A groundbreaking report titled ‘Discovery Series 2025: Women transforming financial services,’ jointly published by Heriot-Watt University and Grant Thornton, has shed light on the representation of women in senior leadership roles within the UAE’s financial services sector. The report, which serves as an evidence-based benchmark, highlights that women currently chair 15.8% of board positions across 73 listed financial companies in the UAE. This figure surpasses the UAE-wide average of 14.8% across all sectors, as per the 2025 GCC Board Gender Index, indicating that the financial sector is slightly ahead in advancing women’s representation at the board level.
The report underscores the critical contributions of women in key roles such as board directors, Chief Risk Officers (CROs), and Heads of Internal Audit (HIAs) across banks, investment firms, insurance companies, and fintech enterprises. These roles are pivotal in safeguarding the integrity of the financial sector and enabling sustainable growth, particularly as the UAE continues to diversify its economy and reduce its reliance on oil. In 2024, the UAE’s economy grew by 4% to Dh1.77 trillion, with the non-oil sector accounting for over three-quarters of the GDP. The financial industry alone contributed approximately 13.2% to the economy.
Despite these advancements, the report reveals significant gaps in gender representation. Eight of the 73 companies studied have no women on their boards, and only three out of 49 companies have a female CRO. Similarly, just six out of 60 companies have a female HIA, highlighting the need for proactive measures to enhance gender balance in leadership roles.
Hisham Farouk, CEO of Grant Thornton UAE, emphasized the importance of intentional progress in building a world-class, innovation-led economy. He noted that the Discovery Series serves as a benchmark to help industry, regulators, and boards track progress and actively close the leadership representation gap. Emma Smalls, UAE Head of Business Risk Private Bank at HSBC Middle East, echoed this sentiment, calling for continued focus on inclusive leadership to accelerate the journey toward diverse and resilient governance.
Professor Dame Heather McGregor, Provost and Vice-Principal of Heriot-Watt University Dubai, stated that the report aims to provide a clear, evidence-based picture of gender representation at senior levels in the UAE financial sector. She emphasized the financial industry’s responsibility to champion gender equity, given its progressive nature and significant role in the UAE’s economic transformation.
The 2025 Discovery Series, which can be accessed online, combines quantitative data and qualitative narratives to offer sector-specific insights into how women are shaping governance, risk, and reform from within. Through this initiative, Grant Thornton and Heriot-Watt University hope to inspire further action and accelerate the journey toward truly diverse and resilient governance in the UAE’s financial services sector.