Assets under management (AUM) in the Gulf Cooperation Council (GCC) climbed 9% to reach USD 2.2trln in 2024, according to data from Boston Consulting Group (BCG).
BCG noted that the growth reflects the Gulf’s emergence as a leading global financial hub, with regional asset managers increasingly positioned to compete with major international firms.
Saudi Arabia and the UAE were identified as key drivers of the retail mutual funds market’s expansion.
The consultancy also highlighted Kuwait and Abu Dhabi as frontrunners in the sovereign wealth fund sector.
“The GCC’s 9% AUM increase in 2024 highlights its growing significance as a destination for both institutional and retail capital,” said Lukasz Rey, Managing Director & Partner and Middle East Head of Financial Institutions at BCG.
“With Saudi Arabia and the UAE fuelling this momentum, the region’s diversification strategies and sovereign wealth fund strength point to a future where local asset managers could rival the world’s largest players.”
Saudi Arabia’s Public Investment Fund (PIF) reported a 19% jump in its AUM to USD 913bn by the end of 2024, delivering an average annual total portfolio return of 7.2% since 2017.
Meanwhile, the Abu Dhabi Global Market (ADGM) recorded a 215% year-on-year rise in total AUM in Q3 2024.
