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New study reveals 78% of women in EEMEA want to be entrepreneurs

With access to the right financial tools, mentorship, and digital resources, women entrepreneurs can unlock new business opportunities, drive innovation, and contribute significantly to economic development

Gulf Business
Gulf Business

05 March, 2025

New study reveals 78% of women in EEMEA want to be entrepreneurs
Image: Supplied

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A new study by Mastercard reveals that 78 per cent of women across Eastern Europe, the Middle East, and Africa (EEMEA) aspire to start their own business, signalling a strong shift toward entrepreneurship in the region. The research, released ahead of International Women’s Day 2025, highlights increasing ambition among women entrepreneurs, with 89 per cent expecting their revenue to grow over the next five years.

Entrepreneurial ambitions are particularly high among younger generations, with 89 per cent of female Gen Z in EEMEA expressing interest in launching their businesses, surpassing global averages. This reflects a significant generational shift toward business ownership.

“The entrepreneurial spirit among women in EEMEA is strong and growing, with younger generations leading the way. With access to the right financial tools, mentorship, and digital resources, women entrepreneurs can unlock new business opportunities, drive innovation, and contribute significantly to economic development.

“At Mastercard, we are committed to navigating barriers and fostering an ecosystem where women-led businesses can thrive,” said Selin Bahadirli, executive vice president of services, Eastern Europe, Middle East and Africa, Mastercard.

Women in EEMEA: A thriving entrepreneurial landscape

Across EEMEA, 51 per cent of women consider themselves entrepreneurs, closely aligning with men (54 per cent), the report showed.

Millennials (55 per cent) and Gen Z (57 per cent) are the most likely to identify as entrepreneurs. Women in the region are drawn to industries such as food and drink (21 per cent), online retail (18 per cent), education (17 per cent), and cosmetics (17 per cent).

Among existing female business owners, healthcare (13 per cent), business services (12 per cent), and wholesale/retail (10 per cent) are key industries.

Additionally, more than half (55 per cent) of women in EEMEA have a side hustle, increasing to 61 per cent among female Gen Z. These ventures are primarily driven by a desire to earn additional income (70 per cent), achieve financial independence (51 per cent), and develop new skills (39 per cent).

Challenges and opportunities

Despite strong ambition, women in EEMEA still face challenges in entrepreneurship. The study highlights that:

  • 68 per cent of women cite lack of funding as the biggest barrier to launching a business, slightly higher than men (66 per cent).
  • 31 per cent believe entrepreneurship is “not for someone like them”, emphasising the need for mentorship programmes.
  • 18 per cent of women, compared to 11 per cent of men, say they don’t know how to start a business, pointing to a need for business training and advisory support.

Women entrepreneurs are increasingly leveraging technology to enhance their operations, with 75 per cent regularly using AI. Among them, 85 per cent report significant cost and time savings, compared to 78 per cent of men.

However, digital security remains a concern, as 35 per cent of female business owners have been targeted by fraudsters, highlighting the need for stronger cybersecurity measures.

Ramadan 2025: Snap MENA’s Georges Odeimi on the key trends unfolding on the platform

The business solutions lead at Snap MENA shares his insights into how Snapchatters are using the platform during Ramadan

Neesha Salian
Neesha Salian

04 March, 2025

Ramadan 2025: Snap MENA’s Georges Odeimi on the key trends unfolding on the platform
Image: Supplied

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With Ramadan beginning, Snapchat, the social media platform, is witnessing a surge in user activity and engagement. With over 10 billion Stories viewed daily in Saudi Arabia alone during the Holy Month last year, Snapchat has become a central hub for connecting, sharing experiences, and celebrating Ramadan traditions.

In this interview, Georges Odeimi, business solutions lead at Snap MENA, shares his insights into how Snapchatters are using the platform during Ramadan.

What are the best practices for brands to maximise engagement and ROI during Ramadan?

The expectations of consumers in the digital era are higher than ever – they are looking for brands that can offer new immersive, personalised experiences.

During Ramadan, brands should stay authentic to the Holy month, and approach the season in two distinct phases: an engagement and connection phase, and a sales phase as the month progresses toward Eid.

In the engagement phase, brands should focus on driving brand health and brand love by creating highly viewable placements using unique ad formats such as AR experiences. These formats allow brands to connect with Snapchatters in meaningful ways, building lasting impressions that go beyond simple transactions.

As Ramadan enters its sales phase, particularly in the weeks before and during Eid, brands should shift focus toward driving sales and maximising ROI through lower-funnel strategies. Snapchatters are highly active in discussing and sharing their purchase decisions on the platform before and after buying, making it a key time for brands to be front of mind during these conversations.

Innovative technologies such as AR allow brands to build stronger connections with consumers and increase brand awareness and purchase intent during both phases. Our annual AR Ramadan Mall – which uses our pioneering AR technology to create a space where Snapchatters can engage with their favourite retailers — reached an impressive 16 million shoppers last year. Offering these types of immersive, shareable experiences will be key to maximising engagement during the Ramadan season.

What innovations or trends should brands watch for in digital marketing and social commerce?

Brands should keep a close eye on the continued rise of social commerce and the potential of AR to enhance the shopping experience. Shopping becomes a social event during Ramadan and brands have the opportunity to raise awareness, gain consideration and drive conversion on a platform during Ramadan.

Creating a retail experience that is going to stand out with the likes of AR is therefore extremely important, especially in countries such as Saudi Arabia, where AR-driven shopping experiences can lead to a 94 per cent higher conversion rate. This can be attributed to the fact that AR helps to supplement the path to purchase by elevating the experience, allowing for brands to be part of the whole journey end to end — particularly for CPG brands when most purchases are made using mobile phones.

A recent example of a brand using the power of AR on Snap to strengthen its positioning during Ramadan is Maybelline. Setting out to cut through the increase in content during the Holy Moth and reach 21-24-year-olds, Maybelline opted for a multi-format approach: organic, paid and creator collaboration.

Choosing to leverage Snapchat’s Total Takeover suite, Maybelline used First Commercial, First Story, and First Lens, owning four of five Snapchat tabs for an entire day. In a series of slick creatives which tapped into the target demographic’s culture and lifestyle, Maybelline set itself apart from competitors, expertly harnessing Snap tools to bring its offering to life. Driving a 1.04 per cent CTR compared to a 0.2 per cent CTR benchmark, and a five-point lift in Ad Awareness, Maybelline’s Snapchat campaign was a clear success, delivering positive shifts on action and intent-oriented behaviours.

How is social media transforming the way brands connect with consumers, especially during key seasonal moments like Ramadan?

Social platforms today have an opportunity to transform brand-consumer interactions in entirely new ways. They’re helping support the consumer in their buying journey from challenge to discovery to testing to buying and later to reviewing. Social platforms are making it easier than ever by providing access to information and tools that can be leveraged by consumers to make much more informed buys. For example, Snapchat’s role as a platform for close connections is central to its success. Shoppers in Saudi and UAE rate friends and family as the most influential factors in purchase decisions, making it imperative for brands to create campaigns that resonate with these connections.

This is why we’ve chosen Saudi Arabia and the UAE to launch our Sponsored Snaps this Ramadan. For the first time, we’re giving brands the chance to Snap like a Snapchatter with this game-changing new ad placement tool which has been designed to empower businesses to connect with the Snapchat community in more innovative ways. Sponsored Snaps will allow brands to deliver full-screen vertical video messages directly into Snapchatters’ Chat inboxes, enabling deeper engagement with audiences.

By leveraging narrative-driven content that honours the traditions of the region, brands can position themselves as integral parts of these key moments.

With evolving consumer behaviours, how should brands adapt their digital strategies to stay ahead in an increasingly competitive social media landscape?

Brands need to embrace innovation to meet the needs of consumers today. Augmented reality has always been at the heart of Snapchat’s innovation, shaping the way people engage with their world in the most meaningful and personalised ways.

Over the years, our AR technology has evolved beyond just entertainment — it has become a powerful tool for self-expression, discovery, commerce, and cultural storytelling. From face Lenses to immersive AR try-ons, location-based experiences, and real-time utility, our advancements have continuously redefined how brands and communities interact. We’ve moved from playful filters to solutions that empower brands to drive business impact; we’ve enabled creators to build their own AR worlds; and helped communities connect through shared experiences.

In MENA, over 80 per cent of consumers express interest in using AR to interact with products before purchasing. By creating virtual shopping experiences like those in the Snap AR Ramadan Mall, advertisers can bridge the gap between online and offline activations, trade and marketing by bringing to life experiences that users can access from the comfort of their phones.

How do user behaviours and engagement patterns shift on Snapchat during Ramadan?

Ramadan is a time of reflection, unity, and togetherness, and as the number one platform for staying connected in the region, we see these values reflected in the way our community engages during the Holy Month. Last year, in Saudi Arabia alone, Snapchatters viewed over 10 billion Stories per day during Ramadan, underscoring the growing desire for authentic, shared experiences during this special time. Evenings, particularly after Iftar, see a spike in activity as users share moments, stay entertained, and connect with loved ones, both near and far. We know Snapchat is a key communication platform for GCC locals to stay connected with family members who are geographically distant, which is particularly important during Ramadan.

Over recent years we have also seen Snapchatters embracing healthier celebrations during Ramadan, with more users engaging in physical activities, from exercise to outdoor entertainment. Of course, shopping behaviours also peak, and decisions are more influenced than ever by close social circles, with friends and family playing a key role in shaping purchase choices. Whether for Iftar essentials or Eid celebrations, users are increasingly turning to Snapchat to stay connected and make informed shopping decisions, reflecting the heightened importance of community during this special time.

What are the key content trends among Snapchat users during this season?

During the season we see a noticeable shift toward more culturally relevant, emotionally engaging, and purpose-driven content. Themes of food, family, spirituality, and celebration take centre stage, as Snapchatters seek uplifting and culturally relevant storytelling. Iftar and Suhoor moments dominate conversations, with recipe content and food-related AR Lenses becoming a staple. Interestingly, we also see an increase in beauty-focused content, complementing the interest in entertainment and food as Snapchatters embrace the spirit of togetherness with more social gatherings.

When it comes to our large ecosystem of creators on the platform, we see comedy and lighthearted entertainment also grow in popularity, as users look for relatable, humour-driven content that captures the nuances of Ramadan routines. Moving closer to Eid, shopping content and product recommendations gain momentum, becoming an essential period for brands to engage with captive audiences in a meaningful way.

Which audience segments become more active on Snapchat, and how do their preferences evolve?

As mentioned, Snapchat’s engagement intensifies during Ramadan, and this is across all demographics — as we know even grandparents use Snapchat in the GCC. However, with 90 per cent of 13-34-year-olds in Saudi Arabia using Snapchat, Gen Z and Millennials are particularly active.

The digitally native audiences look for content that complements their Ramadan experience — whether it’s entertaining Stories, engaging AR experiences, or interactive shopping journeys.

What unique opportunities does Ramadan present for CPG brands on Snapchat?

When it comes to CPG brands, Ramadan offers a unique opportunity to deepen emotional connections with consumers, as categories including food, beverage, personal care, and beauty are at an all-time high after entertainment. But it’s not a time to launch new products, but rather a time to reinforce brand loyalty by aligning with the values of community, tradition, and celebration.

From the minute Snapchatters open the app, they are greeted by the camera, a space where brands can create immersive experiences and build real emotional connections through the likes of AR lenses. Staying connected with friends and family, Snapchatters are also keeping up with their favourite creators — and creators tell us that they love Snapchat because it’s a place where they can be authentic. Brands can tap into this trusted storytelling, working with creators to integrate their products and services naturally into conversations.

There are also a host of opportunities to strategically advertise on the platform around moments that mean the most to Snapchatters — whether it’s sharing Iftar with family or reflecting on personal growth. By strategically advertising around relevant content, brands can stay top-of-mind without feeling intrusive, making authentic connections that go beyond just selling, and Snapchat provides the ideal platform for this deeper engagement.

How can brands leverage Snapchat’s AR, Spotlight, and Stories to create engaging Ramadan campaigns?

Brands that succeed during Ramadan are those that understand the nuances of the season and tap into Snapchat’s full suite of communications to create immersive experiences. At a time that is heavily saturated with brand events, offers and launches, innovative tools must be integrated into brand strategies to stand out. We know that AR has the highest attention level of any other format in the media realm, which is why this year, we’ve redefined our offering for brands with the introduction of more AR experiences.

AR Lenses provide an unparalleled opportunity for brands to engage audiences in a fun and interactive way, whether it’s through try-on experiences, gamified storytelling, or themed lenses that celebrate the spirit of Ramadan.

In previous years, we’ve seen brands use AR to create things such as virtual Iftar gatherings and interactive Eid greeting cards. Spotlight is another powerful tool to use during Ramadan with snackable, creator-led content gaining traction, brands can collaborate with influencers to deliver engaging storytelling that feels native to the platform.

This year, a new experience has been introduced on Snapchat. HAZAR FAZAR will bring to life a series of branded lenses that are opened by riddles and showcase unique characters — merging tradition and innovation to spotlight stories deeply rooted in GCC culture.

By adopting a multi-format strategy that combines these elements, brands can seamlessly integrate into Ramadan traditions and make a lasting impact during the Holy Month.

PwC seeks to ‘mend relations’ with Saudi Arabia following suspension

Bloomberg News reported that executives at the PIF have been told to stop handing out consulting projects to PwC until February 2026

Reuters
Reuters

04 March, 2025

PwC seeks to ‘mend relations’ with Saudi Arabia following suspension

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PwC is working with Saudi Arabia and its sovereign wealth fund to mend relations with the kingdom, two people familiar with the matter told Reuters.

Saudi Arabia’s Public Investment Fund (PIF) and the kingdom as a whole are major clients for PwC, with over 2,600 of the consulting firm’s global workforce dedicated to projects in the country.

The kingdom has suspended activities between the $925bn fund’s holding company and PwC, while its portfolio companies can still engage the consultant, one of the people said.

Both spoke on condition of anonymity because the discussions are private.

PwC told its employees in a memo on Friday, that the situation with Saudi Arabia related to a “client” matter, and not a regulatory issue, one of the sources told Reuters.

The memo followed a Bloomberg News report that executives at PIF have been told to stop handing out consulting projects to PwC until February 2026.

A spokesperson for PwC in Dubai declined comment. PIF also declined comment.

Reuters could not establish how much business is at stake. PwC‘s Middle East activities generated $2.5bn of revenue in its last set of full-year accounts to 30 June 2024. It did not provide a breakdown for Saudi Arabia.

PwC selected Riyadh as its regional headquarters in 2023, a key requirement for consultants and businesses to be awarded work on the kingdom’s projects.

Gold prices surge again: Will the trend continue?

The US central bank held interest rates steady in its last meeting

Reuters
Reuters

04 March, 2025

Gold prices surge again: Will the trend continue?
Image credit: Getty Images

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Gold prices extended gains on Tuesday, driven by safe-haven demand as trade conflicts erupted after US President Donald Trump imposed new tariffs on top three trading partners of the world’s biggest economy.

Spot gold rose by 0.8 per cent to $2,917.61 an ounce by 0939 GMT, up for a second straight session. Bullion has gained 10 per cent so far this year and hit a record high of $2,956.15 on February 24.

Read-Gold price rises: Here’s what it means for traders

US gold futures rose by about 1 per cent to $2,928.90.

Trump’s new 25 per cent tariffs on imports from Mexico and Canada took effect at 0501 GMT. He also doubled duties on Chinese goods to 20 per cent. China hit back immediately with additional tariffs of 10-15 per cent on certain US imports from March 10 and a series of new export restrictions for designated US entities.

“With Trump 2.0 delivering exactly the chaos he promised in the US election, Western investors are joining emerging-market central banks in buying gold as an all-weather hedge,” said Adrian Ash, head of research at online marketplace BullionVault.

Traders now await the ADP employment report due on Wednesday and the US nonfarm payrolls report on Friday for clues on the Federal Reserve’s interest-rate trajectory.

“Any indication of a slowdown in the US economy would support calls for more Fed rate cuts and support the gold price. We continue to look gold to re-test the highs over the coming weeks,” UBS analyst Giovanni Staunovo said.

The US central bank held interest rates steady in its last meeting. It is expected to resume cutting rates in June and could reduce short-term borrowing costs again in September.

J.P.Morgan said it expects gold close to $3,000 an ounce by the fourth quarter of 2025.

Huawei Cloud unveils AI-native solutions at MWC 2025

Huawei Cloud’s growth outside China has been significant, with the company reporting a more than 50 per cent expansion in 2024.

Gulf Business
Gulf Business

04 March, 2025

Huawei Cloud unveils AI-native solutions at MWC 2025

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Huawei Cloud has unveiled a series of AI-native solutions at the Huawei Cloud Summit during MWC 2025, which is the world’s largest annual connectivity event hosted in Barcelona, Spain.

Speaking at the event, Jacqueline Shi, president of Huawei Cloud global marketing and sales service, outlined the company’s AI-first strategy.

“Huawei Cloud always puts AI as the company’s core strategy, and by transitioning from cloud-native to AI-native, Huawei Cloud leads the industry with non-stop innovation,” Shi said.

Huawei Cloud defines AI-native across two key areas. The first, ‘AI for Cloud’, focuses on embedding AI into all Huawei Cloud services to enhance intelligence. The second, ‘Cloud for AI’, aims to provide an advanced platform — including compute architecture, data, model tools, and professional services — to accelerate AI development.

AI reshaping industries

Shi emphasised that AI is not an exclusive game for companies with deep pockets and that AI models can be optimised through open-source innovation.

“AI is not a game of heavy costs. AI models can be optimised by leveraging the achievements from the open source community,” she explained.

She also stressed the increasing importance of high-quality data in making AI a reality.

Huawei Cloud’s growth outside China has been significant, with the company reporting a more than 50 per cent expansion in 2024.

“In 2024, Huawei Cloud experienced significant growth outside of the Chinese mainland, expanding by over 50 per cent,” Shi noted.

Jacqueline Shi, President of Huawei Cloud Global Marketing and Sales Service.

The company now works with over 140 telecom carriers and 500 financial institutions worldwide.

Industry-specific AI solutions

Huawei Cloud introduced several AI-driven solutions tailored for different industries:

  • Telecoms: A hybrid cloud solution to unify internal IT and B2B operations, plus a Cloud Device solution to enhance connectivity.
  • Government: The Pangu government model, aPaaS, and big data services support the transition from digital governance to smart governance.
  • Finance: Huawei Cloud’s Digital Core solution is designed to replace legacy mainframes and drive application modernisation.
  • Retail: AI tools provide real-time data insights, smart order predictions, and digital shop assistants.
  • Automotive: AI is powering intelligent IoV and autonomous driving, as well as improving R&D, manufacturing, and supply chains.

Advancing AI-native infrastructure

Huawei Cloud’s CTO Bruno Zhang highlighted the company’s shift towards AI-native infrastructure.

“In this AI era, the foundation of achieving AI-native lies in being cloud native,” Zhang stated.

“Over the past few years, Huawei Cloud has focused on assisting businesses in effectively going to, using, and managing cloud through cloud native means.”

Bruno Zhang, CTO of Huawei Cloud.

Zhang detailed the company’s next steps in AI development:

“Building upon this foundation, Huawei Cloud is now advancing towards the next stages: constructing AI-native infrastructure, such as CloudMatrix and AI Cloud Service; developing AI-native cloud services, including databases, knowledge lakes, and software development pipeline; and offering AI models and tools for customers and partners to better train and run their AI models.”

Customer success stories

Huawei Cloud’s solutions are already delivering tangible business benefits across industries.

For instance, Spanish travel tech company TravelgateX has leveraged Huawei Cloud to streamline operations.

“TravelgateX leveraged Huawei’s cloud native solution to accelerate program development, simplify deployment, and scale its infrastructure. This resulted in significant cost savings of 20 per cent and improved overall performance by 35 per cent,” said Iñaki Fuentes, COO of TravelgateX.

Meanwhile, Telkom Indonesia is working closely with Huawei Cloud on digital transformation.

“We have signed a strategic cooperation memorandum with Huawei on data centers, cloud services, digital technologies, and big data to transform into a digital carrier for a thriving digital ecosystem in Indonesia,” said Fajrin Rasyid, chief digital innovation officer of Telkom Indonesia.

Turkish e-commerce player Hepsiburada has also seen major improvements after migrating to Huawei Cloud.

“We have seen significant improvements after migrating our search service to Huawei Cloud, achieving a 50-fold increase in platform throughput, a 95 per cent reduction in service response time, and a 150 per cent boost in bandwidth usage,” said Mustafa Kemal Erișen, IT head of Hepsiburada.

Salik’s profits rise: Here’s how much it earned in 2024

The company’s Board of Directors proposed a dividend of Dhs619.8m, which is to be paid in the first half of 2025 (H1)

Nida Sohail
Nida Sohail

04 March, 2025

Salik’s profits rise: Here’s how much it earned in 2024
Image credit: Dubai Media Office/Website

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Dubai’s exclusive toll gate operator, Salik, has announced its financial results for the year ending December 31, 2024.

According to a WAM report, the total revenue for the entire year (2024) grew by 8.7 per cent year-on-year to reach Dhs2.3bn.

The toll operator’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the full year reached Dhs1.6bn, a 13.6 per cent year-on-year growth, a statement issued on March 4 said.

Read-2025 price hikes: Salik, parking, sewerage fees, insurance

The net profit before taxes came up to Dhs1,279.7m in fiscal year 2024, marking a strong 16.6 per cent year-on-year increase, while it generated net profit after taxes of Dhs1,164.5m, which is a 6.1 per cent year-on-year increase.

The company’s Board of Directors proposed a dividend of Dhs619.8m, which is to be paid in the first half of 2025 (H1). This is equivalent to 8.2645 fils per share and brings the total dividends for the fiscal year 2024 to Dhs1,164m, representing 100 per cent of fiscal year 2024’s net profit and a 6.1 per cent year-on-year increase compared to the fiscal year 2023.

In terms of operations, total revenue-generating trips recorded 498.1 million, rising by 8.0 per cent year-on-year at the back of the launch of the two new Salik gates.

“Salik has reported a very strong year, with healthy revenue growth and record profitability performance,” Mattar Al Tayer, chairman of the Board of Directors of Salik, stated.

Salik reached significant milestones by introducing two new toll gates during 2023 within the core tolling business and also established multiple partnerships. The partnerships support the company’s ambition to become a global leader in providing sustainable and smart mobility solutions,” he added.

“We are optimistic about the positive trends in Dubai’s economy, which align with and support our growth and vision. We are pleased to revise our guidance for FY25 upwards, projecting revenue growth of 28-29 per cent compared to fiscal year 2024,” Ibrahim Sultan Al Haddad, CEO of Salik, stated, reflecting Al Tayer’s optimism.

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