Visa and Al Rajhi Bank push to empower female entrepreneurs in Saudi Arabia

Visa and Al Rajhi Bank push to empower female entrepreneurs in Saudi Arabia

Digital payments giant Visa and Saudi Islamic bank Al Rajhi Bank are pushing to empower women in Saudi Arabia by offering financial support to female entrepreneurs.

In an interview with Al Arabiya English, Visa’s Regional General Manager for the GCC Cluster (including Saudi Arabia, Bahrain and Oman), Ali Bailoun weighed in on what the initiative has accomplished so far since it was launched in the Kingdom for the first time at the end of June.

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Bailoun said the initiative was launched to “support the Saudi government’s ongoing efforts to economically elevate women entrepreneurs across the country,” in partnership Al Rajhi Bank.

“The ‘She’s Next’ initiative offers female business owners in the Kingdom a unique opportunity to apply for one of five $10,000 grants and receive a year of coaching from IFundWomen, as well as networking and mentoring opportunities to build, fund and grow their ventures,” Bailoun said.

According to Visa’s 2022 survey on women entrepreneurs, 82 percent of women surveyed in the Kingdom said their current business venture was their first, indicating their growing confidence in the government’s efforts to empower women and foster a more inclusive business environment.

“Visa is committed