Women now occupy 15.8 per cent of board positions across 73 publicly listed financial services companies in the UAE, according to a new report by Grant Thornton UAE and Heriot-Watt University Dubai.
The report, titled Discovery Series 2025: Women Transforming Financial Services, examines gender representation across the UAE’s financial industry, including banks, investment firms, insurers, and fintech companies.
It found that women’s participation at the board level in the financial sector slightly exceeds the UAE’s overall average of 14.8 per cent across all sectors, as reported in the 2025 GCC Board Gender Index.
Despite this progress, the research revealed that eight of the 73 companies have no female board members, and women remain underrepresented in key leadership roles. Only 6 per cent of companies have a female Chief Risk Officer (CRO), and 10 per cent have a female Head of Internal Audit (HIA).
Professor Dame Heather McGregor, Provost and Vice Principal of Heriot-Watt University Dubai, said the report provides “a clear, evidence-based picture of gender representation at senior levels in the UAE financial sector.” She added: “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.”
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. 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.”
Emma Smalls, UAE Head of Business Risk Private Bank at HSBC Middle East, noted that while progress is evident, continued focus is needed. “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,” she said.
The report analysed data from 539 board members across the Abu Dhabi Securities Exchange (ADX), Dubai Financial Market (DFM), and Nasdaq Dubai. It emphasises the growing role of women in strengthening corporate governance, risk management, and sustainable growth in one of the UAE’s most influential non-oil sectors.
