How women entrepreneurs in MENA are crafting an impressive growth story

Adgully ME recently held its maiden webinar on ‘Bridging the Gap: Overcoming Challenges and Unlocking Opportunities for Women Entrepreneurs in the MENA Region’. The webinar sought to explore critical strategies to empower women leaders in this rapidly evolving region.

The session was chaired by Ayah El Arief, an expert moderator with extensive experience in gender equity and leadership development in the Middle East. She is also the Managing Director of MENA Women Business Club. The esteemed panellists included Dr Noura Abdelwahab, Senior Gender and Social Inclusion Expert, and Soha El Baklawy, an entrepreneur, women empowerment expert, and multifaceted leader.

All the panelists have made significant contributions to fostering female entrepreneurship and leadership across the region. They shared their expertise on securing funding, government support for women entrepreneurs, and empowering Emirati women leaders.

Segment 1: Key Barriers for Women Entrepreneurs

Ayah El Arief: Soha, let’s start with you. From your experience, what are the key barriers that women entrepreneurs face in the MENA region when seeking funding for their businesses?

Soha El Baklawy: Thank you, Ayah. One major barrier is that women tend to be more risk-averse compared to men, often waiting until they feel completely secure before seeking investment. Additionally, while women excel in budgeting and financial management, they often lack confidence in the broader financial aspects of investment, which is crucial when dealing with investors. Furthermore, the predominantly male-dominated investment landscape often doesn’t align with the traits and approaches of women entrepreneurs. This mismatch contributes to the low funding rates for women-led startups. Recent statistics show a stark discrepancy in funding, with women receiving a minuscule share compared to their male counterparts. This highlights the need for both improved financial literacy and tailored investment programs that understand and address the unique challenges faced by women.

Segment 2: Government Initiatives and Their Impact

Ayah El Arief: Noura, what are your thoughts on the recent initiatives led by governments in the MENA region to support women founders? How effective are these initiatives in providing access to finance and new investments?

Noura Abdelwahab: Great question, Ayah. While there are numerous strategies and programs aimed at empowering women, many of them fall short when it comes to practical implementation and monitoring. There is often a lack of action plans and KPIs to track progress effectively. For example, while Morocco has made strides with comprehensive support for women in specific sectors like the argan oil industry, other countries struggle with policy incoherence and fragmented ecosystems. The key issue is not the presence of strategies but the execution and scaling of successful models. Effective government programs should not only provide access to finance but also offer continuous support and integration into the broader entrepreneurial ecosystem.

Segment 3: Local vs. International Investment Perspectives

Ayah El Arief: Soha, I’d like to hear your thoughts on how local investors in Egypt view pitches from women entrepreneurs compared to international investors. Are there differences in how they approach these opportunities?

Soha El Baklawy: There is indeed a difference in perspective. Local investors in Egypt generally focus on the potential of the startup rather than the gender of the founder. However, international investors, particularly those with a focus on gender diversity, might be more inclined to support women entrepreneurs due to shared experiences and understanding of the challenges faced by women. Local investors may not always have the same level of engagement with gender-specific investment opportunities, which can create a gap in support compared to the more progressive international investment landscape.

Segment 4: Ecosystem Comparisons and Insights

Ayah El Arief: Let’s expand our discussion. How do you see the difference between the ecosystem for women entrepreneurs in Egypt and Saudi Arabia? What can we learn from the successes in Saudi Arabia?

Soha El Baklawy: Saudi Arabia’s recent focus on female entrepreneurship is notable, given the historical context of restricted opportunities for women. The surge in support and investment reflects a period of rapid change and opportunity for women. However, this excitement sometimes overshadows the need for robust, sustainable development and integration into the existing ecosystem. In contrast, Egypt, while also making progress, faces challenges related to the prioritization of women’s entrepreneurship and the alignment of support programs with real-world needs. The key takeaway is that while Saudi Arabia's focus on women is commendable, ensuring that this support translates into long-term success requires careful planning and execution.

Segment 5: Government Programs and Their Effectiveness

Ayah El Arief: Noura, how effective can government programs be in promoting women’s entrepreneurship in the MENA region, especially considering the different approaches we’ve seen?

Noura Abdelwahab: Government programs can be highly effective if they go beyond mere rhetoric and implement actionable strategies. Programs need to address the specific challenges faced by women, such as risk aversion and access to resources, while also fostering an environment that supports long-term growth and scaling. Successful examples like Morocco’s comprehensive support for women in the argan oil sector show that targeted, holistic approaches can yield positive results. However, there needs to be a concerted effort to bridge the gap between policy and practice, ensuring that initiatives are not only launched but also effectively monitored and scaled.

Also Read: Star Plus show artists share their fond janmashtami memories!