Access to funding continues to be a significant challenge for women entrepreneurs in the UAE, as highlighted by a recent study. According to Visa’s Women SMB Digitalization Index, over half (57 per cent) of women-owned businesses in the UAE rely on personal finances to operate, while 43 per cent turn to family and friends for financial support.

The index also underscores advancements made by women entrepreneurs in utilizing digital payment methods and artificial intelligence to improve various business functions. This announcement coincided with the Marketplace for Good event, a collaboration between Visa and Meta, which took place at Visa’s regional headquarters in Dubai.

The survey found that more than half of the respondents in the UAE have become more adept at accepting digital payments both in-store and online, with 55 per cent reporting increased confidence since last year. Despite the challenges, many women entrepreneurs continue to depend on personal savings (41 per cent) and reinvested profits (37 per cent) to fund their businesses.

Furthermore, the survey revealed that 67 per cent of women-owned businesses actively use social media accounts, while 43 per cent maintain websites to sell their products and services online. In an effort to secure their digital transactions, 59 per cent prioritize employee awareness and training, and 51 per cent emphasize advanced security measures.

As they look to the future, nearly four in ten women entrepreneurs plan to allocate additional funds for developing new products or services and expanding into new markets. The study indicates that women in the UAE are embracing digital innovations to improve efficiency, security, and customer experience.

Significantly, over 70 per cent of respondents acknowledge AI’s impact on their businesses, applying it in HR functions (71 per cent), sales and marketing (68 per cent), and data analysis (68 per cent). Furthermore, more than half of those surveyed (57 per cent) reported an improved payment experience due to AI, noting increased accuracy in transactions and reconciliations, as well as faster approvals (50 per cent).

Growth and skill development are key priorities for women entrepreneurs, with 51 per cent aiming to expand into new markets or industries. Additionally, 46 per cent are looking to broaden their product range. Many women expressed interest in enhancing their knowledge about payment security and eCommerce setup (38 per cent), financial management (30 per cent), and business fundraising (28 per cent).

Salima Gutieva, vice-president and country manager for UAE at Visa, remarked that their partnership with Meta for the Marketplace for Good event illustrates a commitment to supporting women-owned businesses and fostering innovation. She believes that these platforms can help women entrepreneurs thrive and positively impact their communities.

Moon Baz, director of global partnerships for Meta in the Middle East, Africa, and Turkey, expressed excitement about the collaboration with Visa. He emphasized that the event aligns with their mission to support small businesses and creators, creating opportunities for women-owned businesses to succeed in the digital economy.