Forbes Middle East has announced its Top 40 Asset Managers for 2025, highlighting the leaders who are significantly influencing the investment landscape in the region. Collectively, these asset managers managed over $439 billion in assets under management during 2024, which includes investments in local and international equities, debt funds, discretionary portfolios, real estate, REITs, and private equity.

To create this prestigious list, Forbes Middle East evaluated asset managers based on their management of public funds on a fiduciary basis, specifically excluding sovereign wealth funds and private or family offices. The ranking process involved a weighted analysis that considered AUM, growth in AUM from 2023 to 2024, leadership experience, tenure, and key accomplishments over the past year, with a preference for independent firms over those backed by banks.

At the forefront of the rankings is Rashed Sharif, the CEO of SNB Capital, who retained his top position for the second consecutive year, overseeing $63.73 billion in AUM in 2024. His firm also managed a notable $12.35 billion secondary offering for Saudi Aramco, marking one of the largest such offerings in the EMEA region since 2000. Mohammed Alardhi, Executive Chairman of Investcorp, maintained the second position with $53 billion in AUM. Waleed AlRashed AlHumaid from Al Rajhi Capital rose from sixth to third place, managing $32.86 billion in assets.

Saudi Arabia emerged as the leader in the rankings, with 19 of the 40 asset managers located in the kingdom, demonstrating the robustness of its stock exchange. The United Arab Emirates (UAE) and Kuwait followed closely, each contributing six entries to the list. Faisal Al-Hamad, CEO of NBK Wealth, was noted as the only newcomer to the top 10, with his firm managing $22 billion in AUM in 2024.

The asset managers in the region were also key players in debt and sukuk issuances. KFH Capital played a significant role, leading and arranging over $17.8 billion in sukuk issuances for both sovereign and corporate clients in 2024. Additionally, Kamco Invest managed nine bond and sukuk issuances valued at $4.2 billion.

In addition to their asset management responsibilities, these firms are driving innovation within investment and wealth management. For instance, in April 2024, Mohammed Alardhi led the launch of Investcorp’s $1 billion platform, Investcorp Golden Horizon, in collaboration with the China Investment Corporation, aimed at investing in high-growth companies across the GCC and China. On the real estate front, Mazin Baghdadi of alinma capital partnered with Mohammed Al Nahdi Real Estate to introduce a $365.3 million fund intended to develop over 1.6 million square meters in Saudi Arabia’s Eastern Province. Furthermore, Zaid Mohammed Almufarih oversaw the launch of four private real estate funds by Albilad Capital, totaling $1.1 billion.

The following are the top 10 asset managers for 2025:

1. Rashed Sharif, CEO, SNB Capital (Saudi Arabia) 2. Mohammed Alardhi, Executive Chairman, Investcorp (Bahrain) 3. Waleed AlRashed AlHumaid, CEO, Al Rajhi Capital (Saudi Arabia) 4. Tariq Al-Sudairy, Managing Director & CEO, Jadwa Investment (Saudi Arabia) 5. Abdullah Abdulrahman Alshwer, CEO, Riyad Capital (Saudi Arabia) 6. Mazin Baghdadi, CEO & Managing Director, alinma capital (Saudi Arabia) 7. Hisham Alrayes, Group CEO, GFH Financial Group (Bahrain) 8. Faisal Al-Hamad, CEO, NBK Wealth (Kuwait) 9. Faisal Mansour Sarkhou, CEO, Kamco Invest (Kuwait) 10. Karim Awad, Group CEO & Chairman of the Executive Committee, EFG Holding (Egypt)