KPMG: Investment funds in Saudi surged by 35.7% raising total assets under management to $219.46bln

KPMG: Investment funds in Saudi surged by 35.7% raising total assets under management to $219.46bln

Saudi Arabia - As the government fosters a favorable environment for the asset management industry to flourish, assets under management (AUM) in Saudi Arabia have reached to more than 25% of the size of country’s GDP, according to KPMG’s latest Asset Management Review 2023 publication.

The publication provides an overview of the emerging themes and changes in the regulatory, tax and Zakat landscape, and analyses the financial performance of twelve large asset management firms as a reference for the industry’s results.

“In line with Vision 2030, the government of Saudi Arabia is undoubtedly fostering a favorable environment in Saudi Arabia for the industry to grow. Especially for its ambitious agenda of giga and mega projects, financing requirements and hence the investment opportunities will continue to rise. The Financial Sector Development Program (FSDP) was also designed to further develop the industry in line with global offerings,” commented by Ovais Shahab, Head of Financial Services at KPMG in Saudi Arabia.

As reported by the Capital Market Authority’s quarterly Statistical Bulletin for 30 June 2023, the number of investment funds surged by 35.7% year-on-year, rising from 839 to 1,130. Additionally, the number of public and private investment fund subscribers reported a significant increase, growing from 675,465