Bahrain's financial sector has made a significant mark on Forbes Middle East’s Top 40 Asset Managers list, highlighting the kingdom’s growing influence in the regional investment landscape.
This recognition comes amidst a period of robust growth for the Middle East and North Africa (MENA) asset management sector, fueled by economic diversification and a surge in IPOs and sukuk issuances.
The Forbes list, which spotlights the region’s most influential leaders in asset management, features three prominent Bahrain-based figures: Mohammed Alardhi of Investcorp, Hisham Alrayes of GFH Financial Group, and Najla Al Shirawi of SICO Group.
Mohammed Alardhi, executive chairman of Investcorp, secured the second spot on the list, managing $53 billion in assets in 2024. Investcorp’s significant activities include the launch of its $1bn platform, Investcorp Golden Horizon, in partnership with the China Investment Corporation, aimed at investing in high-growth companies across the GCC and China.
Hisham Alrayes, group chief executive of GFH Financial Group, ranked seventh. GFH, with over $22bn in assets and funds under management, has a strong presence across GCC exchanges. The group’s successful $500 million sukuk issuance, which was oversubscribed four times, underscores its strong market position.
Najla Al Shirawi, chief executive of SICO Group, also secured a place on the list. SICO, a Bahrain-based regional asset manager, saw its assets under management grow by 23pc to $7.4bn in 2024. The firm played a pivotal role in major IPOs and bond issuances, including LuLu Retail’s $1.72bn IPO and Bank of Bahrain and Kuwait’s $500 million bond issuance.
These Bahraini leaders stand out in a list dominated by Saudi Arabia, which boasts 19 of the 40 featured asset managers, reflecting the strength of the kingdom’s stock exchange. The UAE and Kuwait follow with six entries each.
The Mena region’s asset management sector is experiencing substantial growth, with the 40 featured asset managers collectively overseeing more than $439bn in assets in 2024. This growth is supported by a surge in IPOs, with 54 listings raising $12.6bn in 2024, and a 43pc year-on-year increase in GCC sukuk issuance, reaching $87.5bn.
avinash@gdnmedia.bh
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