Saudi Arabia is undergoing a significant transformation, with women playing a prominent role in its $1.1 trillion economy. Once a country with strict restrictions on female participation in public life, it has become a hub of opportunity for women in business and finance. Rare interviews with senior female leaders reveal how women are breaking barriers and reshaping the professional landscape.
Winds of Change- Saudi Arabia
In 2018, pivotal reforms began altering Saudi Arabia’s social and economic structure. Women were allowed to drive, start businesses without male consent, and travel independently. By 2022, female labor participation nearly doubled to 37%, a dramatic shift from a decade prior. Women now hold 44% of senior and middle management positions, and their contributions have boosted GDP by approximately 12%.
The Dealmaker: Maryam Albassam
Maryam Albassam, a principal at venture capital firm Graphene Ventures, represents the new wave of Saudi women driving innovation. From her first job in 2013, Albassam faced skepticism but turned it into an opportunity to prove her capabilities. Today, she scouts deals for startups and fintech in Riyadh, having studied at prestigious institutions like Columbia and Harvard.
“People still wonder about us. They think Saudi women live in tents and ride camels,” Albassam quipped, reflecting on outdated stereotypes. Her journey highlights the importance of education, role models, and resilience.
The Consultant: Hala Kudwah
Hala Kudwah, a senior partner at PricewaterhouseCoopers, has been a quiet trailblazer. Despite spending years in the background, her focus was on setting a precedent for future generations. Kudwah emphasizes the need for inclusivity, STEM education, and programs aligning women’s skills with market demands.
“The next generation will be brought up by working women, so these conservative views will fade,” she predicts.
The Numbers Specialist: Norh Abdullah Al Marzook
Growing up in Dammam among a family of math enthusiasts, Norh Abdullah Al Marzook moved to Riyadh to study finance at Princess Nourah Bint Abdulrahman University. Now an accounts executive at Engie’s Dhuruma O&M, she credits her family’s support for her success but acknowledges societal barriers.
“There’s a stereotype that women can’t think for themselves. But things are changing,” she says, optimistic about equal opportunities for Saudi women.
The Finance Guru: Kholoud AlDosari
Kholoud AlDosari, head of Saudi Arabia at Northern Trust, returned to the kingdom in 2009 to limited opportunities. However, her leadership role at Northern Trust, achieved in 2022, signifies a new era. She attributes her success to diverse experiences and mentorship, stressing the importance of teaching young women to take calculated risks.
“Our next stage is exporting talent to the world. Then maybe we’ll see a global female Saudi CEO,” AlDosari envisions.
Challenges and the Way Forward
Despite progress, challenges remain. Women in rural areas or conservative families still face restricted opportunities. Globally, Saudi Arabia’s female participation rate lags behind nations like the U.S., China, and UAE. Yet, the trajectory is promising.
Economists estimate that increasing gender equality could add $39 billion to Saudi Arabia’s economy over the next decade. With more women entering finance, STEM, and leadership roles, Saudi Arabia is building a foundation for sustainable growth and global impact.
Conclusion
Saudi Arabia’s female leaders exemplify resilience and determination, proving that progress is possible even in the face of long-standing societal norms. As the kingdom continues to transform, these women are not only changing the narrative but also paving the way for future generations to lead.
