RIYADH: The Gulf Cooperation Council’s asset management industry grew to $2.2 trillion in assets under management in 2024, up 9 percent from 2023, according to Boston Consulting Group.
BCG’s Global Asset Management report, “From Recovery to Reinvention,” identified Saudi Arabia and the UAE as key drivers of retail mutual fund growth, while Kuwait and Abu Dhabi’s sovereign wealth funds held the largest share of regional assets.
The GCC sector is in a strong growth phase, underpinned by sovereign fund strength, expanding retail investment, and strategic diversification. BCG notes the region is navigating global market volatility while positioning itself to compete with the world’s leading asset managers.
“The next decade’s leaders will be those who redefine their future, not just endure challenges. The region’s 9 percent AuM growth in 2024 underscores its rising prominence as a hub for institutional and retail capital,” said Lukasz Rey, managing director and partner and Middle East head of financial institutions at BCG.
He added: “With Saudi Arabia and the UAE anchoring regional momentum, the GCC’s strategic diversification and SWF dominance signal a future where local asset managers could rival global giants.”
