The Securities and Commodities Authority (SCA) in the UAE has announced a significant increase in Assets Under Management (AUM) by licensed portfolio and investment fund managers, reaching approximately AED35 billion ($9.52 billion). This growth is attributed to the SCA’s persistent initiatives to enhance the asset management sector in the UAE and to bolster its regulatory framework according to top global standards, aligning with the UAE’s vision of becoming a premier global asset management hub.
The SCA noted that this year has seen an 83 percent rise in the number of companies authorized to undertake such activities, now totaling 33 compared to 18 in January of the previous year. This further reflects the rapid expansion of the sector and the growing interest in establishing local investment funds and increasing their capital, according to the SCA.
Looking ahead, the asset management sector in the UAE is expected to continue its upward trajectory, with the anticipated number of local investment funds reaching 58.
Moreover, the SCA has received 25 new applications for the establishment of investment funds, which will further encourage these companies to invest in the UAE’s financial markets.
For more news on markets, click here.
