The Securities and Commodities Authority (SCA) announced a significant rise in Assets Under Management (AUM) by firms authorised to manage portfolios and investment funds, totalling approximately AED 35B. This increase is attributed to the SCA’s ongoing initiatives to enhance the UAE’s asset management sector and fortify its regulatory framework in accordance with international standards, aligning with the UAE’s ambition to establish itself as a premier global hub for asset management.
In a statement to the Emirates News Agency (WAM), the SCA noted, “This year has seen an 83 percent increase in the number of licenced companies engaged in these activities, rising to 33 firms compared to 18 in January last year. This highlights the sector’s rapid expansion and the growing interest in establishing local investment funds and boosting their share capital.”
Looking ahead, the asset management sector in the UAE is expected to continue its upward trajectory, with the number of local investment funds anticipated to reach 58. The SCA has already received 25 new applications to launch investment funds, which will further support these firms’ investments in the UAE’s financial markets.