GCC's assets under management reached $2.2tr in 2024, says report

The GCC's asset management industry grew to $2.2 trillion in Assets under Management (AuM) in 2024, a 9% increase from the previous year, according to the 23rd edition of the Global Asset Management report, titled 'From Recovery to Reinvention' by Boston Consulting Group (BCG).

- Staff Reporter, Gulf Today

In the retail mutual fund sector, Saudi Arabia and the UAE have been the principal contributors to growth. As for sovereign wealth funds (SWFs), the largest volumes of assets have been managed by major players in Kuwait and Abu Dhabi.

Lukasz Rey, Managing Director & Partner and Middle East Head of Financial Institutions at BCG, said: “The next decade's leaders will be those who redefine their future, not just endure challenges. The region's 9% AuM growth in 2024 underscores its rising prominence as a hub for institutional and retail capital. 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. Recent market volatility offers a chance for change, prompting asset managers to move from recovery to innovation - reimagining value delivery, client engagement, and business operations.”