Standard Chartered launches the Women in Tech program in Saudi Arabia
Standard Chartered has entered into a partnership with Saudi Arabia-based Falak Investment Hub to launch a new program for women in technology.
The first edition of the Global Women in Technology program is to be held in the Kingdom of Saudi Arabia, with the aim of enabling women-led start-ups to benefit from training, mentorship and seed funding opportunities. Applications for the program opened on November 28 and will remain open for six weeks.
Once started, the program is set to last for eight weeks. The aim is to give female entrepreneurs opportunities for economic and social development, as well as financing. The program is part of Standard Chartered’s global ‘Women in Tech’ initiative. The initiative is currently available in seven countries, including Saudi Arabia.
Winners of the cohort will receive up to $50,000 in funding, to help bridge the existing funding gap for women.
Earlier in 2022, Saudi Arabia saw an investment of over $6.4 billion in future technology and entrepreneurship. Vision 2030, the economic and social reform plan for Saudi Arabia, has helped bring about changes like this. The scheme focuses on increasing private investment to support innovation and attract new talent.
WAMDA, which reveals insights about the Saudi entrepreneurial ecosystem, highlighted how more can be done to support women-led businesses in the MENA region, in a recent report. The report found that all male startups received 99 percent of the $374 million in investment raised by August 2022. This left just one percent going to startups founded or co-founded by women. The program aims to begin to address the gap and enforce change.
Enforce positive change
Mazen Bunyan, CEO of Standard Chartered Bank in Saudi Arabia, spoke about the program. Bunyan said: “Increased diversification away from oil, demand for digitally led services and pro-business reforms are just a few key drivers leading to increased entrepreneurial activity in Saudi Arabia.
“We are proud to partner with Falak Investment Hub and bring our ‘Women in Tech’ program to the Kingdom. The spirit of diversity and entrepreneurship are important values that we celebrate at Standard Chartered. We hope that by providing early support and mentorship can help women succeed and become leading job creators.
“We are confident that by working with our strategic partners we will be able to unlock great potential. This will create an enabling environment for aspiring entrepreneurs.”
Adwa Al Dakheel, founder and CEO of Falak Investment Hub, explained why the program could initiate positive change. She commented: “Women entrepreneurs in KSA have the potential to make a huge impact. Our aim with this program is to help them realize their vision, in line with the country’s wider economic goals and Vision 2030.
“We are excited to create a platform that will enable these start-ups to access the resources and mentorship they need to reach their potential and establish solid infrastructure for them to go global thereafter through our partnership with Standard Chartered.
“We believe these initiatives are key drivers of change for women entrepreneurs and the wider Saudi economy.”
