According to the 23rd edition of the Global Asset Management study, “From Recovery to Reinvention,” published by Boston Consulting Group (BCG), the GCC’s asset management sector expanded to $2.2 trillion in Assets under Management (AuM) in 2024, a 9% rise from the year before.
Saudi Arabia and the United Arab Emirates have been the main drivers of expansion in the retail mutual fund industry. Major players in Kuwait and Abu Dhabi have handled the highest amounts of assets for sovereign wealth funds (SWFs).
The leaders of the next decade will be those who redefine their future, not just endure challenges,” stated Lukasz Rey, Managing Director & Partner and Middle East Head of Financial Institutions at BCG. The region’s growing relevance as a center for institutional and retail capital is highlighted by its 9% AuM increase in 2024.
The GCC’s strategic diversification and SWF supremacy portend a future in which regional asset managers may compete with global behemoths, with Saudi Arabia and the United Arab Emirates serving as the region’s anchors. Because of the opportunity presented by recent market volatility, asset managers are shifting from recovery to innovation, rethinking value delivery, customer interaction, and corporate processes.
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The Catalyst of Market Transformation: Zoubaida Zorkot’s Vision for Saudi Arabia’s Future
Pioneering Innovative and Customer-centric Financial Services: Jumana Saeh
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