Today's Edition
JESSI AMASON (ABU DHABI)
The UAE saw a strong showing in Forbes Middle East's recently released Top 30 Asset Managers ranking, with four asset managers of UAE-based firms featured among the list.
The 30 asset managers listed collectively oversaw over $340 billion in assets in 2023, including local and international equity and debt funds, discretionary portfolios, real estate investments, real estate investment trust (REIT), and private equity.
Individuals were ranked based on their past experiences, key achievements in the last year, and the firm's total assets under management (AUM). Those representing sovereign wealth funds and private or family offices were excluded from the list, according to Forbes Middle East.
UAE-based Firms Featured
Listed at 18th on the list, Michail Samawi, Senior Executive Officer of Emirates NBD Asset Management, is the first representative of a UAE firm featured in the ranking. Emriates NBD Asset Management held $6.5 billion assets under management in 2023, at a year-on-year increase of 8.64%.
Mohamed Hussain Al Nowais came in at 24th on the list for his role as the Managing Director of Waha Capital, a UAE-based private sector investment firm with investments across public and private markets. The firm witnessed a total of $2.9 billion assets under management in 2023, a massive growth of 60% compared to the previous year.
CEO and Head of Asset Management of UAE-based Mashreq Capital, Robert Hahm, was ranked 29th on the list. The company, which recorded $1.5 billion in AUM by the end of 2023, has been headed by Hamh since 2017. The company manages six funds and a number of discretionary portfolios.
Rounding out the list at 30th place was Gavin Rankin, Chief Investment Officer and Senior Executive Officer of ADCB Asset Management Ltd, a wholly-owned subsidiary of Abu Dhabi Commercial Bank. Under Rankin's management, the firm held $1 billion in assets under management at the end of 2023, with a focus on investment management and private markets.
Regional Standing
Approximately 90% of the firms featured on the Forbes list were based in GCC companies, demonstrating the Gulf region's continued standing as a chosen destination for the world's financial powerhouses.
At the top of the list was Rashed Sharif, the CEO of Saudi-based SNB Capital, which controlled around $65.6 billion in AUM at the end of 2023.
In terms of representation, Saudi Arabia led the list with 14 of the 30 entries, followed by Kuwait with five entries and the UAE with four.
Regional Trends in Asset Management
In 2023, asset managers in the region played an increased role in debt and sukuk issuances to both conglomerates and governments.
Saudi-based Al Rajhi Capital served as the only local bank and joint arranger for the $3.5 billion PIF Sukuk issuance, while Saudi Fransi Capital was the joint lead manager for the $2 billion green and conventional sukuk issuance of Saudi Electricity Company.
Asset management subsidiaries of banks also dominated the list at approximately 53% of entries, with the remaining 46% representing independent asset management firms.
Furthermore, 19 IPOs raised a staggering $4.9 billion in proceeds in Q4 2023, with Saudi Arabia's ADES Holding company contributing 25% of the overall quarterly IPO proceeds, followed by the UAE's PureHealth at 20%.
