SBWC and AUS Roundtable addresses funding challenges for business women
Prominent leaders and founders discuss strategies to enhance access to financial support for women-led businesses in Sharjah
Sharjah, September 23, 2024
Sharjah Business Women Council (SBWC) and the American University of Sharjah (AUS) successfully hosted the second roundtable in their series aimed at empowering female entrepreneurs in the UAE. Held at the American University of Sharjah, the event focused on the theme “Female Entrepreneurial Ecosystem in the UAE: Access to Funding Challenges.” This session built upon insights gathered from the previous roundtable, delving deeper into the specific challenges faced by women entrepreneurs in securing funding and exploring actionable solutions.
The roundtable featured a diverse group of prominent leaders and business founders, including HE Mariam Bin Al Shaikh, Director of SBWC; Sheikha Dr. Alia Al Qassimi, Doctor, SBWC member, entrepreneur and social development expert; HE Haleema Al Owais, Vice Chairwoman of Sharjah Consultive Council and Board Member of the Sharjah Chamber of Commerce; HE Sara Al Nuaimi, CEO of Sharjah Entrepreneurship Center (Sheraa); Khawla Hammad, COO and Founder of Takalam; Fatima Al Mugarab, Director of International Relations at Sharjah Chamber of Commerce; Abdulla Al Hamed, Vice President MSMEs at Emirates Development Bank; and Montasser Adams, Founder of Myjapp. Their discussions centred around the main obstacles female entrepreneurs encounter when seeking funding and offered recommendations to ease access to financial resources. Academic participants included Dr Samer Kherfi, Associate Professor and Head of the Department of Economics and Dr Jamal Maalouf, Assistant Professor of Management, Strategy and Entrepreneurship. The session was moderated by Dr Narjess Boubakri, Dean of the School of Business Administration at AUS.
During the roundtable, participants identified several key challenges that hinder women’s access to funding. These included a lack of awareness about available financial resources, limited networking opportunities with potential investors, and biases within traditional funding structures. The speakers also noted the importance of creating tailored financial products that meet the unique needs of female entrepreneurs, while discussing strategies for enhancing mentorship programs that connect emerging business women with experienced industry leaders who can provide guidance and support.
Mariam Bin Al Shaikh, Director of SBWC, noted the important role of funding and support for investment in business women in the region saying, “Women are already empowered within Sharjah; they possess the strength, resilience, and creativity to shape their own futures. Our role is to provide the strategic support and resources necessary for them to thrive in every sector.”
Mariam Al Shaikh added: “This round-table table is an ongoing process to involve the government and decision makers in the private sector to see what we can do to make it easier for business women in the UAE and, in particular, the Sharjah ecosystem. It is very important for us to have all bodies to work together to achieve the same goals. By creating this partnership we help bring information back to our members and help them connect with the right people; hopefully the next step will be to get them all engaged.”
Commenting on Sharjah’s positive startup ecosystem, Sara al Nuaimi, CEO of Sheraa, said: “I’m proud to say that of the 97 percent of projects that are operational, 53 per cent are female-run. It is really about mapping the journey and complementing one another, and that will help tide over the challenges.”
Dr Narjess Boubakri, Dean of SBA, pointed out that there was a need to organise programmes to pitch ideas and also provide online platforms where women entrepreneurs could find all the resources they needed. While acknowledging that it is very important for women to have a work-life balance, she suggested that policies should be in place for that. “We need to organise supporting programmes for pitching ideas. Online platforms are also very useful in providing resources for women entrepreneurs. Data and documentation will guide us in providing gender equitable solutions in bridging the funding gap.”
According to Haleema Al Owais, Vice Chairwoman of Sharjah Consultive Council and Board Member of the Sharjah Chamber of Commerce, “what we are doing is to change mindsets. Being in male-dominant environments, you have to be bold to have your voice heard. So you should teach women that they are equal to men and need equal opportunities. I have seen genius women and girls, and we have to ensure that they get equal opportunities.”
Fatima Al Mugarab, Director of International Relations Department at the Sharjah Chamber of Commerce, said: “We are taking this platform to initiate change for the government. We are always listening to the private sector to see what issues they are facing. The legal aspect is also important and we do a background check of the company they want to do a contract with. We want the youth to flourish and hence guide them in the best way possible.”
Supporting business women and female entrepreneurship
The main objectives behind these roundtables which are set to take place periodically over the next 2-3 years include fostering knowledge exchange among industry experts, gathering data to inform future reports on entrepreneurship, and identifying solutions to enhance services for business owners in Sharjah. By facilitating collaboration among stakeholders, SBWC and AUS
aim to drive positive change within the local business ecosystem and support the growth of women-led enterprises in the region.
-ENDS
