KUWAIT: National Bank of Kuwait (NBK) Group took a leading role in advocating for women’s empowerment in the financial sector at the 8th edition of the Future Investment Initiative (FII), themed "Infinite Horizons: Investing Today, Shaping Tomorrow”. Representing NBK Group, Shaikha Al-Bahar, Deputy Group CEO, and a longstanding champion of gender equality and women empowerment, engaged in a thought-provoking panel discussion in Riyadh, focusing on the critical importance of gender diversity and inclusion in driving sustainable economic growth.

Fostering dialogue on gender diversity

The panel served as a vital platform to address the multifaceted challenges and opportunities surrounding women’s empowerment in finance. It aimed to spark discussions on the significance of gender diversity, the role of inclusive practices in shaping economic sustainability, and innovative approaches necessary to dismantle barriers that have historically hindered women’s advancement in the industry. Additionally, the discussion sought to convey a powerful message to future female leaders, drawing from the insights and experiences of leading champions in the field.

Reflecting on the historical context of gender bias in finance, Al-Bahar remarked, "We’ve all faced skepticism in a male-dominated field, but it’s time we turn those doubts into opportunities.” She acknowledged the significant barriers women have faced, citing various research work that revealed the gender gap still exists "We’ve come a long way, but the past still casts a long shadow,” she emphasized, highlighting the ongoing need to dismantle these biases.

Navigating a transforming landscape

Transitioning from historical challenges, Al-Bahar addressed the evolving environment within the finance sector. "While challenges like pay inequity and lack of mentorship remain, we’re witnessing a transformation,” she stated. "The finance sector is beginning to understand that diversity isn’t just a nice-to-have; it’s a business imperative.” She highlighted initiatives like NBK RISE as exemplary models for fostering female leadership and creating pathways for women to excel in their careers.

This program is uniquely designed to drive community impact by advocating for increased representation of women in leadership roles, inviting external organizations to join in signing a pledge to elevate women into leadership positions within their institutions. "It’s about building bridges, not walls,” she remarked, underlining the importance of collaborative support in achieving gender equity. Furthermore, NBK RISE promotes inclusivity by sponsoring participants from various backgrounds, enabling them to cultivate a diverse network of women equipped with the necessary skills for success in senior roles. Crafted by women who understand the distinct challenges faced at different career stages, the program ensures authenticity and relevance in addressing real issues. Additionally, creative communication strategies have been implemented to raise awareness about the gender gap, fostering a more supportive environment for women’s leadership in the finance sector.

The impact of women’s leadership

Al-Bahar underscored the pivotal role women play in enhancing firms’ investment strategies. "When women lead, they bring unique perspectives that can drive innovation,” she said, referencing studies indicating that mixed-gender investment teams outperform male-only teams by over 1.4 percent annually. "It’s not just about equity; it’s about performance,” she asserted, showcasing the tangible benefits of gender diversity in investment contexts.

Delving deeper, Al-Bahar discussed the advantages of female leadership in risk management. "Women often adopt a more conservative, long-term approach, prioritizing stability and sustainable growth,” she noted, citing independent research showing that portfolios managed by women had a 20 percent lower turnover rate. "We’re not just managing risks; we’re crafting legacies,” she emphasized, aligning this insight with NBK’s commitment to ESG principles.

The panel also highlighted the significant economic impact of empowering women in the workforce. Al-Bahar pointed to surveys indicating that equal employment rates in the MENA region could lead to a 30 percent increase in GDP. "Investing in women isn’t just a social responsibility; it’s an economic strategy. Imagine the growth if we unleashed our collective potential!” she exclaimed, advocating for gender equity as a driver of economic progress.

Women as trailblazers in high-growth sectors

Al-Bahar further underscored the vital contributions of women in high-growth sectors such as FinTech, healthcare, and clean energy. "Women aren’t just participants in the market; we’re trailblazers shaping the future,” she asserted. At organizations like NBK, women have taken the lead on projects focused on cross-border investments, effectively tapping into new markets and diversifying portfolios, aligning with global trends that see women leaders spearheading innovative and sustainable investment strategies. NBK actively supports the inclusion of women in STEM fields, with approximately 27.8 percent of STEM-related roles held by women as of 2023. This dedication to gender diversity not only empowers women but also positions NBK as a regional leader in fostering an inclusive environment, paving the way for future female leaders in the industry.

The democratizing effect of fintech

The discussion also touched on the democratizing effect of fintech platforms like Robinhood and Coinbase in attracting women to finance. "These platforms have broken down barriers and made investing accessible for everyone, especially women,” Al-Bahar stated. With 40 percent of new sign-ups on Robinhood being women, she remarked, "This is a seismic shift in how we engage with finance. We’re turning the tide.”

Examining gender diversity through a social lens

Finally, Al-Bahar addressed the influence of government policies on gender diversity in finance. "While cultural norms can pose challenges, they also offer unique opportunities for tailored accessibility,” she explained. She pointed to Saudi Arabia’s Vision 2030 and Kuwait’s "New Kuwait 2035” vision as examples of initiatives aimed at increasing female workforce participation. "Change is a process, but every step we take brings us closer to equality,” she stated. The panel concluded that the discussion at the Future Investment Initiative highlighted the critical importance of gender diversity, viewing it as more than just a moral obligation; it is essential for fostering sustainable economic growth. Al-Bahar aptly summarized, "In finance, as in life, diversity is the key to innovation and success. Together, we can reshape the future and create an inclusive landscape where everyone can thrive.”

Driving positive change

As a frontrunner in the banking sector, NBK remains steadfast in its commitment to ESG principles, recognizing their integral role in fostering sustainable development. By prioritizing responsible banking practices and championing initiatives that empower communities and support environmental stewardship, NBK not only enhances its operational resilience but also contributes to the broader goal of creating a sustainable future. Al-Bahar’s leadership exemplifies this dedication, reinforcing the bank’s mission to drive positive change within the financial landscape and beyond.