The Woman Who Reshaped the Business Landscape in Saudi Arabia

The achievements women make often go unnoticed or unreported. But women not only helped NASA astronauts get to the moon – they also had to fight for their right to be on the team. Rosalind Franklin’s work in crystallography paved the way for the discovery of DNA – work that went unrecognized in her life. Stephanie Kwolek invented Kevlar in 1965 – for which she was inducted into the Inventor’s Hall of Fame in 1995, fully 30 years later, after her invention saved countless lives.

In this article, we want to share the story of a woman who has shattered barriers in the male-dominated business world of the Middle East: Lubna Olayan. An influential advocate for women’s empowerment, Lubna made history by becoming CEO and Deputy Chairperson of The Olayan Financing Company (OFC), the parent company of The Olayan Group.

Under Lubna’s leadership, the company has grown into one of the largest and most respected privately owned conglomerates in the Middle East. Her inspiring journey is a testament to her determination, hard work, and vision to foster greater equality.

Building a Foundation for Success

Lubna Olayan’s name is synonymous with progress and empowerment in Saudi Arabia’s business landscape. She’s been recognized globally and ranked third on Forbes’ 2023 list of most powerful businesswomen.

Her journey began with strong family support. Lubna’s father, Suliman Olayan, founder of The Olayan Group, backed her education at Cornell University, where she earned a Bachelor’s degree in Agriculture in 1977, followed by an MBA from Indiana University in 1979. In 2011, she was also awarded an honorary Doctorate in Law from Trinity College, Ireland.

Lubna Olayan at Trinity College Dublin after being conferred with an honorary degree
Source: Trinity College Dublin

Lubna worked for Morgan Guaranty Bank, later known as J.P. Morgan, from 1979-81. Returning to Saudi Arabia from New York, she was quickly invited by her father to work for The Olayan Financing Company (OFC), the Middle East arm of The Olayan Group, starting as an executive assistant. This made her the first woman to work for her father’s company.

Breaking the Glass Ceiling of The Olayan Group

Within three years of joining The Olayan Financing Company, Lubna was known for her strong leadership and investment expertise. Under Lubna’s leadership as the CEO (a position she held for 33 years, until 2019), the company expanded its portfolio into diverse sectors such as the Gulf region’s real estate, investment, consumer, and industrial-related operations.

As CEO of OFC, Lubna also oversaw the operations of more than 40 multinational companies including Coca-Cola, Xerox, Kimberly-Clark, and Colgate-Palmolive, highlighting her influence in Saudi Arabia and the Middle East. The company also owns and operates 400 branches of Burger King throughout the Middle East-North Africa (MENA) region, and is the sole agent for Toshiba laptops and healthcare products for many other companies.

Lubna’s strategic vision and ability to navigate complex business environments have been instrumental in the prosperity and expansion of The Olayan Group. Her leadership has both strengthened the family’s legacy and has also had a significant impact on Saudi Arabia’s economic landscape.

Lubna Olayan and Robert Ortenzio during the signing of a bilateral agreement, worth USD 280 billion, between the United States and Saudi Arabia in 2017
Source: Getty Images

Success Beyond The Olayan Group

Along with her career path with OFC, Lubna has also served on the boards of several major international companies, including oilfield services company Schlumberger, mining company Ma’aden, and communications group WPP plc. Lubna Olayan also serves on advisory boards for renowned financial firms and banks including McKinsey & Company, Akbank, Allianz SE, and Bank of America.

In 2004, Lubna made history when she joined the board of Alawwal Bank, formerly known as Saudi Hollandi Bank, becoming the first woman to do so in a publicly listed Saudi company. Currently, she serves as the board’s Vice Chairman of Alawwal Bank. In the first quarter of 2024, the bank reported a net profit of SR 2.04 billion (CHF 493 million) after zakat (the donation of a portion of the wealth to charity among Muslims) and income tax, representing a significant 16% net profit increase from the same period in 2023.

Lubna’s Vision and Impact on Equality, Sustainability, and Other Global Issues

Lubna’s appointment to The Olayan Financing Company led the movement for the advancement of women in Middle Eastern business circles. However, her journey was not without hurdles. She did not have a female colleague or assistant during her first 18 years. Nonetheless, according to an article in Forbes dated 2017, Lubna spearheaded the hiring of 540 women, thus blazing a trail for women in business in the region. In an interview with NPR, she expressed her aspiration to increase the female workforce at the company to at least 30%.

I think that Saudi women are very powerful. And I think that Saudi men are the greatest support to Saudi women.
— Lubna Olayan in an interview with Arab News

Lubna has had a significant impact on the advancement of women’s careers beyond her company’s walls. Her historic keynote speech at the Jeddah Economic Forum, where she was the first woman in Saudi history to appear, provided a platform to advocate gender equality in the workforce.

Lubna Olayan takes part in a discussion on women in the business world, at the 2004 Jeddah Economic Forum in Jeddah, Saudi Arabia, where she delivered an address entitled “A Saudi Vision for Growth” 
Source: Getty Images

What truly sets Lubna apart, however, is her success as a woman in a traditionally male-dominated society. She has overcome traditional barriers in Saudi Arabia and proven that women can succeed professionally.

What’s more, profoundly committed to promoting social sustainability, Lubna champions corporate policies prioritizing employee well-being and community development. A strong proponent of increased social responsibility initiatives within the private sector, Lubna Olayan urges businesses to advocate for governmental easing of regulatory restrictions on nonprofit organizations, fostering the growth of community-focused initiatives.

My vision is of a country with a prosperous and diversified economy in which any Saudi citizen, irrespective of gender, who is serious about finding employment, can find a job in a field in which he or she is qualified.
– Lubna Olayan during her speech at the Jeddah Economic Forum

Lubna’s ultimate goal is to create a thriving Saudi Arabia where every qualified citizen has equal access to meaningful employment opportunities, regardless of gender. She believes this will foster a strong middle class and a society built on mutual respect and tolerance, creating a safe and welcoming environment for everyone.

Lubna Olayan takes part in a panel discussion on the future of employment on day one of the 2010 World Economic Forum annual meeting in Davos, Switzerland
Source: Getty Images

Lubna is also involved in global issues. At the 2024 World Economic Forum Special Meeting in Riyadh, she emphasized the importance of being aware of geopolitical issues affecting the world. During the dialog session, she stressed the need for proper education and growth opportunities for young people, as well as the fact that the middle class is the “backbone of any society.” She also expressed that every country must prioritize its needs, especially in the face of a lack of trust between major powers.

Growth potential is high for those countries who provide education and opportunities for youth, says Lubna Olayan, explaining that the middle class is the ‘backbone of any society’. #SpecialMeeting24 pic.twitter.com/nF6jqe9bId

— World Economic Forum (@wef) April 29, 2024

Philanthropy and Charity

Lubna Olayan is a dedicated philanthropist. Through the Olayan Foundation, she has supported numerous projects aimed at improving the quality of life for disadvantaged individuals and communities. Among her notable contributions are the establishment of the Olayan School of Business at the American University of Beirut, which has become a leading institution for business education in the Middle East, and chairing the board of Alfanar, the Arab world’s first venture philanthropy.

Lubna Olayan and representatives from The Suliman S. Olayan Foundation breaking ground for The Suliman S. Olayan Institute for Innovation and Entrepreneurship in Thuwal, Saudi Arabia
Source: King Abdullah University of Science and Technology

Olayan also gives her time and expertise to various charitable initiatives, focusing on education, healthcare, and community development. Lubna was elected to the Down Syndrome Charitable Association (DSCA) board in Riyadh in 2005, and a year later, she joined Effat College (now Effat University), a private non-profit college in Jeddah, and King Abdullah University for Science and Technology (KAUST). Her influence even extends beyond Saudi Arabia – in 2007, she was elected to the board of trustees at Cornell University.

Key Takeaways from Lubna Olayan’s Story

Lubna Olayan’s remarkable ascent within the Saudi Arabian business world offers valuable insights for investors. Her focus on sustainable business practices, social equality, and inclusivity highlights that diverse team members under strong leadership encourage innovation and a wide range of perspectives, leading to better decision-making and stronger financial performance.