Long ignored, female entrepreneurs are key players in the region's financial future

In the wake of recent events in the Middle East and North Africa, the need for jobs cannot be overemphasized.

Entrepreneurship is vital to job creation and economic development and given the appropriate support, entrepreneurs can drive the region's fiscal recovery.

But the economy will not reach its full potential unless women business owners are a major part of this process.

They are increasingly becoming recognized for running innovative businesses, generating employment and contributing to their local economies.

So then why has this region ignored the potential latent in its women business owners?

Globally, female participation as entrepreneurs and employees is critical to economic development, with women-owned firms representing over 38 percent of registered small businesses worldwide.

A United Nations report concluded that economic development is closely related to the advancement of women. In nations where women have advanced, economic growth has usually been steady. By contrast, in countries where women have been restricted, the economy is stagnant.

The share of women entrepreneurs in the Middle East and North Africa (MENA) is 18 percent, among the lowest in the world.

Despite this, female business owners in the region have shown they have the potential for growth, the ability to generate employment and the skills to contribute to economic development.