The Role of Vision 2030 in Driving Change
At the heart of this transformation is Vision 2030, Saudi Arabia’s strategic roadmap aimed at diversifying the economy and reducing dependence on oil revenues. One of its core objectives is to increase female participation in the workforce to 30%—a target that was surpassed ahead of schedule, reaching 37% by 2023. This shift has been made possible by a series of regulatory changes, workforce development initiatives, and policy reforms designed to create a more inclusive business environment.
Key government bodies, including the Ministry of Human Resources and Social Development (HRSD) and the Saudi Central Bank (SAMA), have been instrumental in implementing policies that encourage female employment and leadership within financial institutions. These include flexible work arrangements, equal pay initiatives, and executive training programs tailored for women.
Breaking Barriers in Finance and Advisory
Women in Saudi Arabia’s financial sector are increasingly occupying roles in banking, asset management, investment advisory, and fintech. Historically, cultural norms and structural barriers limited their access to leadership positions, but today, major financial institutions are actively integrating gender diversity into their corporate strategies.
Saudi banks and investment firms are at the forefront of these efforts. The Saudi Stock Exchange (Tadawul) and leading banks such as Saudi National Bank (SNB), Al Rajhi Bank, and Riyad Bank have witnessed a rising number of female executives in key roles. The appointment of Sarah Al-Suhaimi as the first female chairperson of Tadawul marked a significant milestone, setting a precedent for future female leaders in the sector.
Additionally, fintech and entrepreneurship are creating new opportunities for women. With the support of entities like Fintech Saudi, female-led startups are flourishing in the fields of digital banking, blockchain, and wealth management, contributing to the sector’s rapid growth.
Policy Reforms and Institutional Support
Saudi Arabia’s regulatory framework has evolved significantly to support women’s participation in finance. The abolition of guardianship laws restricting work and travel, the introduction of anti-discrimination policies, and the expansion of maternity and childcare benefits have all contributed to a more inclusive work environment.
Moreover, initiatives such as the Women in Finance and Investment Network (WIFIN) and Saudi Vision 2030’s Female Leaders Program offer mentorship, networking, and skills development opportunities tailored to women in the financial industry. These programs help build confidence and equip women with the expertise needed to compete for senior leadership roles.
Government-backed financing schemes, such as those provided by the Social Development Bank (SDB) and Monsha’at, also support female entrepreneurs looking to enter the advisory and investment sectors, reinforcing the Kingdom’s commitment to economic inclusivity.
Changing Workplace Culture and Societal Perception
Beyond policy changes, a broader cultural shift is taking place in Saudi Arabia’s corporate environment. Traditional workplace dynamics are evolving, with companies embracing hybrid work models, mentorship programs, and leadership training to better accommodate and empower women.
Societal perceptions are also changing, with financial literacy programs and university curricula increasingly tailored towards women. Institutions like King Saud University, Princess Nourah Bint Abdulrahman University, and KAUST are fostering a new generation of female finance professionals, ensuring a sustainable talent pipeline for the industry.
The Road Ahead: Challenges and Opportunities
While progress has been significant, challenges remain. Women in finance still face barriers such as unconscious bias, limited access to informal professional networks, and cultural resistance in certain segments of society. Addressing these challenges requires sustained effort from both the public and private sectors.
However, the opportunities far outweigh the obstacles. With continued reforms, Saudi Arabia is well on its way to becoming a regional leader in gender-inclusive finance and advisory services. By leveraging education, technology, and institutional backing, the Kingdom is setting a precedent for other nations in the region to follow.
As Saudi Arabia continues its path of economic diversification and transformation, empowering women in finance and advisory services will remain a key driver of sustainable growth, innovation, and global competitiveness. The momentum is already in motion, and the future for women in Saudi finance looks brighter than ever.
