Today, women have emerged as pillars of strength in key roles within banks, investment firms, and family businesses, wielding significant influence in the corporate realm and atop prestigious institutions. This increased participation of women in leadership positions not only paves the way for a transformation in business practices but also unveils extraordinary opportunities for GCC families to reevaluate their strategies.
The surge in women’s workforce participation in the Middle East is remarkable. According to a recent report, women’s participation in the Kingdom of Saudi Arabia has surged to approximately 35% within five years, a significant increase from the previous rate of around 21%. These statistics reflect the nation’s transition and alignment with its Vision 2030 goals, which encompass building a vibrant society, fostering a thriving economy, and nurturing an ambitious nation, all underpinned by a commitment to equal opportunities for everyone.
The region is undergoing a transformative phase with policies championing inclusivity and diversity. The data from Saudi Arabia is a testament to the nation’s commitment to advancing women’s leadership. Notably, the percentage of women’s representation in higher and mid-level administrative roles surged from 28% to 39% between 2017 and 2021. An illustrative example of this progress is the leadership of Hala Al-Tuwaijri at the helm of Saudi Arabia’s Human Rights Commission.
In the UAE, eight out of 10 working-age women express confidence in the opportunities to advance to top leadership positions. Meanwhile, approximately 54% of Saudi citizens believe increasing women’s representation in senior roles will contribute positively to the economy. This sentiment is even more pronounced in the UAE, with 61% of workers advocating for greater female participation in leadership positions.
Even within the banking sector, companies are actively pursuing a diverse workforce and promoting greater participation of women. In a notable achievement, women constitute a substantial 70% of UAE nationals employed in the banking sector, which boasts one of the highest rates of working Emirati women compared to other industries in the country. Moreover, several women are leading these financial institutions from top positions. For example, Hana Al Rostamani serves as the Group CEO of First Abu Dhabi Bank, and Rola Abu Manneh holds the CEO position at Standard Chartered UAE. Huda Al Lawati has made her mark as the founder and CEO of Aliph Capital. Additionally, Lubna Al-Olayan leads the way as the Chairperson of Saudi Awwal Bank, hailing from Saudi Arabia.
In the present day, women are actively reshaping their roles, with a significant majority diligently working to strike a delicate equilibrium between safeguarding personal autonomy, ensuring financial security, and securing the future of their family businesses and their positions within banks and investment firms.
