Back to all finance news

GCC assets under management reach $2.2tn in 2024, shows report

The region’s 9 per cent AuM growth underscores its rising prominence as a hub for institutional and retail capital, says BCG’s Lukasz Rey

Neesha Salian
Neesha Salian

13 August, 2025

GCC assets under management reach $2.2tn in 2024, shows report
Image: Getty Images/ For illustrative purposes

TT

16

The Gulf Cooperation Council’s (GCC) asset management industry grew to $2.2tn in assets under management (AuM) in 2024, representing a 9 per cent increase from the previous year, according to Boston Consulting Group’s (BCG) 23rd Global Asset Management report, titled From Recovery to Reinvention.

The report highlights Saudi Arabia and the UAE as the principal contributors to retail mutual fund growth, while Abu Dhabi and Kuwait’s sovereign wealth funds (SWFs) manage the largest volumes of assets in the region.

Lukasz Rey, MD and partner and Middle East head of Financial Institutions at BCG, said: “The next decade’s leaders will be those who redefine their future, not just endure challenges. The region’s 9 per cent AuM growth in 2024 underscores its rising prominence as a hub for institutional and retail capital.

“With Saudi Arabia and the UAE anchoring regional momentum, the GCC’s strategic diversification and SWF dominance signal a future where local asset managers could rival global giants. Recent market volatility offers a chance for change, prompting asset managers to move from recovery to innovation — reimagining value delivery, client engagement, and business operations.”

GCC AUM: revenue growth driven by market performance

Revenue growth in 2024 was primarily driven by market performance rather than investor inflows, underscoring the industry’s vulnerability to external forces. The report also noted that persistent fee compression, shifts in investor preferences, and digital disruption are pushing firms to redesign business models, accelerate cost innovation, and sharpen strategic focus.

Mohammad Khan, MD and partner at BCG, added: “The GCC’s asset management industry has demonstrated remarkable resilience and strategic growth, achieving $2.2tn in AuM in 2024. With Saudi Arabia and the UAE driving retail mutual fund expansion and Kuwait and Abu Dhabi leading in sovereign wealth fund dominance, the region is steadily establishing itself as a global financial powerhouse. This growth reflects not only recovery but a strategic pivot towards innovation and operational excellence. The next decade will be defined by asset managers who prioritize client-centric transformation, technological advancement, and leaner business models, positioning the GCC as a formidable force capable of rivaling global industry leaders.”

Three factors driving the industry

The BCG report identifies three forces reshaping the industry globally:

  1. Opportunities to create new products in response to changing investor demands – Asset managers can expand into actively managed ETFs, model portfolios, and separately managed accounts, as well as deliver private assets to retail clients. Retail access to private markets has expanded more than fivefold over four years, surpassing $300bn, driven by demand for better risk-adjusted returns, though regulatory hurdles and investor education remain key challenges.

  2. A critical need for consolidation and digital transformation – Strategic partnerships and mergers and acquisitions are enabling firms to gain scale, broaden offerings, and build technological capabilities. Large asset managers can lower costs through technology synergies and operational efficiency, while those managing less than $300bn must focus on leaner models.

  3. A renewed focus on cost – Operational efficiency, enhanced decision making, and client engagement are key priorities. Generative AI is emerging as a critical tool for process automation and product delivery, particularly in illiquid and alternative assets, and is being deployed across front, middle, and back offices.

Nabil Saadallah, MD and partner at BCG, said: “While currency adjustments and methodology revisions cloud historical comparisons, the consistency of 9 per cent annual growth across the GCC reveals a resilient market. Pension funds and SWFs, led by Saudi and Kuwaiti institutions, are quietly reshaping the region’s financial architecture, blending tradition with global asset management rigour. Notably, cost discipline is now a strategic focus, with firms prioritising unique value creation, embracing lean practices, and investing heavily in transformative technologies.”

Read: MENA IPOs raise $2.5 bn in Q2, Saudi Arabia dominates listings

ADNOC Distribution’s Athmane Benzerroug on robust results, customer experience and sustainability

The non-fuel retail segment is a key strategic focus, leveraging ADNOC Distribution’s network of over 500 stations in the UAE — more than 65 per cent of the country’s total — far surpassing competitors like ENOC and Emarat

Neesha Salian
Neesha Salian

13 August, 2025

ADNOC Distribution’s Athmane Benzerroug on robust results, customer experience and sustainability
Image: Supplied

TT

16

ADNOC Distribution, the UAE’s largest fuel and convenience retailer, reported robust H1 2025 results, with its highest-ever half-year EBITDA and a significant 12 per cent growth in net profit.

In this interview with Gulf Business, Athmane Benzerroug, chief strategy, transformation and sustainability officer, sheds light on the key factors behind this strong performance, including record fuel volumes, booming non-fuel retail, and strategic investments in AI, EV infrastructure, and international expansion, all while maintaining a strong focus on sustainability and customer experience.

ADNOC Distribution recently reported a 12 per cent growth in net profit and its highest ever EBITDA for H1 2025. What are the key factors behind this strong performance? How do you see momentum going forward?

The company recorded double-digit growth in both EBITDA and net profit — with EBITDA up 10 per cent and net profit increasing by over 12 per cent . This performance is driven primarily by record fuel volumes across our network — the highest since our IPO eight years ago. Volumes in the GCC (UAE plus Saudi Arabia) rose 7 per cent , and when including Egypt, total fuel volumes increased by 6 per cent. Retail fuel volumes — everyday customers fueling vehicles — grew by 6 per cent, while commercial fuel volumes rose 4 per cent. Notably, our commercial business posted a 30 per cent growth in EBITDA, significantly outperforming volume growth, thanks to profitable customer acquisition.

Overall, we processed 122 million transactions this semester, with fuel transactions up 5–6 per cent, and non-fuel retail transactions growing twice as fast at 10 per cent .

Can you explain what constitutes the non-fuel retail business and its contribution?

Non-fuel retail includes convenience store purchases, car wash services, quick service restaurants, and other in-station offerings beyond fuel. This segment now accounts for 15 per cent of our gross profit and is growing about five times faster than the fuel business. Commercial business’ EBITDA is growing even faster at 22 per cent.

This non-fuel retail segment is a key strategic focus, leveraging our network of over 500 stations in the UAE — more than 65 per cent of the country’s total — far surpassing competitors like ENOC and Emarat.

How are you leveraging technology to enhance customer experience and loyalty?

Our ADNOC Rewards app, launched two and a half years ago, now has 2.5 million users — over half of UAE drivers. The app drives customer loyalty by rewarding points redeemable on fuel discounts, convenience store products, car washes, and with over 140 partner discounts, including airline miles.

We use AI-powered features like license plate recognition to enable seamless fuelling experiences — customers can set fuel preferences, pay through mobile wallets, and even get personalised offers on food and beverages. Given government-set pump prices in the UAE, the loyalty programme and network scale are critical for attracting repeat business.

What are the growth and upgrade plans for the second half of the year?

We expect continued strong growth across fuel retail, non-fuel retail, and commercial segments. We’re upgrading convenience stores with specialty coffee, fresh food, and high-margin offerings that resonate well with customers.

We’re also enhancing customer experience through modernised automatic car washes with eco-friendly chemicals and improved lighting, and expanding our quick service restaurant partnerships with brands like Al Baik, McDonald’s, and Starbucks.

Our network is segmented by station throughput, allowing us to tailor offerings and attract both traditional gasoline drivers and the growing EV market.

Speaking of EVs, how is ADNOC Distribution advancing in electric vehicle infrastructure?

We currently operate over 300 strategically located EV charging stations offering fast and ultra-fast charging. The E2GO business is regulated with high margins, and energy sales have doubled year-on-year. We serve both individual EV drivers and fleet operators such as taxis, who benefit from off-peak charging options.

What are your international market highlights?

Aviation business revenue grew 20 per cent and is fully dollar-denominated, insulating us from local currency volatility in Egypt and elsewhere. Egypt now contributes about 5–6 per cent of group EBITDA, surpassing initial expectations.

In May, ADNOC Distribution launched the Voyager lubricant line nationally across Egypt, expanding its distribution to third-party retail stores for the first time. The company has set a target of 3,000 points of sale in Egypt by the end of 2026, further strengthening its regional presence. Egypt remains a core focus market for ADNOC Distribution, as the company continues to expand its global footprint. ADNOC Voyager, the UAE’s number one lubricant brand by market share, is now exported to more than 47 countries around the world.

In Saudi Arabia, we have doubled our network from 70 to 140 stations over six months, operating under a dealer-owned, company-operated (DOCO) model that requires no capex from us but expands our footprint rapidly.

Sustainability is part of your remit. How is ADNOC Distribution progressing on this front?

Sustainability is embedded in daily operations, with a target to reduce scope 1 and 2 emissions intensity by 25 per cent by 2030 compared to 2021.

We have four key initiatives:

  1. Energy optimisation across stations through efficient lighting, air conditioning, and building design.
  2. Solar photovoltaic (PV) installations powering over 25 stations this year, expanding to more than 50, including Abu Dhabi.
  3. Conversion of 100 per cent of our supply chain fleet to biofuel.
  4. Real-time fleet management using AI and augmented reality to optimise fuel efficiency. Our ESG ratings have improved substantially — we’re now in the top quartile among international peers across major agencies like Sustainalytics, S&P, MSCI, and Bloomberg. Additionally, our EV charging infrastructure helps customers reduce carbon footprints.

What are your key priorities over the next six months to a year?

First, customer experience and safety remain top priorities. We aim to continue growing earnings and sustain a robust dividend policy, targeting at least 21 fils per share annually — equating to roughly $700m distributed yearly for the next five years.

In October, we will pay a 10.3 fils dividend backed by strong cash flow and double-digit earnings growth.

Finally, what leadership lessons have been most valuable to you?

After seven years with ADNOC Distribution, the key lesson is the power of teamwork. Under strong leadership, we have transformed our stations significantly. Success depends on empowering the people on the ground and working as one team focused on customer experience.

Embedding AI into decision-making is critical too — with over 250 million transactions processed yearly and 2.5 million active customers, leveraging data for growth and optimization is central to our strategy.

Dubai Chamber of Commerce reports 4% rise in new members, trade value up 18% in H1

The chamber supported the expansion of 60 local companies into new overseas markets during H1 2025

Neesha Salian
Neesha Salian

13 August, 2025

Dubai Chamber of Commerce reports 4% rise in new members, trade value up 18% in H1
Image: Dubai Media Office

TT

16

Dubai Chamber of Commerce said it registered 35,532 new member companies in H1 2025, up 4 per cent from a year earlier, while the value of members’ exports and re-exports rose 18 per cent to Dhs171.9bn ($46.8bn).

The chamber, one of three operating under Dubai Chambers, issued 409,083 certificates of origin in the period, an increase of 10 per cent from H1 2024.

It also processed 2,961 ATA carnets for goods valued at Dhs1.94bn.

Chairman Sultan bin Saeed Al Mansoori said the results reflected Dubai’s position as “a leading global centre for trade and investment” and the emirate’s “integrated business ecosystem,” which he said reinforced investor confidence in the national economy.

The chamber supported the expansion of 60 local companies into new overseas markets during H1 2025, a 76 per cent increase from the 34 firms assisted in the same period last year.

Dubai Chamber of Commerce organised trade missions

As part of its “New Horizons” initiative, it organised trade missions to Thailand, the Philippines, Angola and Mozambique, resulting in 1,076 business-to-business meetings.

During the first six months of the year, the chamber reviewed 27 laws and draft laws with Business Groups, achieving a 60 per cent adoption rate for private-sector recommendations, up from 46 per cent in H1 2024.

It held 98 meetings with Business Groups and Councils, more than double the number last year, and set up five new Business Councils representing Brazil, Slovakia, Peru, Indonesia and Hungary.

The chamber handled 94 mediation cases worth Dhs213.5m, up 19 per cent year-on-year, and organised 19 legal events attended by 1,414 participants.

The Dubai Centre for Family Businesses, part of Dubai Chambers, published a guide in partnership with the Department of Economy and Tourism on best practices for preserving family wealth and ensuring business continuity.

Read: Dubai Chamber of Digital Economy, Dubai Finance partner to advance cashless strategy

Dubai drivers alert: Here’s how to deduct 4 black points easily

The campaign aims to promote safe driving habits and reduce road accidents on one of the busiest days on UAE roads

Nida Sohail
Nida Sohail

12 August, 2025

Dubai drivers alert: Here’s how to deduct 4 black points easily
Image credit: RTA _ X/Twitter

TT

16

As schools across the UAE prepare to reopen after the summer break, the Ministry of Interior (MOI) has declared August 25, 2025, as “A Day Without Accidents.” This annual initiative coincides with the start of the new academic year — a period that traditionally sees a sharp rise in road traffic as families return from vacation.

Read-Dubai’s traffic woes: New AI platform slashes congestion in minutes

The campaign, launched in coordination with police departments nationwide, aims to promote safe driving habits and reduce road accidents on one of the busiest days on UAE roads. The announcement was made on the Ministry’s official X (formerly Twitter) account.

View post on X

In a move to encourage compliance, the ministry has introduced a special incentive: motorists who pledge to drive safely on August 25 and successfully avoid traffic violations on that day will receive a deduction of four black points from their driving licence.

To be eligible, drivers must visit the official MOI website and submit a pledge form before the day. If no violations are recorded, the black point deduction will be processed automatically by September 15, with no need to visit service centres. This streamlined, fully digital reward system reinforces the ministry’s commitment to both safety and convenience.

AI surveillance and penalties in Dubai

Meanwhile, earlier this year, Dubai Police provided a comprehensive update on traffic violations captured by AI-enabled smart radars and technical surveillance systems. The announcement was made in March 2025 by the General Department of Traffic, highlighting the rising role of AI in enforcing road laws, a WAM report said.

The violations carry heavy penalties, both financial and in black points, for reckless or careless driving. For example:

  • Exceeding the speed limit by more than 80 km/h incurs a fine of Dhs3,000, 60-day vehicle impoundment, and 23 black points.

  • Exceeding by over 60 km/h results in a Dhs2,000 fine, 20-day impoundment, and 12 black points.

  • Lower levels of speeding incur smaller fines:

    1. Over 50 km/hr: Dhs1,000

    2. Over 40 km/hr: Dhs700

    3. Over 30 km/hr: Dhs600

    4. Over 20 km/hr: Dhs300

Violations that cost you more than money

In addition to speeding, Dubai Police listed numerous other offences being closely monitored:

  • Running a red light: Dhs1,000, 30-day impoundment, 12 black points

  • Driving against traffic: Dhs600, 7-day impoundment, 4 black points

  • Using a mobile while driving: Dhs800, 4 black points

  • Not wearing a seatbelt: Dhs400, 4 black points

  • Failing to give way to pedestrians: Dhs500, 6 black points

  • Illegal window tinting: Dhs1,500

  • Improper lane usage:

    • Light vehicles: Dhs400

    • Heavy vehicles: Dhs1,500, 12 black points

  • Unsafe vehicle stopping: Dhs1,000, 6 black points

  • Not maintaining safe distance: Dhs400, 4 black points

  • Excessive noise: Dhs2,000, 12 black points

  • Turning in non-designated areas: Dhs500, 4 black points

  • Driving with an expired licence: Dhs500, 4 black points

  • Heavy vehicles entering restricted zones: Dhs1,000, 4 black points

  • Blocking other vehicles: Dhs500

These figures underline the UAE’s zero-tolerance stance on dangerous driving and the increasing reliance on technology to keep roads safe.

Call to action for motorists

With the academic year restarting, roads will see an influx of parents, school buses, and commuters. The Ministry’s message is clear: be vigilant, be responsible, and make a conscious effort to avoid accidents, not just to stay penalty-free, but to protect lives.

Participating in “A Day Without Accidents” offers motorists more than just point deductions. It’s a symbolic commitment to safer roads, responsible driving, and community well-being. By aligning the campaign with back-to-school season, authorities hope to build long-term driving discipline starting with one important day.

Three cyber safety tips for executives working while travelling

By combining a VPN, eSIM, 2FA, and advanced antivirus software, professionals can work securely from anywhere

Rajiv Pillai
Rajiv Pillai

12 August, 2025

Three cyber safety tips for executives working while travelling
Image: Getty Images

TT

16

In today’s era of hybrid work, going on holiday no longer means disconnecting from the office entirely. Thanks to widespread connectivity—available at airports, train stations, hotels, restaurants, and most public indoor spaces—many professionals blend work and leisure, accessing free Wi-Fi or reliable 4G/5G coverage from virtually anywhere.

However, this constant connectivity has also caught the attention of cybercriminals. Ahead of the Summer Olympic and Paralympic Games, Kaspersky experts analysed nearly 25,000 free Wi-Fi hotspots in Paris, finding that almost 25 per cent had weak or no encryption—putting travellers at risk of personal and financial data theft.

The unfamiliarity of new surroundings and potential language barriers can create ideal conditions for cyberattacks, meaning business travellers must take extra precautions when logging on. Kaspersky outlines three essential tools and practices for staying secure while working on the move:

1. Use a VPN for secure connections
A VPN encrypts internet traffic, preventing hackers from intercepting sensitive information such as login credentials or financial details. This is critical when accessing work emails or corporate files on public Wi-Fi.

2. Switch to an eSIM for secure mobile data
An eSIM enables travellers to access local mobile networks without a physical SIM card, helping avoid roaming fees and reducing reliance on unsecured Wi-Fi. With an eSIM, data plans can be downloaded in advance, ensuring instant connectivity upon arrival. Services like the Kaspersky eSIM Store allow users to purchase, activate, track, and top up data plans through a single app.

3. Enable two-factor authentication (2FA)
2FA adds an extra layer of protection for critical accounts, particularly important when devices may be left unattended during travel.

Kaspersky further advises travellers to combine these measures with robust, real-time cybersecurity solutions. Comprehensive tools such as Kaspersky Premium integrate antivirus protection, VPN, and password management in one platform, helping defend against malware, phishing, and ransomware.

Read: New Kaspersky module targets voice phishing

By combining a VPN, eSIM, 2FA, and advanced antivirus software, professionals can work securely from anywhere—whether emailing from a poolside or joining a meeting from a festival venue.

OSN, The Trade Desk launch MENA streaming ad partnership

The partnership combines OSN’s content library and direct-to-home viewer base with The Trade Desk’s buying tools to expand access to the region’s premium streaming audience

Neesha Salian
Neesha Salian

12 August, 2025

OSN, The Trade Desk launch MENA streaming ad partnership
Image: OSN website/ For illustrative purposes only

TT

16

MENA entertainment provider OSN has partnered with US-based advertising technology firm The Trade Desk to open the broadcaster’s programmatic video inventory to advertisers, the companies said.

The deal makes The Trade Desk the first demand-side platform (DSP) to give brands direct access to OSNtv’s connected television and addressable video-on-demand inventory, covering Arabic and international content including HBO, Warner Bros. Discovery titles and OSN original productions.

“At OSN, we’re committed to innovation that enhances the advertising experience while maintaining the highest standards for our viewers,” Hamid Davari, OSN’s director of advertising, said in a statement.

“Partnering with The Trade Desk on our Advanced TV products allows us to open our premium inventory to brands in a way that is transparent, data-rich, and performance-focused,” he added.

OSN, The Trade Desk aim to empower advertisers to make smarter, more data-driven decisions

Terry Kane, The Trade Desk’s MENA managing director, said connected TV was one of the most powerful digital advertising channels. “This partnership with OSN underscores our commitment to unlocking the region’s premium inventory and empowering advertisers to make smarter, more data-driven decisions at scale,” he said.

OSN said advertisers using The Trade Desk’s platform will be able to target engaged viewers in brand-safe environments and measure campaign performance more precisely.

The Dubai-based broadcaster, which operates in 22 countries, was the first in the region to introduce an on-demand video service and holds exclusive rights to HBO programming in MENA.

It said the partnership combines its content library and direct-to-home viewer base with The Trade Desk’s buying tools to expand access to the region’s premium streaming audience.

More news in finance