The SCA reveals a surge of Dh35 billion in Assets Under Management by Portfolio Management companies and Investment Funds in the UAEE
The Securities and Commodities Authority (SCA) reported a strong surge in Assets Under Management by companies licensed to manage portfolios and investment funds, amounting to around Dh35 billion. 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.
This year has witnessed an 83% increase in the number of companies licensed to engage in such activities, totaling 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 coming period 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.
The positive indicators that have been seen by the sector are the result of the SCA's persistent efforts to strengthen the legislative environment in the UAE. In January last year, the Board of Directors introduced the new investment fund regulations with the aim of empowering this sector to play an active role in ensuring balance and stability in the UAE’s financial markets. Building on these efforts, the SCA has also been working to update its rulebook for financial activities, especially in relation to investment fund management.
These steps are part of a comprehensive development plan the SCA has adopted to promote the asset management sector in the UAE and create a resilient and integrated regulatory environment that helps attract global asset management companies and investment fund service providers to the UAE.
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