A new report from Heriot-Watt University, produced in partnership with Grant Thornton, shows that women hold 85 board seats in the UAE’s financial services sector (15.8%) surpassing the national average of 14.8% reported in the 2025 GCC Board Gender Index. The findings point to faster progress in financial services compared with other industries.

The study, Discovery Series 2025: Women Transforming Financial Services, draws on 2025 financial-year data from 73 listed companies and examines 539 board members across the Abu Dhabi Securities Exchange, Dubai Financial Market and Nasdaq Dubai.

Despite the sector’s relative gains, the report notes that eight of the 73 companies have no women on their boards. It also finds that only three of 49 firms have a woman serving as Chief Risk Officer, and six have women heading internal audit functions, highlighting limited representation in governance and risk-related roles.

However, representation in key roles such as Chief Risk Officer (6%) and Head of Internal Audit (10%) remains limited, and eight institutions still have no women on their boards at all.

Grant Thornton UAE CEO Hisham Farouk said the UAE is building an advanced, innovation-led economy, and that broadening women’s participation in senior decision-making strengthens the financial ecosystem. 

He added that the Discovery Series has become a key benchmark for tracking progress and shaping supportive policies.

Heriot-Watt University Dubai Provost Professor Heather McGregor said the report aims to offer an evidence-based assessment of women’s leadership in financial institutions and to highlight their contributions to governance, risk management and institutional development. 

She noted that the findings provide a valuable reference for policy design and for efforts to expand women’s representation in senior roles, in line with the UAE’s gender balance objectives.