The UAE financial sector sees 15.8% of board roles held by women, according to the comprehensive 2025 Discovery Series report published by Heriot-Watt University Dubai in partnership with Grant Thornton UAE. This detailed report highlights the growing influence and leadership contributions of women across banks, investment firms, insurance, and fintech companies within one of the UAE’s most pivotal economic sectors. It also sets a benchmark for gender representation amidst ongoing efforts to promote diversity and inclusion at the highest levels of governance.
The financial services sector in the UAE continues to play a critical role, contributing approximately 13.2% to the national GDP and driving economic diversification away from oil dependence. In 2024, the UAE economy grew by 4% to reach a Dh1.77 trillion value, underscoring the importance of resilient, well-governed financial institutions to the country’s overall growth strategy. Women leaders in board and senior executive roles are increasingly recognized as vital to sustaining this momentum through governance excellence and innovation.
Women’s leadership in risk and control functions
The report’s focus on risk and control functions highlights key leadership roles such as Chief Risk Officers (CRO) and Heads of Internal Audit (HIA), whose work is essential to safeguarding the sector’s integrity and fostering sustainable growth. Despite progress, only around 6% of companies have a female CRO, and about 10% have a female Head of Internal Audit, revealing areas where gender balance remains limited and further proactive measures are needed.
These roles are especially crucial in maintaining the sector’s transparency, robustness, and ability to adapt to regulatory challenges and emerging risks. As such, increasing female representation in these positions aligns with the UAE’s broader agenda to build a balanced, well-regulated financial system driven by inclusive leadership.
UAE Financial Sector: Key findings and sector-wide insights
The 2025 Discovery Series analysed data from 73 publicly listed financial sector companies across the Abu Dhabi Securities Exchange (ADX), Dubai Financial Market (DFM), and Nasdaq Dubai, covering a total of 539 board members. Among them, 85 board positions (15.8%) are held by women, positioning the financial sector slightly ahead of the UAE-wide average of 14.8% female board representation.
However, the report also found that eight companies (11%) have no women represented on their boards, highlighting disparities that still exist across the sector. This uneven gender representation underscores the need for continued efforts to promote diversity and inclusion at the highest company levels.
Leadership insights and sector perspectives
Hisham Farouk, CEO of Grant Thornton UAE, underscored that the UAE’s economic story is one of intentional progress towards a world-class, innovation-led economy with finance at its core. He emphasized that leadership is measured not only by economic growth but also by prosperity shared by all people, highlighting the importance of closing the leadership gender gap.
Emma Smalls, UAE Head of Business Risk Private Bank at HSBC Middle East, noted that the 2025 Discovery Series shines a light on both the notable progress made and the opportunities ahead to achieve truly gender-balanced leadership in the UAE financial services sector. She called for continued emphasis on inclusive leadership to foster diverse and resilient governance ecosystems across the industry.
Professor Dame Heather McGregor, Provost and Vice Principal at Heriot-Watt University Dubai, reiterated that the study aims to provide transparent, evidence-based visibility into gender representation in senior roles. She stressed the financial sector’s responsibility to champion gender equity and reinforce inclusive governance as a driver of sustainable economic transformation.
Benchmarking progress and future actions
The Discovery Series serves as an important benchmark for industry, regulators, and boards to track and accelerate women’s leadership representation. The collected data and insights provide a foundation for informed action and greater accountability towards closing gender gaps, especially in critical risk and control roles within financial organizations.
This report highlights the essential role women play in shaping governance, risk management, and reform from within, reinforcing the sector’s position as one of the most progressive contributors to gender equity in the UAE.
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