Wednesday, May 22, 2024
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Saudi Arabia’s Asset Management Sector is expanding at an Unprecedented rate, According to a CMA Official

RIYADH: The revenues from asset management activities for Saudi Arabia’s capital market institutions reached SR4.2 billion ($1.12 billion) in 2023, a 58.6% increase in just four years.

Abdullah bin Ghannam, the Saudi Arabian Capital Market Authority’s deputy for listed firms and investment products, claims that the Kingdom has been experiencing historically high development in this sector.

“To ensure that all development steps are moving in the right direction and that we are moving forward to achieve our strategic objectives, the Authority will monitor the volume of managed assets, the number of participants in public and private investment funds, and the ratio of the volume of funds collected for alternative asset funds to the total public financing,” he continued. as it contributes to providing diversified products and professional management of client resources, the Saudi Press Agency reported.

According to Bin Ghannam, there was a 74.2 percent increase in the valuations of locally managed assets from SR500 billion in 2019 to SR871 billion in 2023 The source claims that CMA has identified many strategies that could spur the Kingdom’s asset management sector to flourish.

He continued by saying that CMA is committed to creating many elements that would boost Saudi Arabia’s attractiveness as an investment destination, improving the Kingdom’s capital market’s effectiveness and raising its level of competitiveness both domestically and globally.

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Wednesday, May 22, 2024

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