Forbes unveils Mideast Top 40 influential money movers list
ABU DHABI, 1 days ago
Forbes Middle East has unveiled its Top 40 Asset Managers list, spotlighting the region’s most influential leaders shaping the investment landscape.
Collectively, they managed more than $439 billion in assets in 2024, spanning local and international equities, debt funds, discretionary portfolios, real estate investments, REITs, and private equity, said a statement from Forbes.
To compile this list, Forbes Middle East ranked asset managers handling public money on a fiduciary basis, excluding sovereign wealth funds and private/family offices.
The ranking was determined using a weighted evaluation of assets under management (AUM), AUM growth (2023-2024), leadership experience, tenure, key achievements over the past year, and a preference for independent firms over bank-backed ones, it stated.
Rashed Sharif, the CEO of Saudi-based SNB Capital topped the list, retaining his number one position, managing $63.73 billion in AUM in 2024. His firm also oversaw a $12.35 billion secondary offering for Saudi Aramco - one of the largest in the EMEA region since 2000.
Mohammed Alardhi, the Executive Chairman of Bahrain-based Investcorp, maintained his second place, with $53 billion in AUM followed by Waleed AlRashed AlHumaid of Saudi-based Al Rajhi Capital in the third place.
AlHumaid climbed to the third spot this year from sixth in 2024, managing $32.86 billion in assets.
According to Forbes, Saudi Arabia dominated the ranking, home to 19 of the 40 featured asset managers, reflecting the strength of the kingdom’s stock exchange followed by the UAE and Kuwait with six entries each.
Notably, Faisal Al Hamad, the CEO of NBK Wealth, is the only newcomer to the top 10. Kuwait-based NBK Wealth, the investment arm of NBK Group, managed $22 billion in AUM in 2024.
The region’s asset managers also played a pivotal role in debt and sukuk issuances. KFH Capital led and arranged over $17.8 billion in sukuk issuances for sovereign and corporate clients in 2024, while Kamco Invest managed nine bond and sukuk issuances worth $4.2 billion.
Beyond managing assets, these firms have been instrumental in driving innovation across investment and wealth management, said the statement.
In April 2024, Mohammed Alardhi led the launch of Investcorp's $1 billion platform, Investcorp Golden Horizon, in partnership with the China Investment Corporation, to invest in high-growth companies across the GCC and China.
On the real estate front, in May 2024, Mazin Baghdadi’s alinma capital, in collaboration with Mohammed Al Nahdi Real Estate, introduced the $365.3 million Alinma-Al Nahdi Real Estate Fund to develop over 1.6 million sq m of land in Saudi Arabia’s Eastern Province.
Similarly, Zaid Mohammed Almufarih oversaw Albilad Capital’s launch of four private real estate funds, totaling $1.1 billion, said the statement from Forbes.
Meanwhile, Amr Abol-Enein led CI Capital Asset Management to a key milestone with the launch of its first Shariah-compliant equity tracker fund alongside a USD fixed-income fund, it added.-TradeArabia News Service
