Mubasher: A total of 16 Saudi Arabia companies have been included in Forbes Middle East’s 30 Biggest Asset Managers 2021 list, representing more than 50% of the list.

The 30 asset managers in the region posted a cumulative $258.2 billion in assets under management (AUM) in the list recognising the money experts leading investment in the Middle East, according to a press release on Tuesday.

Saudi Arabia’s NCB Capital topped the list with $50.4 billion in AUM.

The UAE came in the second place with five entries, while Bahrain and Egypt followed with three asset managers each.

Kuwait followed with two entries, while Morocco had one company that ranked in the fifth place, Wafa Gestion with $14.4 billion in AUM.

In terms of the firms, Bahrain’s Investcorp followed NCB Capital with $35 billion in AUM, while Saudi Arabia’s Alinma Investment and Riyad Capital came after with each recording $18 billion.

It is worth noting that the Saudi and UAE asset managers combined accounted for 70% of the ranking.