GCC assets under management rise 9% to $2.2t in 2024: BCG
Assets under management (AUM) across the Gulf Cooperation Council (GCC) grew 9% to $2.2 trillion in 2024, underscoring the region’s emergence as a global financial hub, according to Boston Consulting Group (BCG).
Saudi Arabia and the UAE drove growth in the retail mutual funds sector, while Kuwait and Abu Dhabi strengthened their positions in sovereign wealth funds, BCG said.
“The GCC’s 9% AUM growth highlights its rising prominence as a hub for institutional and retail capital,” said Lukasz Rey, BCG managing director and Middle East head of financial institutions, adding that local asset managers could one day rival global players.
Saudi Arabia’s Public Investment Fund (PIF) reported a 19% increase in AUM to $913 billion by end-2024, with an average annual return of 7.2% since 2017. The Abu Dhabi Global Market (ADGM) also posted a 215% year-on-year surge in AUM in Q3 2024.
Click here for more on Finance and Investing
