Portfolio management companies and investment funds experience a surge of AED35 billion in assets under management (AUM), as reported by the SCA.

The Securities and Commodities Authority (SCA) announced that companies licensed to manage portfolios and investment funds in the UAE have seen a significant increase in Assets Under Management, reaching around AED35 billion. This growth is attributed to SCA's efforts to develop the asset management sector in the UAE and enhance its regulatory framework in alignment with international standards, in line with the UAE's vision to establish itself as a leading global hub for asset management.

According to SCA's statement to the Emirates News Agency (WAM), there has been an 83% increase in the number of licensed companies engaging in these activities, totaling 33 compared to 18 in January of the previous year. This demonstrates the rapid growth and growing interest in establishing local investment funds and boosting their capital.

It is expected that the asset management sector in the UAE will continue to expand, with the number of local investment funds projected to reach 58. The SCA has received 25 new applications to establish investment funds, which will facilitate the companies' investments in the UAE's financial markets.