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WorldMay 1 2014

Banks start to close the gender divide in Saudi Arabia

The naming of the first woman CEO at a Saudi investment bank is one of several signs that the country's banking sector is redressing its gender imbalance.
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Banks start to close the gender divide in Saudi Arabia

Today, women make up 70% of those enrolled in Saudi Arabia's universities yet, in 2006, women accounted for just 5% of the country's workforce, the lowest proportion in the world. But, under King Abdullah bin Abdulaziz Al Saud’s leadership, employment prospects have improved, with major reforms passed recently to elevate the status of women in the country. Banking in particular has witnessed some dramatic developments, with several key appointments made in recent months.

In March 2014, NCB Capital, the investment bank belonging to Saudi Arabia’s largest bank, National Commercial Bank (NCB), appointed Sarah Al-Suhaimi as its chief executive and a board member. Ms Al-Suhaimi, the first female CEO at a Saudi investment bank, had spent five years at Samba Financial Group and, in 2007, joined Jadwa Investment, where she was head of asset management and CIO, managing more than SR17bn ($4.5bn) in assets.

Commenting on her appointment, Mansour bin Saleh Al-Maiman, chairman of NCB and NCB Capital, says: “Sarah is a highly experienced investment professional with a proven track record of successful leadership in the industry. We are delighted that she is joining us.”

Female influence

Ms Al-Suhaimi’s ground-breaking appointment is not the only example to show that the Saudi Arabian banking sector is slowly ridding itself of its old prejudices. At NCB, Lama Ghazzaoui moved to become chief financial officer (CFO) and senior vice-president in August 2013. Ms Ghazzaoui recognises the huge changes that have taken place in the country in the past five years, noting that when she joined NCB in 2003 there were only five women in head office. Now, there are more than 100.

As a Deloitte & Touche US-trained certified public accountant, and CFO of the largest bank in the Middle East, Ms Ghazzaoui is keen to push for equal opportunities for women and says she would like to see more women in senior positions. 

Ms Ghazzaoui is enthusiastic about the reforms and developments that are helping close the gender gap in Saudi Arabia. She notes the importance of 30 women joining the Consultative Assembly of Saudi Arabia (Shura Council) in February 2013, giving a prominent female voice to the 150-member council. When asked about Saudi Arabia being the only country in the world that forbids women from driving, she says: “Driving is the least of our concerns. It will come but at the right time; we want much more than driving."

Another example of growing female empowerment is the appointment last year of Maha Mohammad Al-Sudairi as board secretary and chief governance officer of Saudi Hollandi Bank (SHB), a middle-ranking Saudi bank. Ms Al-Sudairi noted in a recent speech in Riyadh on the subject of the potential for women to work in different industries: “There is a growing supportive cultural environment for women and there is an apparent commitment to overcoming the existing barriers that hamper women’s success.” 

Ms Al-Sudairi is a fierce advocate of the potential for women and adds: “Speaking from experience, gender is not a barrier to career progression in Saudi Arabia.”

A future

Women are not only rising up the banking ladder, they are also forming a stronger presence in the industry. As well as having a female board member, 15% of SHB's staff are women. Saudi British Bank has more than 500 female staff, or 18% of its workforce, and out of the 400,000 new jobs created in Saudi Arabia in the past year, 50% went to women. There is also a growing focus on women as consumers, with strong growth in women-only banking branches, for example. Arab National Bank is establishing 50 such branches, as part of its overall commitment to redressing gender imbalances.

Women now account for 18% of the workforce in the Saudi Arabian banking sector, and the figure is still rising. The banking regulator, the Saudi Arabian Monetary Agency, has followed the example of banks, with women now employed in banking supervision. It has recently announced plans to hire 150 to 200 women across the agency.

With huge new opportunities opening up for women, Saudi Arabia's banks are focusing on this new dynamic. NCB chief economist Dr Said Al-Shaikh, who is also a member of the 150-strong Shura Council, is bullish about the growing impact of women on the country's economy. As ANB chief executive Robert Eid notes: “Women have a future in Saudi Arabia.”  

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Read more about:  Middle East , Saudi Arabia