Portfolio management companies in UAE have seen a surge in Assets Under Management (AUM) with assets reaching AED35 billion ($9.53 billion), the Securities and Commodities Authority (SCA) reported. 

 

It said that this surge was the result of its ongoing efforts to advance the asset management sector in the UAE and strengthen its regulatory environment in line with the best international practices, thus fulfilling the UAE’s vision to become a leading global hub for asset management.

 

Accelerated growth

In a statement to the Emirates News Agency (WAM), SCA said: "This year has witnessed an 83% increase in the number of companies licensed to engage in such activities, totalling 33 companies compared to 18 in January of last year. This demonstrates the accelerated growth seen by the sector and the rising appeal for setting up local investment funds and increasing their share capital."

 

It is projected that the year will witness the continued growth of the asset management sector in the UAE, with the number of local investment funds expected to stand at 58 as the SCA has received 25 new applications to start investment funds, which will help promote the investments of these companies in the UAE’s financial markets.--TradeArabia News Service