Top 20 Investment Companies By Total Assets | Middle East
Over the past couple of decades, the middle east has tremendously expanded on all fronts. Buoyed by income from its rich reserves of crude oil and natural gas, these countries – especially the Gulf Cooperation Countries – have transformed their respective economies, expanding their GDPs beyond hydrocarbons.
Most recently, these countries have become quite notable as the hub for private equity and general finance activities in the EMEA region. Dubai, Abu Dhabi, Doha, and a handful of other countries have emerged as leading financial centers; on par with long-established financial centers across Europe.
The Middle East now hosts a significant number of the biggest investment companies in the global financial industry. All of them making giant strides in the industry alongside the already notably massive government-owned sovereign wealth funds.
In this article, we highlight 20 of the biggest investment companies in the Middle East, primarily based on the value of the total assets under their management.
Largest investment companies in the Middle East
Dubai Investment Fund, UAE – $320 Billion AUM
Since its establishment in 2001, the Dubai Investment Fund has grown into becoming the Middle East’s biggest investment fund outside of sovereign wealth funds; in only 21 years. Serving a wide range of clients – from individual clients to hedge funds, family offices, and even sovereign wealth funds, the firm has delivered consistent growth figures, despite varying economic highs and lows.
Starting from humble beginnings as a small UAE-focused asset management firm seeking to participate in the country’s economic renaissance in the early 2000s, the firm has expanded significantly and now boasts an impressive global presence. It now has well over 7,300 investors drawn from more than 61 countries around the globe. And at last count, the Dubai Investment Fund has about $320 Billion in assets under management.
Not unaware of global future realities, the firm has begun to actively invest in opportunities in the renewables sector while pushing for improved ESG considerations in its portfolio companies. The firm also invests in infrastructure, retail, healthcare, commodities, and many other sectors of the economy.
InvestCorp, Bahrain – $41.2 Billion AUM
Established in 1982 by Nemir A. Kirdar, Investcorp is Bahrain’s biggest asset management firm. Starting in 1982, connecting the middle east with the rest of the world, Investcorp has grown tremendously and now boasts a total of $41.2 Billion in assets under management across a diverse portfolio of six asset classes.
The firm currently operates in the private equity, real estate credit management, absolute return investments, infrastructure, and strategic capital sectors of the market. In July of this year, it announced that it had assumed control of 1.2 Billion Euros worth of real estate holdings in Europe alone. Its entire real estate portfolio currently consists of over 1,100 properties located in the United States, Europe, and Asia, and it is worth a total of $23 Billion. Their credit management arm controls $14.7 Billion in assets under management. While the absolute returns investment division manages $7 Billion in assets.
A truly globally-focused asset management firm, Investcorp currently employs about 430 professionals, all drawn from over 45 different countries across the world. The firm operates an unconventional leadership structure of 2 joint CEOs to improve leadership reach and capacity. The current CEOs are Rishi Kapoor & Hazem Ben-Gacem.
SNB Capital, Saudi Arabia – $37.3 Billion AUM
Originally established in 2007 as NCB Capital, SNB Capital began as the investment banking subsidiary of the National Commercial Bank in Saudi Arabia. Following a well-publicized merger with Samba Capital in late 2021, it became the biggest private asset management shop in the Kingdom, with its assets under management totaling $37.3 Billion (SAR140 Billion). Built around an investment philosophy of sharia compliance, it is also the biggest of such firms globally.
The firm operates across multiple facets of the finance industry, including asset management, investment banking, investment advisory, wealth management, equity research, and brokerage, among many others. Its current CEO, Rashed Sharif, was appointed in February 2021 after holding several senior leadership positions in the Saudi sovereign wealth fund between 2017 and 2020 and at other financial institutions in the country.
Riyad Capital, Saudi Arabia – $18 Billion AUM
Established in 2008 in the Kingdom of Saudi Arabia, Riyad Capital is the investment and asset management subsidiary of Riyad Bank, one of the Kingdom’s largest financial institutions.
A leading sharia-compliant financial services provider in Saudi Arabia and the wider Gulf region, Riyad Capital currently provides wealth management, asset management, trading, corporate investment banking, and custody and securities services to its teeming individual and institutional investors. Across these portfolios, the company currently oversees about $18 Billion in assets under management.
For its achievements, it has received several awards, including the ”Leading Shari’a Compliant Equity Fund” and the “Leading European Equity Fund” awards from a subsidiary of the Reuters International Group. Its financial products have also received multiple accolades from market observers. Its Riyad Blue Chip Equity Fund earned the “Top Performing Fund 2018 (TIER 1)” award in Saudi Arabia after earning the most returns in the market that year.
Its current CEO is Sabty Sulaiman Al Sabty.
Alinma Investments, Saudi Arabia – $18 Billion AUM
Alinma investments is another name on this list that’s the asset management of a subsidiary of a major bank, which in this case is Alinma Bank. Established in 2009 with a starting investment capital of only about $260 Million, the fund has come a long way to reaching $18 Billion in total assets under management. The bank was established and is headquartered in the Kingdom of Saudi Arabia, where it conducts most of its business.
For its many clients, Alinma provides a nice basket of shariah-compliant investment products across the brokerage, asset management, ETFs, corporate finance, and wealth management facets of the finance industry. The firm’s current CEO is Mazin Fawaz Baghdadi, a thoroughbred finance professional with over 20 years of experience in investment banking. Over the length of his career, he has worked at a good number of top funds and firms across the EMEA region, including HSBC bank.
GFH Financial Group, Bahrain – $15 Billion AUM
With an estimated $15 Billion worth of assets under management, the GFH Financial group has made quite a name for itself as one of the biggest asset managers in the middle east. In addition to investment management, the firm provides a host of other financial services, including real estate development, commercial banking, treasury, and assets management.
Although it is active across the region, where it is listed on stock exchanges in Kuwait, Dubai, and Abu Dhabi, GFH is primarily headquartered in Bahrain. Dedicated to the diversity and equality ideals of the modern world, the firm declared that as much as 43.5% of its total new hires in 2021 were women, an impressive feat by any standards.
KAMCO Investments, Kuwait – 13.8 Billion AUM
KAMCO Investments, an independent investment subsidiary of the KIPCO Group, was established in Kuwait in 1998 and listed on the Boursa Kuwait (The Kuwaiti Stock Exchange) in 2003. The firm provides a wide range of financial services across asset management, brokerage, and investment banking.
Through its investment banking division, the firm has participated in some of the Middle East’s most notable corporate transactions in recent times – M&As, debt, equity, and so on. And its asset management division currently controls an estimated $13.8 Billion in assets under management.
Jadwa Investment, Saudi Arabia – $13.6 Billion AUM
Growing by $5 Billion in 2021 alone, Jadwa Investment now controls an estimated $13.6 Billion in assets under management, only 16 years after it was established in 2006. In the previous year, it also grew its assets portfolio by an estimated 39%.
Licensed by both the Capital Market Authority in Saudi Arabia and the Dubai Financial Services Authority, Jadwa provides boutique investment advisory and management services to a long list of clients that includes high-net-worth individuals, family offices, corporate institutions, and even government entities.
Al Rajhi Capital, Saudi Arabia – $13.3 Billion AUM
Established in 2008, Al Rajhi Capital is the investment subsidiary of Saudi Arabia’s Al Rajhi Bank. In its less than 15 years of existence, the firm has made quite a mark on the markets in the Kingdom and the wider middle eastern region.
At the moment, the fund controls as much as $13.3 Billion in total assets under management. To its numerous clients, which include high net worth individuals and institutional investors, the firm provides an array of financial services – brokerage, asset management, investment banking, and equity research. The firm’s Al Rajhi REIT is one of the most popular REITs on the Boursa Kuwait. One of the firm’s most notable achievements to date is its role as a joint underwriter in the epoch-making $25.4 Billion IPO of Saudi Aramco in 2019.
Waleed AlRashed AlHumaid is the fund’s current CEO, a position he attained only after over 16 years of experience in the industry. He has held several positions at HSBC and Saudi Aramco, and NCB Capital, where he worked in portfolio management, equity research, equities, and so on.
SHUAA, UAE – $13.1 Billion AUM
Based in the UAE, SHUAA Capital was first established in 1979 as the Arabian General Investment Corporation (AGICO) by decree of the Ruler of Dubai – His Highness Sheikh Rashid Bin Saeed Al Maktoum. It changed its name to SHUAA Capital in 2000 and subsequently dropped “capital” when it rebranded again in 2012. Today, following a merger with the Abu Dhabi Financial Group (ADFG) IN 2019, SHUAA has attained a market leadership position as an asset management firm in the financial industry in the missile east, with an estimated $13.1 Billion assets under management as of July of this year.
The fund participates in multiple segments of the markets, including public markets, private markets, real estate, debt, investment banking, and investment management. With about 350 employees, the firm serves over 2,000 clients in operations spanning 8 countries.
Committed to diversity, the firm employs workers from more than 20 countries, more than 25% of them being women. Also, on a five-member board of directors, there is one woman. The current CEO of the fund is Fawad Tariq Khan, who only recently replaced Jassim Alseddiqi.
Wafa Gestion, Morocco – $12.8 Billion AUM
Est\ablished in 1993, Wafa Gestion is the first fund on this list that is based in Africa. Operating out of Morocco, the firm is jointly owned by the Attijariwafa Bank in Morocco and Amundi, an asset management company based in Paris, France. With $12.8 Billion in total assets under management, the fund is effectively the biggest in Morocco and wider North Africa.
The fund focuses majorly on five asset classes – balanced, short-term bonds, money market funds, equity, and medium-to-long term bonds. Its clientele ranges from private and individual investors to corporate and institutional investors. Its current CEO is Hilali Reda. in 2021, Wafa Gestion earned the “Excellent(mar)” With a Stable Outlook rating from Fitch.
NBK Capital, Kuwait – $7.8 Billion AUM
Established in 2005, NBK Capital is Kuwait’s second biggest asset management firm., with a total of $7.8 Billion in total assets under management. With activities across the asset management, investment banking, brokerage, and digital investment facets of the finance industry, the company employs over 160 finance professionals across most of the countries in the middle east, including Kuwait, Bahrain, Saudi Arabia, Egypt, the UAE, and Turkey. It has participated in several successful IPOs and even was joint lead manager on Kuwait’s debut sovereign bond issuance.
Emirates NBD Asset Management, UAE – $6.1 Billion AUM
A subsidiary of the Emirates NBD Bank, Emirates NBD Asset Management is one of the UAE’s biggest asset management companies, with an estimated $6.1 Billion in assets under management as of December last year.
Established only 16 years ago in 2006, Emirates NBD has become quite committed to providing the consummate investment experience to investors around the globe. The fund provides both conventional and sharia-compliant investment solutions. Some of which are domiciled in Jersey, the Cayman Islands, and Luxembourg. Emirates NBD’s clients include ultra-high net worth individuals, government institutions, institutional investors, family offices, pension funds, and so on. The company’s current Senior Executive Officer is Steve Corrin, a seasoned investment professional with 25 years of experience.
Alistithmar Capital, Saudi Arabia – $5.5 Billion AUM
Alistithmar Capital is a subsidiary of the Saudi Investment Bank (SAIB). Established in 2007, the firm has quickly risen through the ranks and now manages an estimated $5.5 Billion in assets under management. Like most of the other companies on this list, Alistithmar Capital, commonly referred to as ICAP, operates across brokerage, asset management, investment banking, and real estate fronts. The current CEO of the firm is Khaled Alrayes, a CFA charter holder, and he holds a Master’s Degree in Finance obtained from the University of Denver, Colorado. Before becoming CEO at ICAP, he had garnered nearly two decades of valuable experience in various financial institutions in Saudi Arabia.
SEDCO Capital, Saudi Arabia – $5.2 Billion AUM
Although it was initially established in 1976, SEDCO Capital was relaunched in 2010 as an independent asset management company. In its nearly 5 decades of existence, the firm has built a reputation as a reading provider of shariah-compliant investment products and has gone even beyond the middle eastern region to establish itself as a player on the global stage.
To that end, apart from its offices in Riyadh and Dubai, the firm has also set up operations in London and Luxembourg, from where it provides high-end asset management services to high-net-worth individuals in Europe. The company has also established a significant presence in the United States. Only last year, it added an office building near the white house to its real estate portfolio. SEDCO Capital’s current CEO is Samer Abu Aker, a Certified Public Accountant with extensive experience in the finance industry, from working with firms in the Middle East and Europe.
Saudi Fransi Capital, Saudi Arabia – $ 4.3 Billion AUM
Established in 2011, Saudi Fransi Capital is the investment and asset management subsidiary of Banque Saudi Fransi. The bank’s first rodeo on the financial markets began in 1985 when the bank first offered securities brokerage services in Saudi equities. Following that, the bank began to expand into other segments of the market. All of these were only coalesced in 2011 to form the entity formally known as Saudi Fransi Capital. Headquartered in the Kingdom of Saudi Arabia, the firm boasts an estimated $4.3 Billion in assets under management. The firm also participated in Saudi Aramco’s IPO IN 2019.
EFG Hermes Holdings, Egypt – $3.5 Billion AUM
The first fund from Egypt to make this list, EFG Hermes, was established in 1984 and currently controls about $3.5 Billion in assets under management. As one of the oldest financial services provider companies in the region, the firm pretty much has its fingers in just about every pie in the industry. From asset management to securities brokerage, private equity, to investment banking, EFG Holdings has left its mark. The company also participates in retail banking – mortgages, leasing, microfinance, and so on.
Alkhair Capital, Saudi Arabia – $3 Billion AUM
Alkhair is yet another Saudi-based company to make this list. Partly owned by Bahrain’s Bank AlKhair, the company was established in 2009 and now controls about $3 Billion in assets under management. Active in most of the countries in the middle east, the firm is publicly traded on the Saudi, Abu Dhabi, and Dubai stock exchanges.
Al Jazira Capital, Saudi Arabia – $2.9 Billion AUM
Al Jazira Capital, also a Saudi-based investment company, was established in 2008. The company is the investment arm of Bank AlJazira and currently manages $2.9 Billion in assets under management. The company’s services include asset management, investment banking, brokerage, and wealth management, all of which are overseen by an independent shariah committee to ensure compliance with the shariah requirements of their investors.
Albilad Capital, Saudi Arabia – $2.4 Billion AUM
Albilad Capital, the investment subsidiary of Bank Albilad, was established in 2008 and is licensed by the Capital Market Authority of Saudi Arabia. The firm provides a bouquet of shariah-compliant financial services, including asset management, investment banking, custody services, advisory, brokerage, etc. As of last year, the firm has an estimated $2.4 Billion in assets under management.
Final Conclusion
The finance scene in the middle east has been steadily expanding for the past few years. And that expansion is expected to continue for a few more years. The companies listed here are expected to get even bigger, and with them, the region’s economy and its people’s prosperity
