Grant Thornton International’s latest Women in Business research reveals that 44.6% of mid-market businesses globally now have a female CFO, marking a major step toward gender parity in finance leadership. This article explores the factors driving this shift—including macroeconomic disruptions and increased female participation in education—and how the rise of female CFOs can catalyze broader change across the C-suite. It highlights the potential for CFOs to mentor other women, influence boardroom dynamics, and transition into CEO roles, ultimately reshaping leadership across mid-market businesses.
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.
STATISTICS
Key findings
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:
- Navigating complex regulatory environments
- Building ethical and resilient organisations
- Shaping cultures that support sustainable growth
These leaders share confidence in having a seat at the table and the importance of making the path easier for the next generation.
Featured leaders include:
Diana Youssef
Group Compliance Director, ADSS Holding
Geetika Anand
Head of Internal Audit, InsuranceMarket.ae
Taslin Tejrar
Head of Internal Audit, Emirates Insurance
Emma Smalls
UAE Head of Business Risk Private Bank, HSBC Middle East
Sector ambitions shaping the future
These figures underscore the scale of transformation underway in the UAE’s financial sector: growth ambitions that demand diverse leadership and create unprecedented opportunities for women to shape risk, governance, and innovation.
2
.
5
6
T
Islamic banking assets
to reach AED 2.56 trillion by 2031
6
6
0
B
Sukuks projected
to exceed AED 660 billion
7
0
%
Women make up 70%
of UAE nationals in the private sector
The challenge ahead
While progress is undeniable, the journey toward true equity is far from complete.
As the UAE’s financial services sector becomes an even greater engine of national growth, the stakes for leadership diversity rise exponentially. Organisations cannot afford to overlook half of the talent pool. To achieve resilience, innovation, and ethical governance, we all must actively cultivate pathways for women to step into critical roles, particularly in risk, audit, and compliance, where decisions shape the integrity of the entire system.
This is more than representation
Diverse leadership drives better decision-making, strengthens trust, and positions institutions to thrive in a rapidly evolving global market. The question is no longer if women will lead, but how quickly we can remove barriers and accelerate progress.
Discover the data, insights and personal narratives shaping the future of finance in the UAE. Download the full Discovery Series report and join Grant Thornton UAE in championing inclusion, resilience and growth across the region. Together, we can close the gap and build a financial services sector that reflects the ambition and the diversity of the UAE.
Download the report to learn more
Discover the data, insights and personal narratives shaping the future of finance in the UAE. Read the full Discovery Series report and join Grant Thornton UAE in championing inclusion, resilience and growth across the region. Together, we can close the gap and build a financial services sector that reflects the ambition and the diversity of the UAE.
Enquiries
We welcome your questions, feedback, or requests for clarification regarding any of the topics highlighted in this report. Please feel free to reach out to our team by email at:
markets@ae.gt.com
Whether you are seeking further information, wish to discuss specific findings, or simply want to share your perspective, we are here to assist. Our team will ensure that your enquiry is directed to the appropriate department and responded to promptly.
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Our Discovery Series is an opportunity for us to give back to the community and country in which we serve, through the provision of business insights. We hope that these insights will enable and inform enhanced business performance and innovation across the UAE.
The first report in our Discovery Series is Women on Audit Committees in the UAE 2024, and provides baseline data for female representation that we intend to track and benchmark across other regions and markets in subsequent reports. As a firm, we are committed to advocating for gender diversity at senior leadership levels and want to keep the spotlight on this important topic so that change and progress is being made.