Dubai – Mubasher: Forbes Middle East revealed its second annual list of the 30 largest asset management companies in the Middle East for 2022, highlighting the major and independent asset companies that are working to increase investments in the Middle East.
The total assets under management of existing companies increased to $316 billion during 2021, compared to $265 billion in 2020, an increase of 19.2%. Of the 30 classified companies, 15 are affiliated with commercial banks.
The Saudi Stock Exchange "Tadawul" is the most developed capital market in the Middle East, and its market value represents about 70% of the total market capitalization of the capital markets in the region. Thus, Saudi Arabia dominates the list with 16 companies, followed by the UAE with 5 companies, together representing 70% of the total list.
Saudi Arabia-based NCB Capital topped the list, with total assets under management of $72.6 billion. In June 2022, NCB Capital partnered with the Saudi Telecom Company ( stc ) to manage its employees' savings plan.
Followed by Bahrain's Investcorp, with total assets under management of $40.4 billion, and Saudi Arabia's Riyad Capital in third place, with total assets under management of $24.3 billion.
Coming in tenth place is Wafra International Investment Company, which is the only entrant to the ranking of the top 10 asset management companies this year, thanks to Boubyan Bank's appointment of the company as the global coordinator and joint issue manager of $500 million in initial unsecured sukuk in March 2022.