Heriot-Watt University and Grant Thornton have published a detailed report on the representation of women on senior leadership positions within the UAE’s financial services sector.
Titled “Discovery Series, 2025 Edition: Women Transforming Financial Services,” the report stands as an evidence-based benchmark for gender representation in one of the UAE’s most influential economic sectors.
Discovery Series, 2025 Edition: Women Transforming Financial Services
The current report represents the second edition of the Discovery Series. It has further deepened the analysis, expanded the scope of the data, and spotlighted women’s contributions to boards and senior leadership roles.
The report tackles the contributions of women leaders in UAE banks, investment firms, insurance companies, as well as fintech companies, including board members, chief risk officers, and chief internal auditors.
Emirati Financial Services Sector
The Emirati financial services sector is an integral part of the UAE’s bold vision to diversify its economy, cut oil dependency, foster non-oil GDP and boost governance.
In 2024, the UAE economy increased by 4% to AED 1.77 trillion as the non-oil sector accounted for over three-quarters of GDP.
This remarkable growth was driven by the financial sector, which contributed nearly 13.2% to the economy.
Interestingly, risk and control functions, led by chief risk officers and chief internal auditors, are highly crucial for ensuring the integrity and sustainable growth of the financial sector.
Moreover, women’s participation in these key areas not only enhances regulatory resilience but also supports the national agenda for a balanced, transparent, and well-regulated financial system.
2025 Edition
The 2025 report offers deep glimpses into the representation of women in these pivotal roles and highlights the opportunity to further support and accelerate women’s leadership in risk, audit, and control functions. This empowerment will effectively influence the long-term economic transformation of the United Arab Emirates.
Led by Professor Heather MacGregor, Provost and Vice Principal of Heriot-Watt University Dubai, the report features significant research analyzing board and leadership data for the fiscal year 2025 across 73 companies listed in the UAE’s financial sector.
Furthermore, the report collected data on 539 board members across three major UAE stock exchanges:
- The Abu Dhabi Securities Exchange (ADX)
- The Dubai Financial Market (DFM)
- Nasdaq Dubai
Key Findings
Here are the key findings of the report:
- As of September 1, 2025, 539 board members has been identified by name and gender.
- Of the 539 board positions listed in the financial services sector, women secured 85 (15.8%).
This remarkable increase surpasses the UAE average of 14.8% across all sectors, according to the 2025 GCC Board Gender Index.
The growth also indicates that the financial sector is witnessing slight improvement in promoting female representation on boards.
- Eight companies (approximately 11%) out of 73 have no women on their boards, a proof that although the sector is making bold strides, gender representation remains unequal.
- Of the 49 companies identified, only three (approximately 6%) have a woman as Chief Risk Officer, showing the significant gender gap in leadership positions within risk management and the need for more effective and accountable measures to further enhance this representation.
- Of the 60 companies whose heads of internal audit were identified, only six (10%) women secure that role, underscoring the need to boost gender balance within oversight functions.
Strong Partnership
Commenting on the report, Hisham Farouk, CEO of Grant Thornton UAE, said that the UAE is generally known for systematic progress and advanced approach to build a world-class, innovation-driven, and finance-focused economy.
“From capital markets and Islamic finance to a rapidly evolving fintech ecosystem and advanced digital infrastructure, the financial sector supports economic diversification, captures global investment, and offers high-skilled jobs. However, the true essence of leadership is not measured by growth alone, but also by the well-being of individuals,” Farouk said.
The CEO also clarified that the Discovery Series is a benchmark designed to help industry, regulators and boards track progress and actively close the leadership representation gap.
“We are thrilled to partner with Heriot-Watt University Dubai on this report, which highlights both the progress made and the work still ahead to ensure women have equal opportunity to lead,” he said.
Future of Women Representation
Meanwhile, Professor Dame Heather MacGregor, Dean and Vice Principal of Heriot-Watt University Dubai, said that the 2025 Discovery Series: Women Transforming Financial Services seeks to provide a clear and evidence-based picture of gender representation in senior positions within the UAE’s financial sector.
“In partnership with Grant Thornton UAE, we aim to shed light on how women are shaping governance, risk, and reform from within,” MacGregor added.
She also noted that the findings of the report basically seek to bring clarity, transparency and evidence-based visibility to a topic where strong sentiment exists, but accurate data is often lacking. Therefore, the report provides vital data that can greatly guide development and change processes.
Emma Smalls, Head of Risk Management at HSBC Middle East in the UAE, said that the 2025 Discoveries Series report showcases the progress and the opportunities available to foster gender balance in leadership positions within the country’s financial services sector.
“By highlighting the institutions and individuals who are driving this change, we hope to encourage further efforts and accelerate the path towards more diverse and resilient governance,” Smalls added.
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