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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Saudi capital market assets under management rise by $14bn in Q2

The number of investment funds rose to 1,209 by the end of the three-month period, the highest on record.
  • The total AUM held by licensed capital market institutions in Q2 2023 are the largest in years, according to Argaam.
  • Dom Capital led the way with a 100 percent increase in AUM in Q2 2023. Sidra Capital followed with a 195 percent rise.

Riyadh, Saudi Arabia — The total assets under management (AUM) held by capital market institutions licensed by Saudi Arabia’s Capital Market Authority (CMA) rose 7 percent, or SAR 53 billion ($14 billion), quarter-on-quarter (QoQ) to SAR 823.6 billion in Q2 2023, according to the authority’s data.

The total AUM held by licensed capital market institutions in Q2 2023 are the largest in years, according to Argaam.

Dom Capital led the way with a 100 percent increase in AUM in Q2 2023. Sidra Capital followed with a 195 percent rise.

On the other hand, Alkhizanah Capital reported the steepest decline in AUM, with a 100 percent fall. Impact46 came in second with a 69 percent fall.

SNB Capital topped the list of capital market institutions in terms of AUM, with about SAR 271.2 billion during the second quarter of this year, representing 33 percent of the total AUM value. It was followed by Riyad Capital, with nearly SAR 84 billion, Argaam reported.

GCC asset management market $500bn by 2026

The GCC asset management market is a rapidly growing market, with assets under management (AUM) projected to reach nearly $500 billion in onshore assets by 2026, a leap from $400 billion at the end of 2022.

The growth of the GCC asset management market is being driven by a number of factors, including strong capital inflows from both domestic and foreign investors. The strong capital flows are, in turn, driven by high oil prices, economic diversification efforts and the development of the financial sector.

The IMF estimated in 2022 that GCC countries together held a trade surplus of approximately $350 billion. Wealthy individuals are also attracted to the region, with the UAE previously projected to attract the most millionaires worldwide in 2022.

Additionally, an increased appetite for IPOs saw the Middle East raise a record amount in proceeds, exceeding $20 billion in 2022.