Discovery Series, 2025 Edition: Women transforming financial services

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Shaping the future of finance in the UAE

We are pleased to present this year’s edition of the Discovery Series, developed jointly by Grant Thornton UAE and Heriot-Watt University Dubai.

This report turns the spotlight on women in leadership roles across the UAE’s financial services sector, with a particular focus on risk, control and governance functions – areas that are critical to the effective management of financial institutions but are not always at the forefront when considering career pathways.

“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.”

Hisham Farouk CEO, Grant Thornton UAE

“In partnership with Grant Thornton UAE, we aim to shed light on how women are shaping governance, risk, and reform from within. The findings aim to bring clarity, transparency and evidence-based visibility to a topic where strong sentiment exists, but accurate data is often lacking.”

Professor Dame Heather McGregor Provost and Vice Principal of Heriot-Watt University Dubai

Why this report matters

The UAE’s financial services sector is a cornerstone of the national economy and a driver of the country’s ambitious growth agenda. As the UAE charts its course toward the Centennial 2071 Plan, the sector is undergoing rapid transformation – technologically, structurally and culturally. Diversity in leadership is critical for sustainable growth and ethical governance.

Our research goes beyond counting numbers. By analysing 73 listed financial institutions, we highlight both the progress achieved and the structural gaps that remain in creating a truly inclusive leadership landscape. Eight institutions still have no women on their boards at all, underscoring the need to strengthen the talent pipeline in governance, risk and audit functions.

Key findings

Women’s representation is rising

Across the UAE, women now hold 14.8% of listed board seats, up from 10.8% in 2024. Yet, the percentage of women in Chief Risk Officer (CRO) and Head of Internal Audit (HIA) roles remains far smaller than on boards.

Sector ambitions

The UAE plans to more than double the value of its Islamic banks by 2031, increasing assets from AED 986 billion to AED 2.56 trillion and raising sukuks (sharia-compliant bonds) to over AED 660 billion.

Growth and innovation

Dubai is encouraging more family businesses and start-ups to list locally, attracting global asset managers and introducing new financing models to boost SMEs.

Islamic banking assets

to reach AED 2.56 trillion by 2031

Sukuks projected

to exceed AED 660 billion

Women make up 70%

of UAE nationals in the private sector

Real voices, real impact

Alongside the data, the report features exclusive interviews with senior women leading risk, audit and compliance across banks, investment firms and insurance companies.

Their stories offer candid insights into: