBSC. “The GEM KSA Women’s Report demonstrates Saudi Arabia’s commitment to fostering innovation and inclusivity, and we are proud to contribute to this vital progress.”
Launched as part of a strategic partnership with Monsha’at, the Babson Global Center for Entrepreneurial Leadership, and MBSC, the 2023-2024 GEM Women’s Report emphasizes the role of Biban 24 as a global platform for showcasing Saudi Arabia’s vibrant entrepreneurial ecosystem and reinforcing the Kingdom’s role as a gateway to opportunities for entrepreneurs worldwide.
