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 US$439 billion in assets in 2024, spanning local and international equities, debt funds, discretionary portfolios, real estate investments, REITs, and private equity.

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.

At the top of the list, Rashed Sharif, CEO of SNB Capital, retained his number one position, managing US$63.73 billion in AUM in 2024.

His firm also oversaw a US$12.35 billion secondary offering for Saudi Aramco—one of the largest in the EMEA region since 2000.

Mohammed Alardhi, Executive Chairman of Investcorp, maintained his second place, with US$53 billion in AUM.

Meanwhile, Al Rajhi Capital’s Waleed AlRashed AlHumaid climbed from sixth place in 2024 to third this year, managing US$32.86 billion in assets.

Saudi Arabia dominates the ranking, home to 19 of the 40 featured asset managers, reflecting the strength of the kingdom’s stock exchange.

The UAE and Kuwait follow with six entries each. Notably, Faisal Al-Hamad, CEO of NBK Wealth, is the only newcomer to the top 10. Kuwait-based NBK Wealth, the investment arm of NBK Group, managed US$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 US$17.8 billion in sukuk issuances for sovereign and corporate clients in 2024, while Kamco Invest managed nine bond and sukuk issuances worth US$4.2 billion.

Beyond managing assets, these firms have been instrumental in driving innovation across investment and wealth management.

In April 2024, Mohammed Alardhi led the launch of Investcorp’s US$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 US$365.3 million Alinma-Al Nahdi Real Estate Fund to develop over 1.6 million square metres of land in Saudi Arabia’s Eastern Province.

Similarly, Zaid Mohammed Almufarih oversaw Albilad Capital’s launch of four private real estate funds, totalling US$1.1 billion.

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 US dollar fixed-income fund.

The Middle East’s Top 10 Asset Managers 2025

Click here for the complete ranking of The Middle East’s Top 40 Asset Managers 2025.

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