Image: Grant Thornton UAE
Each year, our Discovery Series gives us space to reflect on the people who serve in critical but unsung roles in the UAE economy. This year, we felt a mix of pride and concern.
Pride in the women who continue to step forward in the financial services sector, a sector that is central to the country’s economic ambitions. However, a concern is that, in the roles that protect organisations from risk and uphold integrity, women are still not represented in the way the UAE deserves.
Women leaders on boards
The study covered 73 listed financial institutions. Women now hold 15.8 per cent of listed board seats in those institutions, which signals real progress and is a greater proportion than the country as a whole (14 per cent). However, eight companies still have no female board members at all, and the picture changes even more sharply when we look at the specialist roles that act as a safeguard against instability. Only three identified chief risk officers are women, and only six women serve as heads of internal audit. These functions are critical to how institutions maintain clarity under pressure and respond to uncertainty.
The financial services industry is a cornerstone of the UAE’s economic diversification strategy. Contributing over 13 per cent to GDP, it underpins the nation’s shift from oil dependency towards a knowledge-driven economy. Anchored by hubs like DIFC and ADGM, the sector attracts global investment, fosters fintech innovation, and strengthens governance. Its role extends beyond banking to include insurance, asset management, and Islamic finance, supporting SMEs and sustainable growth. By enabling capital flows and risk management, financial services drive resilience and competitiveness, positioning the UAE as a leading regional hub and advancing national visions such as “We the UAE 2031” and Centennial 2071.
Given the sector’s criticality to the UAE, these gaps matter even more. Emiratisation targets require banks to reach 45 per cent Emirati representation and insurers 30 per cent by the end of next year. At present, less than 10 per cent of critical specialist roles have traditionally been held by UAE nationals. The opportunity is clear. Seventy per cent of UAE nationals in the private sector are women, indicating the country already has a strong, capable talent base to support these functions.
Progress does not happen by chance
During our interviews with senior women across banks, insurers and investment firms, we heard stories of determination, encouragement and responsibility. Many spoke about leaders who had given them confidence, and about the pride they feel when they can open doors for the next generation. Their reflections made one thing clear. Progress does not happen by chance. It happens when someone is willing to trust a talented woman with a role that carries weight.
The UAE is building a knowledge-driven economy that relies on strong governance. For financial services to support that ambition, women, including Emirati women, need to be visible in risk and audit roles. These roles influence judgement, culture and long-term stability.
The talent exists. The ambition exists. Now we must place more women in the positions that define organisational resilience. The sector, and the country, will be stronger for it.
Read: 44 women leaders share advice to power your success
Dana Alyazeedi is a partner, Business Risk Services at Grant Thornton UAE and Professor Dame Heather McGregor is the provost and vice principal of Heriot-Watt University Dubai.
