Over the past few years, Saudi women have made remarkable strides in the financial and banking sectors, assuming top positions in many reputable institutions.
Under the transformative Vision 2030, the Kingdom plans to increase women’s share in the workforce from 22% to 30%. As a result, many restrictions were lift and more opportunities have been provided, paving the way for women empowerment. Saudi women have been able to hone their skills, increase their participation in the workforce, and ascend to powerful positions.
Empowering Women in Banking
Saudi Arabia has undertaken several initiatives and implemented policies to increase the participation of women in the banking sector. These initiatives aim to promote inclusivity and gender diversity in the sector. Hence, Saudi women have ascended to top positions in banking and financial institutions.
Moreover, the Saudi Central Bank has encouraged the employment of women. To this end, several banks in the Kingdom introduced initiatives and programs that support women employees, enhance their skills, and provide mentorship. These programs also aim to create a productive and favorable work environment for women.
Women in Financial Sector
Women have been increasingly participating in the financial sector, as business owners and entrepreneurs. Under Vision 2030 economic diversification plans, the Saudi government has encouraged entrepreneurship. Hence, it introduced regulations and programs to facilitate women’s participation in the business. As a result, Saudi women now own many startups, especially in the fields of technology, e-commerce and education.
Furthermore, Saudi Arabia has experienced a significant increase in entrepreneurship centers and events that provide training and guidance to female entrepreneurs. This has led to a thrive in women-owned businesses.
Increased Participation
Saudi women participation in the banking sector has surged significantly in recent years. In 2021, Saudi banks reported a substantial rise in the number of female employees. According to the Saudi Gazette, Riyadh Bank recorded the highest percentage of women employees at 27.3%, followed by the Gulf International Bank with 27%.
Meanwhile, the Saudi Investment Bank recorded 23.7%, followed by the Arab National Bank with 21.6%, the Saudi British Bank with 21% and Banque Saudi Fransi with 19%.
Women in Key Positions
Under Vision 2030, Saudi women participation in the labor market has witnessed a significant increase due to the leadership training and guidance initiative for women cadres. The number of Saudi women who hold key positions has surged to 1,707, exceeding the Vision 2030 target of 1,000 women in key positions.
Moreover, the rate of women economic participation more than doubled in 2023, climbing from 17% to 35.5%. During the same period, the percentage of women in middle and senior administrative positions increased from 28.6% to 43.8%.
Training Initiatives and Programs
The notable surge in women participation in the banking and financial sectors is a result of the Saudi government efforts to empower youth, with a special focus on women. These efforts are led by the Saudi Ministry of Human Resources and Social Development (HRSD).
One of the most influential programs is the Skills Accelerator Program, which covers many sectors including the financial sector. The program targets 162,000 private sector employees with the aim of developing high-level skills and enhancing productivity.
In addition, the Saudi Ministry of Communications and Information Technology (MCIT) has recently launched the “Women Leaders in Digital Economy” program, in partnership with the HEC Paris Business School. The program, set to take place in Paris on October 21-25, 2024, aims to empower women, develop their leadership skills, and promote their leadership performance in digital economy.
Saudi Female Pioneers
Owing to the Kingdom’s unwavering support for initiatives and programs that aim to increase female participation in the labor force, several Saudi women have managed to hold leadership roles in the financial and banking sectors.
Rania Mahmoud Nashar, one of the most influential Saudi women in the financial sector, has been recently appointed as the head of compliance and governance at the Saudi Public Investment Fund (PIF).
Nashar has more than two decades of experience in the banking sector, assuming several senior positions in prestigious financial institutions. She was formerly the chief executive of Samba Financial Group, making her the first Saudi woman to become the CEO of a listed company.
Another leading example is Lubna Olayan, the first Saudi woman to run a bank and chair a business council. Olayan is a prominent leader in the finance industry. She became the chairwoman of the Saudi British Bank in 2019, and the President of the Saudi-Swedish Business Council in 2021.
Moreover, Sheila Al-Rowaily, who worked as a financer with Aramco, has become the first woman to join the board of directors of the Saudi Central Bank (SAMA) in 2022. Another accomplishment in the financial sector goes to Sarah al-Suhaimi, who has become the first woman to head the Saudi Stock Exchange (Tadawul) in 2017.
