“We expect Saudi Arabian AUM to cross USD300 billion within a couple of years, driven by Vision 2030’s Financial Sector Development Program. There is strong demand for Islamic products, with around 95% of mutual funds being sharia-compliant. The industry’s AUM reached 22% of GDP in 2023, with private funds three times larger than public funds. Saudi bank-affiliated managers held 63% of industry revenues, but competition from international managers is rising as the government attracts them to Saudi Arabia.” Bashar Al Natoor, Global Head of Islamic Finance at Fitch Ratings, Saudi Asset Management Industry Poised for Growth; Islamic Funds Dominating [Fitch Ratings]