A new era of female leadership in Saudi business

In 2019, Alison Rose became the first woman appointed as CEO of Royal Bank of Scotland, one of the UK’s biggest banks. Another development quickly followed this news: Jane Fraser would take the role of Citigroup CEO, becoming the first woman to head a major US bank.

This milestone was both a moment of celebration for the global financial and banking sector, and optimism for the young women inspired as they embark on their careers.

While there are many notable female pioneers in the sector, the stories of Alison Rose and Jane Fraser resonate strongly with women at all levels in finance. Their ascent also connects with women beyond banking because of the high visibility of these roles.

However, the appointments also remind us of something we already know too well; women are still underrepresented in the global financial sector. According to Deloitte research, the proportion of women in leadership roles within financial services firms is projected to grow to 28 percent by 2030, still well below parity.

Empowering women is not just about giving them jobs. It involves putting women in the front and center of priority sectors of the economy and affording them opportunities to make a difference and inspire others to follow.

Noelle Al-Jaweini & Giuseppe Netti

In 2020, Bloomberg launched “A Fair Share,” a gender equality initiative explicitly aimed at the Gulf’s financial sector to correct this imbalance and increase women’s mobility in finance. The program advocates for gender parity by engaging with various market participants and stakeholders.

The initiative recognizes that if the financial sector is to meet the rapidly evolving needs of the economy, it must draw on the capabilities, commitment, and creativity of both genders. The aim is to help build a robust pipeline of talent to ensure the industry can meet future opportunities and challenges.

Empowering women is not just about giving them jobs. It involves putting women in the front and center of priority sectors of the economy and affording them opportunities to make a difference and inspire others to follow.

Supported by ambitious plans to diversify Saudi Arabia’s economy by unlocking new industries and providing new opportunities for its citizens, the Kingdom actively encourages women to take on leadership roles across various industries.

The Saudi Tadawul Group is an excellent example of an organizational culture that encourages all employees to strive for excellence regardless of gender.

Female employees represent 26 percent of the group’s total employee base, with women holding many strategic roles, including the Chairperson Sarah Al-Suhaimi. In addition, mentorship and training initiatives inspire women at all stages of their careers, including a new partnership with Princess Nourah bint Abdulrahman University to provide training and employment support to female graduates.

This inclusive culture is steadily being adopted across the Kingdom’s listed companies. As a market and a convener of many entities, the Saudi Exchange actively encourages listed companies to empower female employees and increase their representation across all levels.

The stock exchange was the first Saudi company to sign the UN’s Women’s Empowerment Principles, which helped ensure women play a leading role in capital markets and publicly listed companies.

In parallel, throughout the Gulf region, the finance sector is changing, and many of the developments are spearheaded by young women.

These women are starting conversations and embarking on new opportunities that could go a long way to address the challenges of gender inequality and accelerate inclusive and sustainable growth across the financial system in the region and beyond.

• Noelle Al-Jaweini is Chief of Cash Markets at Saudi Exchange, and A Fair Share Advisory Board Member.

• Giuseppe Netti is Regional Head of Middle East and Africa – Financial Products, Bloomberg L.P. and chair of A Fair Share Advisory Board.