The UAE is arguably the center for businesses and financial activities in almost all Arab countries. The UAE is a business-friendly federation focusing on legal and economic reforms, high-quality life, and a low tax regime. Hence, it is no surprise that many international firms have set up their regional hubs in the UAE, and several educated and local professionals and talented expatriates have down roots here.
Furthermore, the UAE’s historically stable government, economic strength, and the country’s strategic position between the west and east have led it to become home to dozens of investment and asset management companies. These companies are in sectors like real estate, industries, health care commodities, financial institutions, etc.
Top 10 Largest Investment & Asset Management Companies in UAE
Here are the top 10 largest investment and asset management companies in the UAE.
1. Dubai Investment Fund
Dubai Investment Fund is one of the largest asset management and investment companies in Dubai. Established in 2001, Dubai Investment Fund is recognized globally for effectively managing financial resources through growth-oriented investments and diversification into new asset classes. Dubai Investment Fund engages in asset management and private equity for over 7000 private and institutional investors in 61 countries with over $300 billion in assets under management.
The structure of the Dubai Investment Fund is designed to operate at the highest level of global investment. And as a world-class asset manager and investor, Dubai Investment Fund adheres to the strictest commercial and financial disciplines and has extensive experience investing in various economic sectors like healthcare, technology, retail, real estate, media, and so on, in all major global markets.
2. CITI Investment Bank
CITI Investment Bank is one of the world’s oldest banking and asset management companies. They are known globally for providing financial services such as wealth management, investment banking, and credit cards. The parent company Citigroup was founded in 1821 with its headquarters in New York and broke into the UAE market when it opened its first branch in Dubai in 1964.
The Citi UAE is connected by a network that spans over 98 different markets globally. The company is a diversified financial service holding company that operates in two primary segments – Institutional Clients Groups (ICG) and Global Consumer Banking (GCB). It’s no surprise that Citigroup made it to this list as it has over $250 billion in assets under management.
3. Abu Dhabi Islamic Bank
The Abu Dhabi Islamic Bank is one of the top Islamic asset management companies based in Abu Dhabi, the UAE. Founded in 1997 as a Public Joint Stock Company, Abu Dhabi Islamic Bank’s founders hold 29% of its equity, while approximately 100,000 shareholders own its remaining 71%.
As an Islamic bank, Abu Dhabi Islamic Bank carries out all transactions, operations, and contracts following the Islamic Sharia principles. They are ranked as the fourth largest Islamic bank in the world due to its demonstrated consistent track record of growth, with assets now totaling $37 billion. Also, Abu Dhabi Islamic Bank has one of the largest distribution networks and a presence internationally in six strategic markets – the Kingdom of Saudi Arabia, Egypt, Iraq, Sudan, Qatar, and the United Kingdom.
4. Crescent Enterprises
Founded in 2007, Crescent Enterprise is a subsidiary of the progressive family business group Crescent Group which has been actively contributing to the economic landscape of the Middle East and North Africa region since 1971. Crescent Enterprise is a multinational firm with diverse operations across several strategic sectors such as power and engineering, sustainable mobility, ports and logistics, business aviation, health care, etc.
Crescent Enterprise operates across four distinct platforms – Crescent Enterprise Operates, Crescent Enterprise Invest, Crescent Enterprise Ventures, and Crescent Enterprise Creates. Crescent Enterprise includes companies such as Momentum Logistic, Gulftainer Group, and Uruk Engineering & Contracting, with employees from over 15 countries.
5. Al-Fajer Enterprises
Al-Fajer Enterprise is another top holding company in the UAE, based in Dubai. Established in 1970, Al-Fajer Enterprise is nationally owned by the ruling family Sheikh Hasher bin Maktoum Al Maktoum. Since Sheikh Hasher bin Maktoum Al Maktoum was appointed CEO, Al-Fajer Enterprise has grown exponentially. They have become integral to hundreds of prestigious private and public sectors.
Since its establishment, the company has grown exponentially, delivering services to a range of international clients in commerce through its subsidiary companies that focus on manufacturing, designing, trading, travel and tourism, real estate, information, and so on. Moreover, Al-Fajer has handled over 6000 projects, has over 5000 clients, and received up to 100 awards to its name.
6. Emirate Islamic Bank
Emirate Islamic Bank, founded in 2004, is one of the four leading Islamic financial services institutions in Dubai, UAE. And like every Islamic financial bank, Emirate Islamic Bank delivers its banking services in line with the Sharia principles. Emirate Islamic Bank has a solid commercial banking franchise and a core platform in retail banking. They offer one of the broadest products designed for individuals, small businesses, and large corporations.
Emirate Islamic Bank is the right choice for anyone seeking excellence in managing their finances. Emirate Islamic Bank manages assets for several institutions within the UAE, including Dubai Islamic Bank, Dubai International Financial Center (DIFC), Abu Dhabi Investment Authority (ADIA), and others.
7. KAMCO Investment Company
KAMCO Investment Company, a subsidiary of the United Gulf Bank, was founded in 1998. Even though their headquarter is in Kuwait, they have had a significant presence in the UAE since they opened the Dubai International Financial Center in 2016.
In 2003, KAMCO Investment Company was listed on the Bursa Kuwait, making them an enormous financial service provider.
Since its commencement of operation about 24 years ago, KAMCO Investment Company has built an extensive track record in multiple financial markets sectors such as investment banking, asset management, equity research, and even brokerage. In 2021 alone, its investment banking arm had an estimated $29.2 billion of successful transactions, and its asset management arm had over $14.6 billion in assets under management.
8. SHUAA Capital
SHUAA Capital is an investment banking and asset management firm founded in 1979. SHUAA Capital is a leading asset management firm with offices throughout the Middle East and the United Kingdom. And more importantly, it has been here and contributing everywhere possible towards the growth of the modern UAE today.
SHUAA Capital mainly focuses on two segments in the financial sector – investment banking and asset management. However, they also offer several other products and services. And currently, the firm sits on over $14 billion in assets under management. This success is partly due to the firm’s transformational merger with Abu Dhabi Financial Group in 2019, making them one of the region’s leading investment and asset management platforms.
9. Emirates NBD Asset Management
The Emirates NBD is another one of the largest banking groups in the Middle East regarding assets they control, considering it is government-owned. Emirates NBD was founded in 1963 by the then Dubai ruler, Sheikh Rashid bin Saeed Al Maktoum and was formerly known as the National Bank of Dubai (NBD). NBD then merged with Emirates Bank International in 2007, forming the Emirates NBD known today.
Today, the Emirates NBD has enough independence to be nimble as required in the fast-moving investment industry. Emirates NBD’s unique selling proposition is its diverse array of Shari’a-compliant and conventional funds. And as of 2021, the Emirates NBD controls approximately $6.1 billion in assets under management.
10. Al Khair Capital
Al Khair Capital is another leading asset and investment company with well over $3 billion in assets under management. Founded in 2009, Al Khair Capital is based in Riyadh. It has a rich history in Bahrain since it is a subsidiary of Bank Alkhair. Al Khair Capital is a firm dedicated to providing tailored Shari’a-compliant Islamic investment services to shareholders and clients throughout the region and abroad.
Generally, Al Khair Capital works across multiple aspects of the financial market, including investment management and fund, private equity, capital markets, brokerage, corporate finance, and so on. Also, Al Khair Capital dealing is in the stock exchange market like the Dubai Financial Market (DFM), Abu Dhabi Securities Exchanges (ADX), and the Saudi Stock Exchange (Tadawul).
Conclusion
Conclusively, with the rate at which the UAE has been developing a free trading zone and international financial center in recent years, it’s no surprise to see many investment and asset management firms setting base here. The UAE has developed into a diversified financial service hub not only for institutions in the Middle East but institutions globally.
