RIYADH: The revenues from asset management activities for Saudi Arabia’s capital market institutions reached SR4.2 billion ($1.12 billion) in 2023, a 58.6% increase in just four years.
The Saudi Arabian Capital Market Authority’s deputy for listed firms and investment products, Abdullah bin Ghannam, claims that the Kingdom has been seeing historically high development in this sector. According to the Saudi Press Agency, he emphasized that the industry is one of the most significant sources of institutional investments because it provides a variety of goods and expert client resource management.
The official continued, “This will ensure that we are moving to achieve our strategic goals in line with the Kingdom’s Vision 2030 objectives and that all development steps are moving in the right direction. Investment funds in the Kingdom, one of the key performance metrics of the asset management sector, increased by 11.7 percent to 1,285 by the end of 2023, according to Bin Ghannam.
According to Bin Ghannam, the values of domestically managed assets were SR500 billion in 2019 and SR871 billion in 2023, a 74.2 percent growth.
The official states that CMA has identified some initiatives that have the potential to spur the Kingdom’s asset management industry’s growth.
He continued by saying that CMA is committed to creating several elements that will help Saudi Arabia become an attractive place for investments, improve the capital market’s effectiveness, and raise the Kingdom’s profile both domestically and abroad.
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