[Edaily Marketin Soyoung Park Reporter] The global investment banking (IB) industry is turning its attention to the Middle East, home to a host of the world’s largest sovereign wealth funds. “Oil Drive” is a series covering news from the Middle Eastern investment market. It covers stories of global investment firms diving into “oil money” as well as news from the region as it seeks to move away from oil dependence and focus on investments based on new technologies. It also reports on South Korean companies attracting investment from Middle Eastern capital. [Editor’s Note]

The United Arab Emirates (UAE) appears to be making the cultivation of female entrepreneurs and business leaders a key pillar of its economic growth. It is encouraging women to take on the challenge of starting businesses and entering the business world. At the same time, it is establishing a framework that allows women to play an expanding role not only in the beauty and healthcare sectors but also in high-tech industries.

The growing trend of female entrepreneurs and business leaders in the UAE is closely linked to the country’s “economic diversification” policy. As non-oil industries expand, the economic sectors in which women are active are broadening to include a variety of industries. Local governments are also supporting women’s startups and business expansion through funding and development programs. Against this backdrop, local female entrepreneurs see opportunities to build new partnerships with South Korean companies.

Expanding Support for Women Entrepreneurs in Line with Economic Diversification

According to the global investment banking (IB) industry on the 31st, as the UAE accelerates its economic diversification policies, funding and incubation programs targeting female entrepreneurs are on the rise. For example, the cumulative funding provided by the Khalifa Fund for Enterprise Development (KFED) to Emirati female entrepreneurs exceeded 200 million dirhams (approximately 74.6 billion won) as of last year.

The Emirate of Sharjah also operates a separate incubation program for female entrepreneurs. Sheraa, Sharjah’s startup support agency, launched the “Sharjah Women’s Impact Fellowship (SWIF)” last year. The program selects 12 female entrepreneurs active in the UAE and provides support for business development, mentoring, and access to networks of investors, government agencies, and corporations. In addition, non-dilutive grants totaling 500,000 dirhams (approximately 186.53 million won) have been made available.

Halima Humayd Al Owais, Chair of the Sharjah Advisory Board and Director of the Sharjah Chamber of Commerce and Industry, stated, “Sharjah has not only invested in institutions but also in people—including women, entrepreneurs, and educators.”

Female entrepreneurs in the UAE cited low barriers to entry and support at the government and local levels as key factors behind the boom in women-led startups. Maisum Al Shamsi, founder of Rawa Wellness, explained that she currently runs her business from home. “It’s easy to do business in terms of cost and convenience, and everything is digitized,” she said.

Financial support is also a factor that reduces the burden of early-stage startups. Instead of taking out a bank loan, she participated in various startup competitions held in the UAE and secured an “equity-free grant,” which does not require giving up equity. In addition, through the local startup ecosystem, she gained opportunities to secure a presence in major retail facilities, connect with government agencies and embassies, and participate in overseas delegations.

“Korean Companies Must Develop Strategies Targeting Emiratis”

On the 28th

,

the UAE Embassy in South Korea

,

in collaboration with the Sharjah Chamber of Commerce and Industry, hosted a commemorative event for “Emirati Women’s Day” at the Dongdaemun Design Plaza (DDP) in Seoul. The event was attended by female UAE entrepreneurs and business leaders, as well as representatives from the Sharjah Advisory Council. During the event, the Emirati women shared insights on economic activities, the startup environment, and opportunities for collaboration with Korean companies.

The Emirati female entrepreneurs also expressed a strong interest in expanding their connections with Korean companies. They showed particular interest in the beauty and wellness sectors.

Rawa Wellness is a brand that utilizes date seed oil. Founder Maisum Al Shamsi said, “During this visit to Korea, I took note of how Korean companies transform traditional ingredients into modern products.” A prime example is rice water. She explained that she was impressed by how Korean companies develop rice water into new formulations and products, combine them with modern packaging, and market them to global consumers.

In addition, local officials advised that Korean companies should not approach the UAE by simply lumping it together as a single “Middle Eastern market.” This means a localization strategy is needed that meticulously understands the language, culture, and communities embraced by local consumers.

Maitah Al Ansari, founder of LocalLure, noted, “Rather than relying solely on well-known global marketing firms, it’s necessary to collaborate with local experts who directly understand Emirati consumers.” She added, “In fact, there was a case where orders increased significantly after we replaced generic Arabic expressions in promotional materials with ones familiar to Emirati consumers and shared them with the local community.”

She went on to emphasize, “People think they need to find the most famous influencers or the top agencies, but locals want authenticity,” adding, “They want to feel that the product or service was created specifically for them.”