Saudi Arabia’s asset management industry experienced remarkable growth, with the value of managed assets surging by 74 percent. In 2019, the total value stood at SAR500 billion ($133.29 billion), but by the end of 2023, it had reached 871 billion riyals ($232.2 billion).
Read more: Saudi’s CMA’s revenues soar by 6 percent to SAR1.65 billion in 2021
According to a statement released by the Saudi Capital Market Authority (CMA), the asset management industry achieved unprecedented milestones, reaching a staggering SAR4.2 billion ($1.1 billion) in revenue by the end of 2023, representing a growth rate of 58.6 percent compared to the SAR2.7 billion recorded in 2019. The number of investment funds also reached a record high of 1,285 in 2023, a significant increase from 607 in 2019, reflecting a growth rate of 111.7 percent.
#تقرير | هيئة السوق المالية: نمو غير مسبوق في صناعة #إدارة_الأصول في المملكةhttps://t.co/H7vsdTWlBm pic.twitter.com/uC1KXBuIgU
— هيئة السوق المالية (@SaudiCMA) April 3, 2024
Furthermore, the number of subscribers to investment funds witnessed substantial growth, surpassing 1.17 million by the end of 2023, compared to 334.2 thousand in 2019. This represents a remarkable growth rate of 251 percent, setting a new historical record.
Abdullah bin Ghannam, the Undersecretary for Finance and Investment at CMA, emphasized the significance of the asset management industry as a key component of the Authority’s securities business. He highlighted the industry’s exceptional performance, indicating its role as a crucial source of institutional investment.
Bin Ghannam also emphasized that the CMA is actively working to enhance the regulatory requirements for investment funds. The Authority aims to facilitate the establishment of new funds with more flexible structures, catering to the needs of investors.
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