Heriot-Watt University and Grant Thornton have published a detailed report on the representation of women in senior leadership roles across the UAE’s financial services sector. Entitled Discovery Series 2025: Women transforming financial services, the report serves as a vital, evidence-based benchmark for gender representation within one of the UAE’s most influential economic sectors. As the second edition of The Discovery Series, it builds on the momentum of the 2024 publication by deepening the analysis, expanding the scope of data and reinforcing the critical contributions women are making at board and senior leadership levels.
Women in Leadership and Governance
The report highlights the contributions of senior female leaders across UAE banks, investment firms, insurance institutions and fintech companies, including board directors, Chief Risk Officers and Heads of Internal Audit. As the UAE continues to build a diversified and resilient economy with reduced reliance on oil, the financial services sector remains essential to driving non-oil Gross Domestic Product and strengthening governance.
In 2024, the UAE’s economy grew by 4 per cent to AED 1.77 trillion, with the non-oil sector accounting for more than three quarters of the GDP. Among the drivers of this growth is the financial industry, which contributed around 13.2 per cent to the national economy. Within the sector, risk and control functions led by Chief Risk Officers and Heads of Internal Audit play a central role in safeguarding integrity, strengthening governance and enabling sustainable growth. Women’s participation in these functions enhances organisational resilience and supports the national agenda for a balanced, transparent and well regulated financial system.
The Discovery Series 2025 report highlights both the representation of women in these pivotal roles and the opportunity to accelerate women’s leadership in risk, audit and control functions, reinforcing the UAE’s long-term economic transformation.
Analysis Across UAE Financial Markets
The report was led by Professor Dame Heather McGregor, Provost and Vice Principal of Heriot-Watt University Dubai. It includes a comprehensive analysis of board and leadership data from the 2025 financial year across 73 publicly listed financial companies in the UAE. The study captures data from 539 board members across the country’s three principal stock exchanges: Abu Dhabi Securities Exchange, Dubai Financial Market and Nasdaq Dubai.
Key Findings
- As of 1 September 2025, a total of 539 board members were identified by name and gender.
- Of the 539 listed board positions in the financial services sector, 85 positions, equal to 15.8 per cent, are held by women. This exceeds the UAE-wide average of 14.8 per cent across all sectors according to the 2025 GCC Board Gender Index, showing that the financial sector is slightly ahead in advancing women’s representation at board level.
- Eight companies, equivalent to around 11 per cent of the 73 reviewed, have no women on their boards, demonstrating that progress remains uneven.
- Out of 49 identified companies, only three organisations, around 6 per cent, have a female Chief Risk Officer, highlighting a significant gap in representation across the risk function.
- Of the 60 companies where a Head of Internal Audit was identified, six organisations, equal to 10 per cent, have a female HIA, underscoring the need to strengthen gender balance across control functions.
Industry Voices on Representation and Reform
Commenting on the publication of the Discovery Series, Hisham Farouk, CEO of Grant Thornton UAE said,
“The UAE’s story is one of intentional progress – building a world class, innovation led economy with finance at its core. From capital markets and Islamic finance to a fast maturing fintech ecosystem and robust digital infrastructure, the financial sector is powering diversification, attracting global investment and creating skilled jobs. Yet true leadership is measured not only by growth, but by the prosperity of its people.”
“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 added.
Emma Smalls, UAE Head of Business Risk Private Bank at HSBC Middle East, said,
“The Discovery Series 2025 highlights both the progress and the opportunities that lie ahead for gender-balanced leadership in the UAE’s financial services sector. While we celebrate the growing representation of women on boards and in senior roles, this report also showcases the need for continued focus on inclusive leadership across the ecosystem. By shining a light on organisations and individuals leading the way, we hope to inspire further action and accelerate the journey toward truly diverse and resilient governance.”
Professor Dame Heather McGregor, Provost and Vice Principal of Heriot-Watt University Dubai, said,
“Our intention in publishing the 2025 Discovery Series: Women transforming financial services was to provide a clear, evidence-based picture of gender representation at senior levels in the UAE financial sector. In partnership with Grant Thornton UAE, we aim to shed light on how women are shaping governance, risk, and reform from within, and to identify the organisations setting the benchmark for inclusive leadership. As one of the most progressive sectors in the UAE, the financial industry has a significant responsibility to champion gender equity.”
“The findings aim to bring clarity, transparency and evidence-based visibility to a topic where strong sentiment exists, but accurate data is often lacking. The Chief Risk Officers and Heads of Internal Audit are an essential part of any financial organisation, and this study provides facts to inform action and change”, she added.
A Platform for Change
The 2025 Discovery Series: Women transforming financial services can be accessed below. Through this ongoing research initiative, Grant Thornton and Heriot-Watt University aim to examine gender representation at senior levels within the sector, capturing both quantitative data and qualitative insights. The series highlights how women are shaping governance, risk and reform from within financial organisations, while elevating the conversation around sector-specific inclusion.
To find out more about Heriot-Watt University Dubai,
Further Reading:
- Inside the New James Watt Building at Heriot-Watt University Dubai with Vanessa Northway -An Education UAE Interview
- Heriot-Watt University Dubai Granted Accreditation for All Undergraduate and Postgraduate Programmes by the UAE’s Ministry of Higher Education and Scientific Research
- Heriot Watt University Dubai Showcases Trailblazing Student Designs at The Degree Show 2025