Saudi Arabian asset management industry exceeds SAR 1trln
'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, 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.'
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%).
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.
The combined capitalisation of GCC listed equity markets crossed USD4 trillion at end-2024, dominated by the Saudi Exchange. Foreign investor ownership in Saudi stocks reached 10.8% in 9M24 (2023: 12.8%). About 63% of the Saudi debt capital market is in sukuk, with almost all Fitch-rated Saudi sukuk being investment-grade.
-Ends-
Media relations
Matt Pearson
Associate Director, Corporate Communications
Fitch Group, 30 North Colonnade, London, E14 5GN
E: matthew.pearson@thefitchgroup.com
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Nizar Farzakh, who was a former adviser to Palestinian leadership, told MEE that Hulileh's media rounds are "test balloons" to get "a better sense of what could be the objections and reservations, so that when actually they want to sit down, they already have ideas [and can] iron out a few rough edges". But Hulileh is not the only candidate to lead a post-war Gaza. Farzakh suggested that controversial political strategist Mohammed Dahlan could re-emerge for the post. In 2006, Dahlan was elected as Palestinian Legislative Council representative for Khan Younis, the city in Gaza where he was born and raised. He was elected to the Fatah party's central committee in 2009. But in 2011, he was dispelled from Fatah after a bitter row with Abbas and the party. He has lived in exile in the United Arab Emirates ever since. "The Israelis love him. The Emiratis love him. He has good relations with the Egyptians. He has good relations with the Jordanians, somewhat. 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