Saudi women turn their attention to the stock market
2018 continues to be a historic year for Saudi women.
Not only have they been granted the right to drive in the Kingdom, but they are also carving a path for themselves in the Saudi bourse.
New data has surfaced showing record-breaking numbers coming from the Saudi Tadawul Stock Exchange. Is this a new avenue Saudi women are proving themselves in?
Female Saudi investors exceed 1 million
The Saudi Capital Market Authority (CMA) has revealed that the number of women investing in the Saudi stock market reached more than one million by the end of the third quarter of this year, Zawya reported.
According to the CMA data, 1.003 million Saudi women were recorded at the end of the quarter as having portfolios in the Saudi bourse, the largest financial market in the Middle East. This is the highest level recorded in three years, according to the latest Arabic report released by the CMA.
According to the Reuters subsidiary, “The total number of investors in the stock market was 4.72 million by the end of the third quarter of 2018, bringing the total number of all investors whose portfolios contain some investment in the Saudi stock market to 9.75 million by the end of the same quarter, [the CMA report] said.”
The report revealed that the number of women investing in the stock market rose by 17,860 at the end of third quarter of 2018, up from 985,500 from the end of the same quarter of 2017. The figures showed that 13,400 female investors had been added since the end of the second quarter this year, when the number stood at 989,900.
Last year, the Saudi stock market appointed its first female chairperson, Sarah Al-Suhaimi, who became the first woman to chair a major government financial institution in Saudi Arabia, Zawya explained.
The plan for Saudi women to play a larger role in the on goings of their country is part of Crown Prince Mohammad bin Salman’s brainchild, Saudi Vision 2030, which has seen major reforms sweep the Kingdom in an effort to diversify its economy away from oil.