New reforms urged to support Saudi businesswomen

by Neeraj Gangal

A new study on women’s businesses in Saudi Arabia has presented eight recommendations to give Saudi women the same opportunities as women entrepreneurs in other Arab nations, according to a report.

zoom

The Arab News daily said on Friday that the study ‘Businesswomen in Saudi Arabia: Characteristics, Challenges, and Aspirations in a Regional Context’, examines the business-enabling environment for women entrepreneurship in Saudi Arabia and highlights the personal characteristics and business profiles of women business owners.

According to the Saudi-based daily, the report compares Saudi women entrepreneurs with their counterparts in five Arab countries: Jordan, Bahrain, the UAE, Lebanon and Tunisia.

The report is intended to strengthen “the understanding of the business and regulatory environment for Saudi businesswomen, to contextualise the situation of Saudi women entrepreneurs through comparison between them and other female entrepreneurs in the region and to identify and address the business challenges these women face in order to create a more supportive environment,” Arab News said.

The study made eight specific recommendations to Saudi policymakers to improve the situation of businesswomen:

The report urged policymakers to establish a Ministry of Women’s Affairs to monitor the implementation of related royal decrees and to devise a national strategy for women’s transition into the economy.

It suggested the appointment of female Shoura members to ensure that the interests of Saudi businesswomen and women in general are represented.

It called on to eliminate the requirement for women to appoint a male manager in businesses that serve both sexes.

The report also asked for ease in restrictions on mobility for women, in terms of public transportation, driving and international travel.

It suggested the creation of registration categories for the types of businesses that are in demand by businesswomen, such as beauty salons and day-care centres, and identify the process for creating new registration categories in the future.

The report called on to commission further research on how to increase the effectiveness of businesswomen’s access to government services by improving female sections as well as the main centres in government agencies rather than a direct channel for them to receive government services.

It urged policymakers to launch a nationwide public campaign to promote women’s economic participation and support the implementation of existing Royal Decrees.

The report also suggested that Saudi policymakers ease hiring practices for businesswomen in areas that require international female expertise or that are unable to be met by Saudi female labour. This includes studying the possibility of granting work permits to non-Saudi women residing in Saudi Arabia on non-work visas.

The 68-page report was co-authored by Noura Alturki and Rebekah Braswell and published by the Monitor Group and Al-Sayedah Khadijah Bint Khuwailad Businesswomen’s Center of the Jeddah Chamber of Commerce and Industry.

This was done with the support of the Centre of Arab Women for Training and Research (CAWTAR) and the International Finance Corporation (IFC), Arab News said.

“This focus comes at a time when we are witnessing a rapid and increased investment in our country’s human resources and economic development,” said Princess Adelah Bint Abdullah, president, Al Sayedah Khadijah bint Khuwailad Businesswomen’s Center.

“Fundamental to this investment has been the inclusion of regulations that encourage greater involvement of women in our work force. The impact of this support can be seen through the growth, productivity and innovation of Saudi Arabia’s women-owned businesses. My wish is that this report will highlight the progress and determination of these businesswomen and serve as a foundation for researchers interested in the socioeconomic development of our beloved country.”

Source : Arabian Business

DIB moves to improve corporate governance

by Rebecca Bundhun

Dubai Islamic Bank (DIB) has signed a "founding member" sponsorship agreement with corporate governance organisation the Hawkamah Institute, the bank announced on Thursday.

DIB said that the move shows its commitment towards strengthening its corporate governance standards.

“The Shariah Supervisory Board has become an indispensable aspect of our corporate governance and will be well paired with the objectives of Hawkamah, which aims to ensure these standards are being met to better protect all those associated with the bank,” said Abdulla Hamli, DIB’s chief executive officer.

Many experts have long called for increased regulation and transparency of Islamic banks, which are still relatively new to the market.
“Corporate governance plays a critical role in the development of modern businesses as it enhances investor confidence and helps in developing the capital markets of the region,” said Nasser Saidi, executive director of Hawkamah, said

“Islamic finance has experienced unprecedented growth so far, but the enactment and implementation of well defined corporate governance structures is essential if trust and confidence is to be maintained.”

Log Export expected to raise timber price

Jakarta (ANTARA News) - The Forestry Ministry's plan to open exports of logs produced from timber estates (HTI) would help HTI businesses strengthen their bargaining power in facing domestic pulp and paper industries at home, an executive said.

"It will increase HTI businessmen's bargaining position. So far, they are facing difficulties in developing their timber estates due to unfavorable prices," President Director of state-owned forestry company PT Inhutani IV, Mustoha, said here on Monday.

He said that Asia Pulp&Paper and Riau Andalan Pulp&Paper (Riaupulp) were two pulp and paper giants which absorbed some 85 percent of the timber produced by HTIs.

Mustoha who spoke during a discussion with forestry reporters on the government plan to export logs, said that the imbalance between pulp industries and HTI businesses caused a significant disadvantage to HTI companies.

Mustoha said the HTI log prices, which were set at a range of Rp220,000 to 230,000 per cubic meters, were less profitable as HTI businesses could not maintain the development and expansion of their estates.

"So far, the prices offered by the pulp and paper companies are too low but HTI owners have no choice because there are only two companies which purchase their products," Mostoha said.

He said that demand for timber in the world market in the last several years remained on the rise, although pulp and paper prices dropped to US$560 per ton.

Therefore, Mustoha expressed hope that the Indonesian Forestry Businesses Association (APHI) would play a decisive role in fixing prices of HTI logs. Thus, HTI businesses could resume the development of their forestry estates.

The Indonesian government is studying the possibility of exporting logs produced from timber estates (HTI).

According to the director general for timber estate development of the Ministry of Forestry, Bejo Santoso, the study on the possibility of log exports was aimed at expanding the export market and in response to a decline in domestic demand for timbe.