Dubai - Mubasher: A total of 16 Saudi Arabia companies have been included in Forbes Middle East’s Top 30 Asset Management Companies 2022 list, indicating the Saudi Stock Exchange’s (Tadawul) position as the Middle East’s most developed exchange, making up nearly 70% of the region's market capitalisation.
The UAE came in the second place with five entries. Together, these two GCC nations comprise 70% of the ranking, according to a recent press release.
Bahrain and Kuwait followed with three asset managers each, Egypt came next with two entries, whilst Morocco had only one company that ranked eighth; Wafa Gestion with $13.40 billion in assets under management (AUM).
This year's cohort had a total of $316 billion in AUM in 2021, up 19.20% from $265 billion in 2020. Of the 30, 15 are subsidiaries of commercial banks.
Saudi-based SNB Capital is the region's biggest asset manager, with $72.60 billion in AUM. Bahrain's Investcorp and Saudi's Riyad Capital complete the top three with $40.40 billion and $24.30 billion in AUM, respectively.
Moreover, Kuwait's Wafra International Investment Company was the only newcomer in this year's top 10, owing to its involvement as a joint global coordinator for Boubyan Bank's $500 million senior unsecured Wakala/Murabaha Sukuk insurance in March 2022.