Defying social norms and expectation, a Moroccan economic expert and entrepreneur has left her mark in the world of business and entrepreneurship, blazing trail for women worldwide. She turned her social media network into a hub to empower women and young entrepreneurs.
Moroccan-born Oumnia Boualam is managing director and co-founder of Brussels Global Review, a firm that gives incisive insights in sustainable development in Europe, Africa and the Middle East.
In an interview with the Egyptian Mail, Boualam highlighted her work with European Union institutions that have projects in Africa and the Middle East. She also talked about besides her efforts to help young entrepreneurs acquire digital and communication skills.
“Before that, I was a business economist in Egypt, Ivory Coast and Nigeria. I also worked in Asia and in Latin America for almost ten years,” Boualam said.
“In view of the current geopolitical changes and their economic ramifications, it will be very hard to raise funds and venture capital for startups, Boualam added, noting that investors are still interested in creative ideas such as mobility apps and fintech.”
“I don’t think that startups with strong business models and customer base will be affected by this recession, because they are taking advantage of digital transformation. In the meantime, a lot of people are frustrated by the corporate world,” she said.
Boualam believes that Egypt is a model in building an eco-system for entrepreneurs since the start of changes in financial technology regulation. The central banks have worked hard to create a favourable environment for fintech companies.
“There are a lot of government programmes to help young entrepreneurs. Now there has to be new financing, which will still be the biggest challenge if we don’t finance ourselves, our entrepreneurs. Otherwise, we cannot expect to build a real entrepreneurship eco-system,” Boualam explained.
As for female entrepreneurs, Boualam strongly believes that women can acquire confidence and elevate their skills and prove to themselves that they have what it takes to become successful.
“The main challenge facing women is that they are not taken seriously. Women are always good in positions where they are not the decision makers. However, it is much harder to prove yourself as a woman in a male-dominated society in the Middle East and even in Europe,” Boualam explained.
“I want to help create a community where women can feel confident.
Lack of confidence stops women from starting up their own businesses. They have the skills. They have the knowledge. But they don’t have the confidence.”
Women in the region are inclined to starting businesses in female niches such as beauty, fashion or food.
“They rarely go for finance or technology, which they think are exclusive to males. There is a need to educate women in these domains,” Boualam said.
On EU-Middle East co-operation, Boualam said the European Union is the largest trade partner for North Africa and for many African countries.
“The European Union wants to ensure that Africa as a whole develops economic and political stability because the EU is Africa’s biggest customer.
“Therefore, it is in the interest of the EU to invest in the continent by creating projects in renewable energy and industry.”
Boualam spoke of Egypt’s great potential in digital transformation as it has huge pool of highly qualified engineers.
“So I believe that Egypt could become an IT hub for services, business, outsourcing for the EU and the rest of the world,” Boualam said.
Tourism is another promising area for co-operation with EU.
“Europeans are now going for sustainable tourism, where destinations are eco-friendly.
“Siwa, Luxor and Aswan are under-explored destinations, which have the potential to increase tourist arrivals ten or fifteen times,” she said.
