• The 40 asset managers collectively oversaw over $439 billion in AUM in 2024.
• Saudi Arabia leads with 19 entries, followed by the U.A.E. and Kuwait with six each.
• Rashed Sharif, CEO of SNB Capital, tops the ranking for the second consecutive year.

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 $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 $63.73 billion in AUM in 2024. His firm also oversaw a $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 $53 billion in AUM. Meanwhile, Al Rajhi Capital’s Waleed AlRashed AlHumaid climbed from sixth place in 2024 to third this year, managing $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 U.A.E. 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 $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 $17.8 billion in sukuk issuances for sovereign and corporate clients in 2024, while Kamco Invest managed nine bond and sukuk issuances worth $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 $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 $365.3 million Alinma-Al Nahdi Real Estate Fund to develop over 1.6 million square meters of land in Saudi Arabia’s Eastern Province. Similarly, Zaid Mohammed Almufarih oversaw Albilad Capital’s launch of four private real estate funds, totaling $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 USD fixed-income fund.

The Middle East’s Top 10 Asset Managers 2025

1 | Rashed Sharif

CEO, SNB Capital   

HQ: Saudi Arabia

2 | Mohammed Alardhi

Executive Chairman, Investcorp

HQ: Bahrain

3 | Waleed AlRashed AlHumaid

CEO, Al Rajhi Capital

HQ: Saudi Arabia

4 | Tariq Al-Sudairy

Managing Director & CEO, Jadwa Investment

HQ: Saudi Arabia

5 | Abdullah Abdulrahman Alshwer

CEO, Riyad Capital

HQ: Saudi Arabia

6 | Mazin Baghdadi

CEO & Managing Director, alinma capital

HQ: Saudi Arabia

7 | Hisham Alrayes

Group CEO, GFH Financial Group (GFH)

HQ: Bahrain

8 | Faisal Al-Hamad

CEO, NBK Wealth

HQ: Kuwait

9 | Faisal Mansour Sarkhou

CEO, Kamco Invest

HQ: Kuwait

10 | Karim Awad

Group CEO & Chairman of the Executive Committee, EFG Holding

HQ: Egypt