Women have always played an important and appreciable role in the UAE’s social and cultural landscape. Now, they have started becoming a significant part of the country’s economic landscape too. According to the UAE Gender Balance Council, women aged 15 and above make up to 46.6% of the country’s labor force, approximately 23,000 Emirati businesswomen run projects valuing over AED 50 billion, and women hold around 75% of the total positions in health and education sector. These statistics highlight the never-ending importance of women in the UAE’s economic outlook.
Despite the growing trend of women’s participation and their role in the economic front, one cannot turn a blind eye to the various issues still faced by working women, especially aspiring women entrepreneurs. From difficulty attracting early-stage funding to being unable to find enough mentorship opportunities- there is a lot that holds back women entrepreneurs from reaching their full potential. If these problems are tactfully dealt with and women entrepreneurs participate equally as their male counterparts, the global economy would witness a massive boost from $2.5 trillion to $5 trillion. To understand the current scenario better, let’s take a look at the existing problems faced by women entrepreneurs and their available recourses offered by the government.
Women entrepreneurs face many challenges in their startup journey, but getting enough funds from investors tops the list. A BCG report highlights that even though organizations with the highest percentage of women leadership positions outperform companies led by their male counterparts, women-owned startups don’t receive the same level of financial backing as they should. And the investment gap is surprisingly huge.
If companies founded by male entrepreneurs received funding of around $2.1 million, women entrepreneurs’ funding averaged around $935,000, which is less than half of what male entrepreneurs receive. The gender investment gap is real, and it needs to be addressed at the earliest. Besides funding, women entrepreneurs also find it difficult to get guidance or mentorship from the right people, making their journey even more challenging than their male counterparts. Though the current socio-economic conditions aim to create a favorable environment for women entrepreneurs, there is still a long way to go.
With an aim to make the UAE the best country in terms of gender equality, the government has taken various steps to promote women in the startup arena. The best part of the UAE government’s initiatives is it’s available for both expats and Emirati women. So even if you’re in UAE on a residency visa, you can take benefit of the following initiatives:
Besides these government initiatives, a fund of $50 million was also allocated to the Women Entrepreneurs Finance Initiative Fund back in 2017. Many businesswomen have been benefited from this initiative, and more are expected to be availing its benefits in the coming years.
Private companies keep collaborating with government agencies and charity organizations to help women entrepreneurs overcome various challenges. Though there are many such partnerships for the welfare of businesswomen, we’ve handpicked and shared the best below:
With so many initiatives available, women entrepreneurs will no longer struggle hard to grab the best coaching opportunities, financing options, and business networking opportunities. Women entrepreneurs can also contact the team at Zenesis Corp, as we offer the best deals on helping businesswomen set up their dream empire. From company incorporation to hiring and training the right people- Zenesis can assist you at every step.