Saudi asset management industry tops SAR1 trillion, says Fitch
The Saudi Arabian asset management industry grew by over 20% in 2024, exceeding SAR1 trillion ($266 billion) assets under management (AUM) for the first time, said Fitch Ratings.
The industry is likely to attract steady inflows in 2025–2026, with AUM set to surpass SAR1.3 trillion ($350 billion), due to the growing investor base, favourable demographics, ongoing reforms, deepening capital markets, and digital transformation moves.
However, the market is not immune from global volatilities, such as those caused by the US government's tariff rises on 2 April. Oil price changes are amongst the key factors that could affect the industry.
"Saudi Arabia's asset management industry is the largest in the GCC, with AUM having crossed SAR1 trillion, and further growth expected," said Bashar Al Natoor, the Global Head of Islamic Finance at Fitch.
"Almost all mutual funds listed on the Saudi Exchange are sharia-compliant, indicating strong demand for Islamic products," he stated.
Saudi bank-affiliated asset managers held nearly two thirds of industry revenue. However, international competition is rising.
BlackRock, Goldman Sachs, Morgan Stanley, Citigroup, and Mizuho Bank received regulatory approval to set up their regional headquarters in Saudi Arabia in 2024. The government is aiming for the industry AUM to reach 40% of the GDP by 2030 (2024: 26%), stated Fitch in its report.
About half of the industry's AUM were in private funds, followed by discretionary portfolio management (DPM), and public funds.
The private funds' AUM are split mainly between real estate and equities. About half of AUM under DPM are in local shares. Public funds' AUM are split between money market funds, equities, REITs, and debt instruments, it stated.
The combined capitalisation of GCC listed equity markets crossed $4 trillion at end-2024, dominated by the Saudi Exchange.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Biz Bahrain
an hour ago
- Biz Bahrain
Vatel Bahrain Showcases Premier International Hotel Management Education at Alumni Club Expo in Dammam
Vatel Bahrain took part in the Bahraini-Saudi University Expo, held in Dammam, Kingdom of Saudi Arabia. Organised by the Alumni Club in collaboration with Asas Al-Elaqa for Exhibitions. The event welcomed the participation of a wide array of universities, colleges, institutes, and educational and training academies from Bahrain, Saudi Arabia, and across the Gulf region. Vatel Bahrain's participation at the expo attracted substantial attention from prospective students and visitors, who engaged directly with the college's representatives to gain insight into its distinctive academic offerings. The spotlight was on its flagship bachelor's programme in International Hotel Management, which integrates rigorous academic instruction with immersive, real-world training. This comprehensive curriculum is purposefully structured to develop advanced competencies across the hospitality, tourism, and hotel management sectors—equipping graduates with the skills, versatility, and global perspective required to thrive in today's competitive international hospitality landscape. Commenting on the participation, Sheikh Khaled bin Khalifa Al Khalifa, General Director of Vatel Bahrain, underscored the college's commitment to participating in educational exhibitions to introducing prospective students to its programmes, and noted that such engagements are pivotal in raising awareness of Vatel Bahrain's role in enhancing academic and professional opportunities within the hospitality industry. Sheikh Khaled commented, 'We are particularly eager to participate in exhibitions held in Saudi Arabia, as Vatel Bahrain is among the institutions officially recommended for Saudi students pursuing studies abroad. Our participation in the Expo underscores Vatel Bahrain's ongoing commitment to advancing regional academic collaboration and broadening access to quality education across the Gulf.' Sheikh Khaled further emphasised that the expo served as a valuable platform for engaging directly with prospective students expressing interest in Vatel Bahrain's International Hotel Management programme. 'Our objective is to support students by addressing their queries, providing tailored academic guidance, and highlighting the unique advantages of pursuing higher education within an internationally recognised and forward-looking academic environment,' Sheikh Khaled stated. 'Vatel Bahrain continues to solidify its position as a premier regional centre of excellence in tourism, hospitality, and hotel management education—and we warmly welcome aspiring students to be part of this transformative journey.'
Biz Bahrain
an hour ago
- Biz Bahrain
UiPath Appoints Sara Al-Alsheikh as Regional Vice President for Saudi Arabia To Accelerate Agentic Automation Adoption Strategy Across the Gulf
UiPath (NYSE: PATH), a global leader in agentic automation, today announced the appointment of Sara Al-Alsheikh as Regional Vice President (RVP) and Managing Director for Saudi Arabia, Kuwait, and Bahrain, amid rising demand for AI-powered automation adoption across the Gulf. Based in Riyadh, Al-Alsheikh will lead UiPath's go-to-market and customer success strategy across Saudi Arabia, Kuwait, and Bahrain and act as Managing Director of the UiPath regional hub, headquartered in Riyadh. Al-Alsheikh will focus on accelerating growth in key sectors such as government, banking, oil and gas, and others, strengthening UiPath's partner ecosystem, and driving customer success across large-scale digital transformation initiatives. Agentic Automation Momentum Across the Gulf The Gulf region is experiencing a significant surge in digital transformation initiatives, with organizations increasingly adopting advanced automation technologies to enhance efficiency and competitiveness. UiPath is at the forefront of this evolution, enabling local businesses and governments to develop and orchestrate complex AI-powered automation deployments through seamless integration of AI agents, software robots, and human collaboration. Thanks to her exceptional track record of proven success having worked closely with UiPath customers in the region since joining in 2023 as Director of Public Sector and Public Investment Fund (PIF), Al-Alsheikh's appointment aligns with this momentum. Furthermore, it is placing UiPath in a solid position to further support the Gulf's ambitious Vision 2030 objectives by fostering innovation and driving sustainable growth across key sectors, while also supporting gender inclusion goals. Sara's appointment reflects the Kingdom's ongoing transformation and growing emphasis on empowering women in leadership as part of Vision 2030. With over a decade of experience at global technology firms including HP, IBM, and SAP, she represents a new generation of Saudi leaders driving innovation, inclusion, and sustainable growth across the region's technology landscape. 'I could not be more thrilled to step into this leadership role at such a pivotal time when the Kingdom is accelerating its digital transformation roadmap and making AI a cornerstone of its strategy. At the same time, UiPath has reached a pinnacle of innovation through the recent relaunch of the UiPath Platform as the first enterprise-grade platform for agentic automation on the market' said Sara Al-Alsheikh, Regional Vice President and Managing Director for Saudi Arabia, Kuwait, and Bahrain at UiPath. 'My mission is to help our clients reimagine how work gets done faster, smarter, and more autonomously thanks to agentic automation, with UiPath at the core of their innovation journey.' 'Sara's leadership is a strategic asset for UiPath and a symbol of what's possible when talent, vision, and inclusion intersect,' said Zakaria Haltout, Area Vice President Middle East and Africa at UiPath. 'She brings not only invaluable regional insight but also the drive to execute at scale, and we are excited to see her lead our next chapter of growth.'
Daily Tribune
19 hours ago
- Daily Tribune
Bahrain firm powers UAE launch
TDT| Manama Bahrain's fintech leadership is driving digital change in the UAE, with Bahrain-based Arab Financial Services (AFS) powering the launch of a fully app-based credit card solution in collaboration with Mawarid Finance. The new platform lets customers apply, receive, and manage credit cards instantly, without visiting a branch or signing a single form. Bahrain-built, region-ready The end-to-end solution, developed and enabled by AFS, marks a major milestone in the GCC's shift toward mobile-first financial services. Regulated by the Central Bank of Bahrain, AFS is playing a growing regional role in delivering seamless digital finance tools across borders. The app allows users to complete the full credit card journey - from application to approval to daily account management - directly from their smartphones. It eliminates the need for physical paperwork or in-person appointments and offers real-time access to spending data and account controls. Shariah-compliant and secure Mawarid Finance, the UAEbased Islamic finance group, partnered with AFS to design the solution to be both fully Shariah-compliant and aligned with modern security standards. Executives from both companies signed the agreement at a recent ceremony, underscoring their shared commitment to digital innovation. 'This platform reflects our commitment to making secure, efficient, and simple financial access a reality for our customers,' said Rashid Al Qubaisi, CEO of Mawarid Finance. AFS CEO Samer Soliman noted: 'Our partnership with Mawarid proves the strength of Bahrain's fintech sector in enabling advanced digital services across the region. It's a model of how traditional institutions and fintech can work together to deliver scalable, intuitive solutions.' Founded in Bahrain in 1984, AFS has become the region's leading digital payment solutions provider, with operations in Bahrain, Egypt, Oman, and the UAE. The launch with Mawarid adds to a growing list of projects where Bahrain-grown fintech tools are transforming user experience far beyond its borders.
