Global Investor MENA Guide 2023

MENA GUIDE 2023

NAVIGATING GROWTH:

Prospects and Pitfalls

THE AGE OF GLOBAL

UNCERTAINTY

THE RESULTS

MENA GUIDE 2023

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Anshula Kumar

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Luke Jeffs

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Derivatives editor

Radi Khasawneh

Tel: +44 (0) 20 7779 7210 radi.khasawneh@delinian.com

Securities Finance Reporter

Sophia Thomson

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SNB Capital taps Broadridge to offer Saudi stock lending

By: Luke Jeffs

Saudi Arabia’s largest asset manager SNB Capital has licensed Broadridge to start offering securities lending and borrowing as the Middle East’s largest economy embraces stock lending.

SNB Capital, which is majority owned by the Saudi National Bank and has some SAR140 billion (£30bn) under management, said on Thursday it has reached agreement with US-based Broadridge to use the tech firm’s Securities Finance and Collateral Management (SFCM) solution.

Loai Bafaqeeh, head of Securities Division at SNB Capital, said the partnership is designed to allow the Saudi manager to participate in the growing securities borrowing and lending (SBL) market in the Kingdom.

“SNB Capital is perfectly positioned to satisfy strong demand for securities lending and borrowing across Saudi Arabia,” said Bafaqeeh.

“With Broadridge, and their SFCM solution, our joint efforts will provide global SBL expertise, an end-to-end platform with the required trading, operations and connectivity, and the capacity to rapidly bring this product to market based on the updated regulatory and market structure provided by Saudi Exchange and Securities Depository Centre (Edaa).”

Riyadh-based Saudi Tadawul Group, the main Saudi exchange, introduced in April 2022 a raft of changes that included more efficient handling of order flow by market participants, such as an enhanced mechanism for short selling activities.

The introduction of these measures aligned the Saudi market with international best practices, according to SNB Capital, paving the way for the launch of securities lending and borrowing programmes by firms such as SNB.

Darren Crowther, head of Securities Finance and Collateral Management

at Broadridge, said: “Global markets are increasingly complex with greater numbers of potential revenue streams across the business. Broadridge’s SFCM solution enables firms to start-up rapidly, capture securities finance growth opportunities whilst integrating seamlessly with other internal or external systems, to help them meet their regulatory obligations, and streamline their operations.”

The Saudi exchange finalised in December last year its market-making programme for cash equities and derivatives.

Tadawul launched index equity derivatives in 2020 and single stock futures referencing ten companies in July last year.

The Indian central bank said on Wednesday it will permit the lending and borrowing of government bonds to complement that country’s stock lending and borrowing activity.

Gulf central banks increase rates in response to Fed hike

By: Sophia Thomson

Central banks in the Gulf region have increased repo, deposit, and interest rates in response to the US Federal Reserve’s (Fed) latest interest rate hike.

Central banks in the GCC bloc, including the Qatar Central Bank (QTB), Saudi Central Bank (SAMA), the Central Bank of Bahrain (CBB) and the UAE Central Bank (CBUAE), followed the Fed’s policy rate adjustments as their own currencies are anchored to the US dollar.

The exception is Kuwait, which anchors the Kuwaiti dinar to a basket of currencies.

The QTB, SAMA, CBB and CBUAE all raised their target interest rates in response to the Fed’s announcement

on May 3 to increase the interest rate on reserve balances by 25 basis points.

The QTB raised its repo rate to 5.75%, its deposit rate to 5.5% and lending rate by 25 basis points to 6%.

SAMA increased its repo rate by 25 basis points to 5.75% and its reverse repo rate by 25 basis points to 5.25%. The Saudi regulator said the move to raise rates was consistent with its mandate to preserve monetary stability.

CBB raised its one-week deposit rate to 6% from 5.75%, its overnight deposit rate to 5.75% from 5.5%, fourweek deposit rate to 6.75% from 6.5% and lending rates to 7% from 6.75%.

CBUAE announced it will raise base rates on its overnight deposit facility by 25 basis points from 4.90%

to 5.15%. The Emirati bank also will maintain the rate applicable to borrowing on short-term liquidity from the central bank through all standing credit facilities at 50 basis points above the base rate.

The central banks adjusted rates will be effective Thursday May 4.

In April, the Federal Reserve Bank of New York said it is limiting some firms’ access to its reverse repo facility (RRF), a tool used to manage short-term interest rates.

European Central Bank (ECB) and several other major central banks agreed in March to boost the flow of US dollars through the global financial system, with the goal of keeping credit flowing to businesses and households.

Abu Dhabi exchange boosts trading access with Mashreq

By: Sophia Thomson

Abu Dhabi Securities Exchange (ADX) has partnered with the UAE’s oldest privately-owned bank to provide clients with digitalised trading access to the exchange, in the latest sign of improving trading opportunities in the Gulf region.

UAE-headquartered ADX said the partnership was formalised in a memorandum of understanding (MoU) with Mashreq, and an access and process agreement with Mashreq Securities.

ADX said the agreement simplifies the digital onboarding process for Mashreq clients, allowing them to instantly obtain a National Investor Number (NIN). ADX and Mashreq will collaborate to introduce a simple process for users to obtain a NIN and set up a trading account. Using a secure digital platform, the new process will eliminate the requirement to print, sign and e-mail documents, the partners said.

The agreement with Mashreq supports ADX’s strategy of implementing digital technology to increase access to investment opportunities offered by the exchange, widening its investor base and enhancing market liquidity, the firm said.

ADX said the trading value on the Exchange reached AED 450 billion (£98.64 billion) in 2022, an increase of almost 22% from the previous year, driven by a stream of listings and growing interest from regional and international investors.

Abdulla Salem Al-Nuaimi, chief operations officer of ADX, said: “ADX is delighted to partner with Mashreq to provide its customers with quick and easy access to the growing number of securities listed on the Exchange.”

Al-Nuaimi added: “We have

witnessed a robust pipeline of initial public offerings (IPOs) and listings last year and will continue to introduce more products and services that will further augment our offer to a growing number of investors locally and internationally.”

Aladdin Al-Deesi, executive vice president & head of Mashreq Gold, said: “Through this strategic collaboration between Mashreq Securities and ADX, customers can generate a NIN, and open a brokerage account with Mashreq Securities in real-time without any paperwork. The digital journey will also allow the clients to

subscribe digitally to any upcoming IPOs with ADX through the Mashreq mobile banking app.”

Saudi Arabia’s largest asset manager SNB Capital licensed in February Broadridge technology to start offering securities lending and borrowing as the Middle East’s largest economy embraces stock lending.

In 2021, ADX cut a deal with Nasdaq to enable the Abu Dhabi group to start trading derivatives by the end of the year, marking the second Abu Dhabi exchange to launch derivatives within 12 months.

Saudi Exchange finalises marketmaking regime for derivatives

By Radi Khasawneh

The Saudi Exchange has said it has finalised the market-making framework for its growing derivatives market, as well as cash equities.

The Riyadh-based exchange, known as Tadawul, launched index equity derivatives in 2020, and listed single stock futures referencing ten companies on July 4, to be settled by its clearing company Mugassa. The move will help its efforts to develop the regional capital markets infrastructure, it said on Sunday.

“Introducing Market Making to the Saudi Exchange’s Equity and Derivatives markets will ensure the availability of liquidity, in line with global standards and practices,”

Mohammed Al Rumaih, chief executive of Saudi Exchange, said in a release. “Saudi Exchange’s successful implementation of a number of farranging enhancements over the past few years, including most recently a

bundle of enhancements to the posttrade infrastructure, have been crucial to support our growth as we seek to advance the Saudi capital market.”

Tadawul was among a group of Middle Eastern stock exchanges connecting to high-speed connectivity provider Avelacom in August.

The market-maker regime is open to exchange members. The Saudi market said a list of approved market-makers, the securities they are supporting and the incentives offered will be published on its website.

There are currently six derivatives exchange members, according to the company website. These include the Saudi Arabian arms of Goldman Sachs, HSBC and Morgan Stanley as well as SNB Capital.

The Riyadh-based exchange group in September hired OSTC chief executive officer Lee Hodgkinson as group chief strategy officer as part of its push to expand its market infrastructure.

Navigating growth in MENA: prospects and pitfalls

The commodities market, specifically the energy sector, has seen growth due to the region being a major producer and exporter of oil and gas. To wean from its dependence these commodities, the region has ramped up renewable energy initiatives, and there has been a rise in large investments in solar energy projects in the UAE, Saudi Arabia and Egypt. A UAE-based solar power plant, Noor Abu Dhabi, is one of the largest single-site solar projects in the world.

Another sector experiencing growth in recent years is the e-commerce sector which rapidly grew during the pandemic. Evidence of that growth can be seen in the

rise of the market shares of companies such as Souq.com, Noon.com and Jumia.

The financial market has also been on the receiving end of significant interest and investment. Data platform known as Magnitt stated in a report that the fintech sector grew positively both in funding deployed into the industry and the number of deals closed by fintech startups which saw a rise of 550% and 56% YoY in 2021, respectively, breaking records. Network International, a Dubai-based payment provider, and UAE-based buy-nowpay-later platform, Tabby have also witnessed an influx in investments.

However, an area to highlight is the derivatives market in the MENA region which has expanded in recent years.

Dubai and Qatar have emerged as major players in the region by yielding significant investments in the financial sector. Islamic finance products, compliant with Sharia law and structured to avoid interest-based transactions, have also seen a spike in demand. The equity derivatives market has seen growth as well with the introduction of exchangetraded funds (ETFs) and index futures contracts.

The commodities market, specifically the energy sector, has seen growth due to the region being a major producer and exporter of oil and gas.

There have been significant developments in the MENA region in recent years, particularly in the financial sector.

However, a significant amount of work is yet to be done on regulatory frameworks and infrastructure developments.

Several initiatives to boost growth and development in the derivatives market have been implemented. For instance, the establishment of the Dubai International Financial Centre (DIFC) and Qatar Financial Centre (QFC) not only provide an infrastructure to promote growth but also a regulatory framework for the financial sector. These new financial centres form a favourable environment to attract investment through their tax incentives and streamlined business registration processes.

Another example is Saudi Arabia’s 2019 legal framework for derivatives trading and the UAE introducing new regulations to promote the growth of fintech.

With such a focus on fintech, multiple countries have also worked in fintech incubators and accelerators. One such example is the Bahrain Fintech Bay which provides support and resources to fintech startups in the region through its co-working space and innovation hub.

Moving the focus towards innovation, the demand for Sharia law compliant products has risen to meet the unique needs of investors in the region. The Dubai Gold and Commodities Exchange (DGCX) launched new contracts which includes the region’s first Sharia-compliant gold futures contract. Investors are able to hedge against fluctuations in the price of gold while adhering to Islamic finance principles.

Certain companies have identified the need for greater financial literacy both among businesses and consumers resulting in the introduction of financial education programs in schools and universities, as well as the development of online resources and training programs for professionals in the financial sector.

In fact, various MENA governments have invested in education and training to develop the skills needed to support the growth of the derivatives and financial sector space. For example, the Abu Dhabi Global Market (ADGM) Academy provides training in financial services, fintech, and legal and regulatory compliance.

Governments and corporations in the region are collaborating to continue the growth identified in the derivatives and financial sector space. The UAE and Saudi Arabia have launched a joint initiative to develop a digital currency that can be used for cross-border transactions.

All these factors have contributed to the growth of the capital markets in the region which has allowed companies the opportunity to raise capital via IPOs and debt issuance. For example, one of the largest exchanges in the MENA region, the Dubai Financial Market (DFM), has also helped facilitate capital formation by providing companies with access to capital.

Increased investment, economic diversification, job creation and the rise of the region’s competitive advantage

has been observed due to the development of the financial sector. It’s safe to say the derivatives and financial sector has had a significant impact on the growth of the MENA region.

One potential hurdle is the region’s fragmented regulatory and legal frameworks, lack of transparency, and overall market fragmentation.

Other threats to growth is limited transparency in financial reporting and cloudy ownership structures which can create significant challenges for investors. Due to limited liquidity and increased transaction costs due to market fragmentation, the growth of the derivatives market is potentially hindered.

Lack of awareness of derivatives trading in the region has also impacted the adoption of ETFs. Another issue is limited liquidity. An example would be of the Qatar stock market which has relatively low trading volumes making it difficult for investors to trade effectively which can lead to wider bid-ask spreads, impacting trading costs.

However, the MENA region has significant potential for growth along with multiple areas of improvement which can uplift the derivatives and financial sector. Certain improvements include regulatory reforms which enable transparency, standardisation and compliance; improving financial literacy, creating robust technology infrastructure and strengthening investor protection mechanisms. Once the region caters to these challenges, it can attract more investment resulting in higher contribution to the growth of the derivatives market.

Overall, there is great scope for continued growth and development in the MENA region’s financial sector, but it will require ongoing effort and investments to realise the potential.

One potential hurdle is the region’s fragmented regulatory and legal frameworks, lack of transparency, and overall market fragmentation.

Moving the focus towards innovation, the demand for Sharia law compliant products has risen to meet the unique needs of investors in the region.

MENA in the age of global uncertainty

Global uncertainty has impacted the Middle East and North Africa (MENA) region’s financial markets in recent years.

From geopolitical tensions to economic downturns, local markets have experienced significant challenges that have impacted clients, products, initial public offerings (IPOs) and costs. Fluctuating energy prices have also had an impact on the region’s economies, with countries that rely heavily on oil exports the most affected.

With the MENA region aware of its historical

dependency on oil, the first steps were quite obvious: diversify the economy away from these energy exports, and invest in other sectors such as tourism, technology, renewables and financial markets.

Various strategies are currently underway to ensure proper preparation is in place to address these developments. Clients have been impacted by global economic instability as well, with many opting for assets considered less risky such as gold and government bonds. This has led to a decrease in investment in so-called riskier assets such as equities and commodities.

Regional financial institutions are focusing on providing clients with innovative and diversified investment products, such as exchange-traded funds (ETFs) and mutual funds, that enable clients to invest in a variety of asset classes and geographies which may help mitigate the risk of over-exposure to a particular sector or market.

Another strategy to mitigate risk is improving transparency and governance in the financial markets

Another strategy to mitigate risk is improving transparency and governance in the financial markets which can help to improve investor confidence and attract more foreign investment.

which can help to improve investor confidence and attract more foreign investment. To achieve transparency, the government and regulatory bodies in the region are exploring the possibility of implementing stricter regulations and improving reporting standards.

The Dubai Financial Services Authority (DFSA) requires financial institutions to comply with international regulatory standards and conducts regular inspections to ensure compliance which in turn has a direct impact to clients. The Saudi Stock Exchange (Tadawul) has made it a requirement for listed companies to provide more detailed information to increased transparency and help investors make more informed decisions.

Companies leveraging technology and analysis tools to provide clients with real-time access to their investment portfolios are also helping mitigate potential risk. One of the world’s largest sovereign wealth funds, the Abu Dhabi Investment Authority (ADIA), has invested in Kensho, a US-based financial technology company that provides real-time data analysis and investment insights to institutional investors.

Investing in technology and innovation such as fintech start-ups, digital infrastructure and blockchain is helping the MENA financial markets remain competitive and attract new clients.

The products offered by the MENA financial markets have also been impacted by global uncertainty, with many investors opting for less risky investment options. Additionally, some products, such as those offered under Islamic finance, have gained in popularity due to their perceived stability and investment principles.

Various other strategies to lower the risk exposure of some products and investment strategies such as collateral management have already been seen in the region. For instance, the Dubai Gold and Commodities Exchange (DGCX) offers a range of derivatives products, including futures contracts on gold, oil, and currency. The exchange ensures traders provide collateral for the trades, which is managed through a robust collateral management system. This reduces counterparty risk and ensures traders can meet their obligations.

Another method to reducing the risk of default is margin requirements. The Dubai Financial Market (DFM) requires investors to provide margin to ensure sufficient funds are available to cover losses when trading derivatives products.

Hedging strategies are also being considered by companies such as the Abu Dhabi Securities Exchange (ADX) which offers a range of derivatives products, including futures contracts on equities and commodities. These products provide traders with an opportunity to hedge their risk and protect their investments from possible market volatility.

Organisations such as CME Group and the DFSA

have upped the importance of investor education by providing guidance about the risks and benefits of trading derivatives products, helping investors make more informed decisions.

Companies in the region are focusing on offering clearing services such as the Dubai Mercantile Exchange (DME) for its derivatives products, including futures contracts on crude oil which ensures trades are settled promptly and investors receive their payments on time, again, reducing the risk of default.

Ongoing uncertainty has also had an impact on IPOs, with many companies opting to delay them until market conditions improve. This has led to a decrease in the number of deals and in the amount of capital raised through IPOs in the MENA region.

In order to mitigate impact risks on IPOs, companies are also diversifying their target investors, increasing transparency, assessing valuations to ensure reasonable IPO pricing to avoid overvaluation. This, in turn, reduces the risk of market volatility post-IPO.

Some examples of risk mitigation made to IPOs include the launch of the DFM’s Emirates REIT IPO, a real estate investment trust where the IPO was structured to attract a broad range of investors, including institutional investors, high net worth individuals, and retail investors. DME launched new derivatives products and carefully assessed the valuation of these products to ensure that they were priced accurately and reflected the underlying value of the asset.

Despite the challenges, the MENA region has shown resilience, by taking significant steps to mitigate potential risks and ensuring its markets remain competitive and attractive to investors. Moving away from the dependence on oil and investing in new sectors, improved transparency and governance, leveraging technology, and offering diverse investment products are some of the strategies being implemented.

With continued efforts to reduce risk exposure, educate clients and investors, and boost innovation, the MENA region’s financial markets are well-positioned to overcome the challenges posed by global uncertainty and thrive in the future.

Despite the challenges, the MENA region has shown resilience, by taking significant steps to mitigate potential risks and ensuring its markets remain competitive and attractive to investors.

Global Investor: MENA Award Q&A

What role is CME Group playing in the Middle East and North Africa (MENA) region and what does the region mean for you?

CME Group is a leading and diverse derivatives marketplace allowing participants in MENA to manage their risk and seek out opportunity in times of uncertainty and volatility. It is also the only exchange where you can trade every investible asset class across futures, options and over-the-counter [OTC] products.

The MENA region is in a strategic location at the crossroads of Europe, Asia and Africa and is accelerating its expansion as a major hub of trade and commerce. This is why CME Group have invested heavily in the region in recent years, building its brand by educating and informing clients on new derivative products and services that can help them manage their risk exposures.

CME Group have hosted, cohosted, or presented MENAdedicated events on a regular basis, most notably its flagship annual conference, the CME Group Derivatives Day in Dubai.

What are your latest product innovations that you think would appeal for the local market participants?

CME Group has a long track record of helping investors access new markets. It is in its DNA to innovate, by bringing new products to market and widening risk management capabilities.

A recent area of focus has been developing products to help clients with their transition to the Net Zero economy by launching futures on a variety of related products.

At the forefront are Voluntary Carbon Emissions Offset markets which are futures to manage risk associated with buying and selling carbon emissions offset project certificates. Equally important for the energy transition, CME Group launched Cobalt and Lithium futures, both essential to the batteries used in electric vehicles. In equities markets, CME Group offer ESG specific versions of the S&P500 index making it easier to meet any ESG mandates in portfolios.

Staying with equities, CME Group

is the home of futures and options on the S&P, Nasdaq, Dow and Russell indices. CME Group has seen growth in options trading on those indices and have launched a large number of expiries, particularly in the short end with expiries every day of the week allowing users to finely tune their exposures.

CME Group has also innovated outside traditional finance when they launched Bitcoin futures in 2018. Since then, the group significantly extended its crypto product slate by launching a variety of related products including Ether futures and options and are now the leading regulated marketplace for Crypto futures globally.

One the biggest industry changes in years has been the transition from LIBOR to SOFR. What is the role that CME Group played?

CME Group is the only exchange to offer eurodollar futures, SOFR futures, SOFR swaps, term SOFR and BSBY, which together provide the market a unique set of tools to

Michel Everaert, Managing Director, Head of Europe, Middle East & Africa (EMEA), CME Group

The MENA region is in a strategic location at the crossroads of Europe, Asia and Africa and is accelerating its expansion as a major hub of trade and commerce

manage their US dollar interest rate risk during this critical time of rising rates.

Since the start of LIBOR transition, CME Group has worked tirelessly with clients, regulators, and the entire US dollar interest rate community to build the products and infrastructure needed to ensure long-term, seamless continuity of the estimated $220 trillion in derivatives, cash and loan market products tied to USD Libor.

The group’s work was formally recommended by the Alternative Reference Rates Committee (ARRC) selection of CME forward looking Secure Overnight Financing Rate Term Rates (Term SOFR) in July 2021. CME Term SOFR rates are the only ARRC-endorsed rates and are robust, transparent, and operationally straightforward for anyone requiring a USD term structure. Term SOFR is now referenced in over $2+ trillion in loans and $414 billion in OTC derivatives.

CME Group has been active educating MENA market participants on the implications of Libor transition in general as well as facilitating access to CME Term SOFR directly via CME platforms or indirectly via ISVs.

CME Group has also formed relationships with federations and participated in industry discussions on Term SOFR applicable use cases in Shari’ah-compliant products such as sukuk al-ijara. With an estimated $2.2 trillion in the global Islamic finance industry, the transition to alternative reference rate from LIBOR across Islamic financial products is a very important topic for the MENA region in 2023.

How will Listed Derivatives evolve in MENA in coming years? Dubai is now the leading derivatives trading hub in the Middle East, Africa and South Asia, and CME Group has witnessed tremendous growth in the trading of their markets from the emirate.

Education is key to growing the listed derivatives industry in the region and the group, with its regional partners are dedicated to develop the understanding of listed derivatives in the local trading community with numerous education events planned for 2023.

Any final words to our audience in MENA region?

As CME Group looks ahead, so many financial markets are in transition right now and CME Group is at the centre of helping its customers maximise the opportunities these changes present.

From the growth of newer products like SOFR and carbon emissions offsets, to the existing benchmarks products across all asset classes, to creating products for new client groups such as retail traders, CME Group is serving client needs around the clock, around the world.

CME Group’s motivation is to offer first class customer services to our clients in MENA and to introduce relevant products that meet real client needs to manage their risks across the broadest range of asset classes and time zones

Michel Everaert serves as Managing Director, Head of EMEA, CME Group. Prior to this, he was co-Head of Client Development & Sales (CD&S), Europe, Middle East and Africa (EMEA) where he led sales strategy and customer acquisition and relationship management in EMEA He joined CME Group in February 2011.

Since the start of LIBOR transition, CME Group has worked tirelessly with clients, regulators, and the entire US dollar interest rate community to build the products and infrastructure needed to ensure long-term, seamless continuity of the estimated $220 trillion in derivatives, cash and loan market products tied to USD Libor

From the growth of newer products like SOFR and carbon emissions offsets, to the existing benchmarks products across all asset classes, to creating products for new client groups such as retail traders, CME Group is serving client needs around the clock, around the world

For all conference information: events@islaemea.org | www.islaemea.org

MENA AWARDS WINNERS

The Global Investor MENA Awards 2022 announced its winners in various categories, recognising the outstanding performances of financial institutions across the Middle East and North Africa (MENA) region early this year.

Awards 2022. Meanwhile, Boubyan Capital was recognised as the Best Wealth Manager.

EFG Hermes also had a successful year, receiving recognition as the Best Broker in not only the MENA region but also in Egypt, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates. CI Capital was acknowledged with the Best Cash Manager and Best Asset ManagerEgypt awards.

The awards highlight the achievements of companies in asset management, wealth management, brokerage, exchange, and custodian services, among others. This year’s awards saw several institutions from across the region receiving recognition for their excellence in providing financial services.

In this article, we’ll take a closer look at the companies that were awarded and the categories in which they excelled at but with an added bonus of a detailed explanation on the methodology behind picking the winners.

Emirates NBD has been named as the recipient of the Best Asset Manager award at the Global Investor MENA

The Dubai Gold and Commodities Exchange once again won the Best Exchange and Best Clearing House categories, while CME Group took home the Best International Exchange title.

Al Rajhi Capital from Saudi Arabia secured the Best Equities Manager and Best Asset Manager - Saudi Arabia awards.

HSBC emerged as the top sub-custodian and also won the Best Custodian and Fund Administrator awards for the MENA region.

Citi was awarded the Best Transition Manager award, while Al Rayan Investment won Best ETF Provider, Sharia’ Manager, and Best Asset Manager in Qatar.

SCL Advisory earned the Best Consultant award, and SICO was awarded Best Sukuk Manager as well as Bahrain Asset Manager and Bahrain Broker wins.

MENA Awards Methodology:

2022 marked the eleventh year that Global Investor has recognised excellence by financial services firms across the Middle East and North Africa.

As in previous years, the categories were divided into regional awards (for firms providing services across the Middle East and North Africa region) and country-specific awards that celebrate the performance of the region’s strong local asset managers, brokers and fund administrators.

There were 17 regional awards such as regional asset manager, regional broker, regional exchange and regional custodian. There were 24 country categories which covered some of the main national markets in the region including Bahrain, Egypt, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

The judging period for the awards was September 1 2021 to August 31 2022.

Relevant firms were invited to make submissions in the different awards for which they wanted to be considered. Submissions could include charts and tables but there is a word count limit.

The awards consultation process involved an initial consideration of the submissions by an editorial panel which used the presented evidence, desk research and their expertise to draw up an initial short-list of candidates.

These were then submitted to the second phase of analysis which involved a deeper dive into the firms’ performance against benchmarks and peers, growth by assets under management and new clients, financial

performance based on filings, staff turnover and management changes at the firms within the judging period.

Where judges could not agree on an outright winner, they were asked to vote in a series of votes with the firm securing the fewest votes dropping out each time until a winner is established.

Judges that work in a specific sector (for example brokerage or wealth management) are not allowed to vote in those categories and judges that have worked for a nominated firm earlier in their careers are similarly ineligible to vote in that category.

The identities of the judges are not disclosed, partly at their request and partly to ensure they can be as impartial as possible.

EMIRATES NDB CAPITAL

Asset Manager of the Year

Dubai-based Emirates NBD Capital (EMCAP), the global investment bank of Emirates NBD Group, was the recipient of the 2022 Asset Manager of the Year award. Its reach covers the GCC region, Asia, Africa and Europe. Between January and November 2022, the firm participated in nearly 20 public transactions spanning the GCC and Asian regions, raising over USD15bn for sovereign, financial institutions and corporate clients. It has three areas of focus: equity capital markets and corporate finance advisory, loan syndications and debt capital markets.

EMCAP highlights the work of its equity capital

EFG HERMES

markets team, which closed several initial public offering deals in 2022, including that of several regional utility companies (for instance, Dubai’s DEWA), Dubai-based school operator Taaleem and real estate company TECOM. The total cumulated IPO proceeds reached USD8.5bn and total demand raised over USD170bn. It has also acted on a number of high-profile privatisation transactions.

Hesham Abdulla Al Qassim, EMCAP Vice Chairman and Managing Director, noted in a recent financial report that ‘Emirates NBD played a leading role in the country’s recent IPOs, enabling new and existing customers to access and trade shares on the Dubai Financial Markets.

MENA Broker of the Year • Egypt Broker of the Year

Kuwait Broker of the Year • Oman Broker of the Year

Saudi Arabia Broker of the Year • UAE Broker of the Year

EFG Hermes was recognised several times in Global Investor’s 2022 MENA awards, including in five regional broker categories and for the coveted MENA Broker of the Year award.

Its securities brokerage business covers 12 markets in the MENA region as well as over 75 frontier emerging markets (FEMs). This global coverage is reflected in the growth of the brokerage’s client base, which comprises over 1,800 Western, GCC and high-networth institutions, as well as over 140,000 retail and VIP individuals. In parallel, its research team now covers 83% of the MENA market capitalisation (or 327 companies), and 37% of the coverage universe for FEMs (or 120 companies).

The Egyptian financial services company has had another good year, capitalising on the market recovery in the aftermath of the Covid pandemic in 2021 and 2022.

In Egypt, EFG topped market rankings, rising its market share to 44.6% in the first half of 2022 (up from 33.8% in 2021). The firm was the preferred broker for foreign investors, capturing over than 61% of the foreign flow in the market during the same period. Two successful advisory roles the firm highlights include its role in the dual listing of Integrated Diagnostics Holdings in Egypt and the UK, and the sale by Bank

Audi of 100% of the share capital of its Egypt-based subsidiary, Bank Audi S.A.E, to First Abu Dhabi Bank PJSC.

In Kuwait, the firm grew its market share to 31% in the first half of 2022, placing it in second position, though it captured nearly two-thirds of the foreign flow in the market.

EFG Hermes was in the top six in terms of market share in Oman (15% in 1H22). EFG Hermes Oman also captured nearly 15% of the foreign flow during the same period.

The firm was also strong in Saudi Arabia, placing among the top independent brokers and foreign brokers in 2022. In terms of foreign market share, EFG Hermes was successful in capturing a growing proportion of the qualified foreign investor market. It’s worth noting that the firm’s market share from Swaps and QFI business was around 5% in both FY21 and 1H22.

In the UAE, EFG Hermes notes that it was in second place in the first half of 2022, growing its share to 21.3%.

For Dubai, EFG Hermes was first, on account of a 43.8% market share, and in Abu Dhabi, it was second with a 16.5% slice of the market. The firm captured 42% of the foreign flow on both exchanges combined during the same period.

AL RAJHI CAPITAL

Al Rajhi Capital, the investment banking arm of Saudi Arabia’s Al-Rajhi Bank, won the 2022 Equities Manager and Saudi Arabia Asset Manager of the Year awards.

It is one of the largest fund managers in Saudi Arabia and the MENA region, with assets under management around SAR60 billion (GBP12 billion), one of the largest financial advisors in the debt markets, and a global leader in the issuance of sukuk. The firm notes it is a ‘high-quality Islamic Shariah compliant investment solutions provider that constantly endeavours to launch innovative products and customer-focused initiatives’.

Al Rajhi Capital was in the news in late 2022, advising on the public offering of Al-Rajhi Bank’s Tier 1 Sukuk on Saudi’s Tadawul exchange, which attracted over 125,000 subscribers. This is the first sukuk of its kind for a financial institution in the Saudi Arabia.

The firm highlights several contributing factors to its success. Its ‘strong structured and well-defined analytical approach, which includes quantitative and qualitative

filters to select investments, coupled with a good analysis,’ is the foundation of its strategy. In addition, real-time monitoring and updating of pricing, market opportunities and trade volumes ensure it is well-placed to support clients’ investment objectives.

It also credits several principles as an integral part of its strategy:

Superior risk adjusted performance: Al Rajhi Capital products are structured to deliver ‘superior risk balanced investment returns’ in various market conditions and are ‘benchmarked against competitors to ensure optimal performance’.

Stringent risk management: the firm adheres to a rigorous risk management framework which ensures ‘accountability to both regulators and investors via monitoring and reacting to market volatility, credit and operational risks’.

Shariah compliance: Al Rajhi Capital business is governed by principles of Islamic shariah policies and procedures.

Al Rayan Investment (ARI) is a leading investment management firm that specialises in Gulf-listed equities and sukuk, backed by a unified research team.

The firm’s investment approach is focused on identifying and taking advantage of the significant valuation and information discrepancies that exist in the Gulf region. All ARI’s investments are in compliance with Islamic laws, allowing investors to gain a broader perspective from researching and investing on both sides of the capital structure.

ARI manages the Al Rayan GCC Fund, which is the second-largest Shariah-compliant GCC Fund in the region, with assets under management of $96 million. The fund has achieved a 14.5% return over the past 12 months with relatively low risk, as reflected in a high Sharpe ratio of 0.77. Since its inception, the fund has returned 153%.

In March 2018, ARI listed the Al Rayan Qatar ETF (ticker QATR) on the Qatar Stock Exchange. As of the end of August 2022, QATR is the second-largest Islamic equity ETF in the world, with a market capitalisation of $175 million. In addition, ARI manages several segregated mandates, totalling $1.2 billion, for institutional investors and family offices.

The company has developed in-house research capabilities to identify broad trends and identify individual opportunities. The use of primary research is at the core of ARI’s decision-making process. With the listing of Al Rayan Qatar ETF, ARI has established itself as the leading ETF issuer in the Gulf, with an ETF that is half as large as all other ETFs in the region combined. Listed on the Qatar Stock Exchange, QATR tracks the QE Al Rayan Islamic index, which includes Shariahcompliant stocks in Qatar. Over the past 12 months, the NAV tracking error has been just 0.07%. As of the end of August 2022, QATR is the world’s fifth-largest Islamic equity ETF. It has two peers that also offer exposure to Qatari equities, but QATR is the largest and most costeffective of the three.

Al Rayan Investment has developed in-house research capabilities to identify broad trends and identify individual opportunities.

CI CAPITAL

Cash Manager of the Year • Egypt Asset Manager of the Year

Egypt-headquartered CI Capital received this year’s Cash Manager and Egypt Asset Manager of the Year awards in recognition of its efforts in the asset management space.

Abol-Enein, CI Capital Asset Management (CIAM) CEO and Managing Director said the firm’s aim in 2022 was to increase the size of its asset management portfolio. It grew the size of its assets under management (AUM) from EGP 14.5 billion (GBP392.1 million) to EGP 49.7 billion, making it the largest asset manager in its home country and one of the largest in the Middle East region. It credits the increase in year-on-year AuM to factors such as the onboarding of new client accounts across most asset classes.

In the year ending August 2022, CIAM increased its offering of money market funds, fixed income funds, and balanced funds. It currently manages Egypt’s largest portfolio of cash management tools, which includes

13 money market funds, including Egypt only foreign currency-denominated funds, and four fixed income instrument funds. In 2022, the firm announced plans to launch three new funds, a cash fund investing in short-term debt instruments, including a large segment dedicated to individuals and companies, as well as a fund for commodities.

CIAM’s money market and fixed income funds have been ranked among the best performing according to reports by the Egyptian Investment Management Association. The firm grew across all asset classes including equities and Shariah-compliant and fixed income. It notes that it achieved first quartile ranking among peers and delivered positive alpha in its discretionary equity portfolios relative to the main benchmark.

Established 16 years ago, Dubai Gold & Commodities Exchange (DGCX) is the largest and most diversified derivatives exchange in the Middle East, providing guaranteed settlement and reduced counterparty risk through the Dubai Commodities Clearing Corporation (DCCC), a subsidiary 100% owned by DGCX.

DCCC started clearing several new products launched by DGCX over the course of the year, including the Israeli Shekel Futures Contract in June 2022, following the receipt of a permit from the Israel Securities Authority in 2021.

DGCX continues to witness strong investor appetite for its currencies portfolio despite the economic turbulence taking place around the world causing continuous foreign exchange (FX) and global market volatility. DGCX’s bluechip Indian SSF offering allows local and regional traders access to the price performance of a total of 50 stocks listed on the major trading indices in India, traded and settled in USD thus removing foreign exchange risk, with the advantage of centralised clearing.

DGCX also signed an agreement with FinMet Pte Ltd to review the physical bullion market and identify opportunities for DGCX across global markets, and already launched new Physical Gold Futures and Spot Gold Contracts, expanding its existing product offering.

Dubai Commodities Clearing Corporation (DCCC) provides clearing, settlement, and risk management services to DGCX and is the only Central Counter Party

in the Middle East that offers clearing services across multiple asset classes: Currencies, Base and Precious Metals, Hydrocarbons and Equity derivatives, both index and single stock.

DCCC also remains the only clearing house globally with a proven track record in clearing and delivering a physical, exchange traded Shari’ah compliant product, the DGCX Spot Gold contract.

In addition, DCCC is a member of CCP12, a global organisation of CCPs which work together to minimise global systemic risk and enhance the efficiency and effectiveness of international markets, and a member of Euroclear Bank and Clearstream for collateral solutions.

During the qualifying period, DCCC cleared nearly 8.65 million contracts, with a cleared value of more than USD 173.90 billion, cementing its leading position within key markets.

DCCC also remains the only clearing house globally with a proven track record in clearing and delivering a physical, exchange traded Shari’ah compliant product, the DGCX Spot Gold contract.

DGCX Exchange of the Year • Clearing House of the Year

SCL has scooped up the Consultant of the Year award in 2022, taking over from previous winner Insight Discovery. Founded in 2017, the firm supports several securities exchanges and other financial institutions across emerging and frontier markets including in the MENA region, SubSaharan Africa and South Asia, and since adding data monetisation and data services in 2020, it has seen its client base grow further.

The firm notes it has won tenders/requests for proposals against its competitors for the provision of data services and data monetisation to securities exchanges.

‘Our clients have indicated our success against these global players is due to SCL Advisory’s unique perspective on the data monetisation market as well as dedicated service to its clients,’ notes managing director Selloua Chakri.

HSBC won the Fund Administrator of the Year 2022 award, taking over from Northern Trust who was the winner last year. The Anglo-Asian bank was one of the first financial institutions to launch fund administration services in the MENA region and manage funds in key markets in the region.

It plays an active role in the MENA fund markets, and has relationships with many of the region’s asset managers supporting services such as transfer agency, performance measurement and investment compliance monitoring.

It has also picked to the Global Custodian and SubCustodian of the Year awards, the latter for the second year running. The lender had US$10.8 trillion in assets under custody as of the end of 2021 and is one of the most

active custodians in the MENA region, counting sovereign wealth managers, asset managers, pension funds and insurance companies as clients. HSBC came out top in Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia and the UAE in Global Investor 2022 Sub-Custody survey.

According to Nabeel Abdul Rahim Albloushi, HSBC’s head of corporate sales for the Middle East, North Africa and Turkey, and head of markets and securities services in the UAE, HSBC’s banking and markets capabilities in the UAE and the wider region helped clients in the Middle East and North Africa raise more than $19 billion from investors worldwide in 2021 and more than $15bn in the first half of 2022.

Citi has returned for yet another year to win the MENA Transition Manager of the Year award. Year to date, the US-headquartered bank has transitioned over $15bn of assets for its MENA-based clients while continuing to build new relationships across the region. Notably, it credits its ‘tailored solutions-based approach’ to each transition mandate which ensures all client requirements are met and risks are managed efficiently.

In the equities space, Citi leverages its own infrastructure, with local trading desks in over 70 countries, while in fixed income, it can minimise costs associated with a transition by utilising other broker-dealers and its own bond inventory.

‘Our strong performance is highlighted by a 90% win rate for transition bids this year,’ it notes. ‘Our drive to deliver transparency around our transitions is achieved via our detailed Pre-Trade, Interim and Post-Trade reporting…

the extent of the reporting is reflective of both our clients’ expectations and the specific asset class being transitioned.’

The bank, which has over 30 years of experience in the transition management space, has shared some highlights which have underpinned its recent strategy.

While last year Citi was focusing on supporting MENAbased clients in their global post-Covid recovery efforts, it notes that more recently, the strategy has moved to addressing the ‘significant rise in volatility’ and its impact on the near and long-term shift in asset allocation. As such, Citi has executed multiple fixed income transitions on an agency basis across the entire liquidity and risk spectrum during the height of market volatility. Across equities, Citi’s MENA clients have shifted into active emerging market portfolios focused within single countries and sectors.

CME Group is a leading and diverse financial marketplace offering a wide range of products for managing risk in uncertain times. It is the only exchange that allows customers to trade all investible asset classes on one platform.

For example, CME Group offers unique tools to manage interest rate risk during Libor transition, including Eurodollars, SOFR futures, SOFR swaps, Term SOFR, and BSBY. In addition CME Group actively educates local markets in MENA on Libor transition and facilitates access to CME Term SOFR.

CME Group introduced new products to help clients with their ESG goals, including Global Emissions Offset futures, Nature-Based Global Emissions Offset futures and Cobalt and Lithium Futures. They also launched new futures and indices, such as Ether Futures, Micro Bitcoin Futures, Micro Ether Futures (Crypto), BSBY futures, Micro Yield Futures, Trade-at-Settle (Interest Rates) and Micro WTI Futures, Japanese Power Futures, (Energy) to diversify their product offering. Additionally, CME Group has developed more than 40 Implied Volatility Indices (CVOL) which are the first cross-assets class volatility indices in the industry.

CME Group is extremely focused on meeting the needs of their clients through various engagement efforts such as hosting events and providing educational resources. They saw a 17% increase in customer engagement in 2021 and hosted a variety of online and in-person events in the Middle East. Additionally, the group hosted the first ‘MENA Derivatives Trading Challenge’ and embedded educational content on our partners’ websites.

CME Group’s total volume has steadily increased during non-U.S. trading hours, reaching a record 5.5 million in average daily volume (ADV) in 2021. The MENA region has seen strong growth in volumes across all client segments, with an over 50% Year-on-Year growth in 2022.

CME Group is extremely focused on meeting the needs of their clients through various engagement efforts such as hosting events and providing educational resources.

SICO also once again won the Sukuk manager of the year and Bahrain broker of the year awards.

SICO is a well-established and reputable firm in the financial industry, known for its exceptional performance in asset management, brokerage, and investment banking. The company has an impressive track record with over $4.75 billion in assets under management, making it a leading player in the region. SICO operates under the oversight of the Central Bank of Bahrain, which ensures that the firm adheres to a strict regulatory framework, providing clients with full confidence in the services offered.

The company caters to a diverse range of clients, including sovereign wealth funds, pension funds, endowments, insurance companies, commercial banks, and funds. These clients are primarily based in five of the six GCC states, and SICO’s unique selling point is its inhouse research team that covers hundreds of companies in the GCC. This team provides investment managers with daily ideas and insights, giving SICO a competitive edge

over other firms that rely on external or delayed research to make investment decisions.

SICO’s brokerage division has consistently been named as Bahrain Bourse’s number one broker for over two decades. In 2017, SICO launched its SICO LIVE online trading platform, which provides clients with seamless multi-market access across regional and international stock markets.

In 2022, SICO took a step further and launched a simplified digital onboarding process for SICO LIVE, empowering customers in Bahrain to open an account using only two IDs and a selfie through an eKYC service by BENEFIT. This move made SICO the first investment bank in the Kingdom of Bahrain to obtain an accreditation certificate from the BENEFIT Company, which facilitates the process of securely registering customers to enjoy SICO LIVE’s online trading services. The eKYC identification service enables SICO LIVE customers to register quicker, more seamlessly, and more securely.

Exchange

BOUBYAN CAPITAL

Wealth Manager of the Year

Boubyan Capital, which is the investment arm of Boubyan Bank, is a company that specialises in providing wealth management solutions to its clients, primarily in the form of investment funds. The company boasts a dedicated team of 40 professionals with expertise in asset management and brokerage. Boubyan Capital offers a range of solutions that cover diversified asset classes. These solutions include:

Boubyan KD Money Market Fund II: The fund is an Islamic investment fund that generates competitive shariah-compliant returns by investing in short and medium-term money market instruments, wakalah and mudaraba deposits, and high-quality government and corporate sukuk.

Boubyan USD Liquidity Fund: The fund aims to generate shariah-compliant returns with high liquidity by investing in short and medium-term money instruments such as bank deposits, sukuk, deposit certificates, and repurchase agreements.

Boubyan Multi Asset Holding Fund: The fund aims to

QNB FINANCIAL SERVICES Qatar Broker

of the Year

Qatar National Bank Financial Services (QNBFS) had a successful year in 2022, continuing to grow and expand its offerings, while maintaining continuity for its customers during uncertain global economic conditions.

QNBFS has established itself as a top player in the Qatari brokerage industry by addressing the lack of Qatar-specific information and analysis among both local and international investors and offering investment opportunities for local individuals and corporations to diversify their portfolios outside of Qatar.

In 2022, QNBFS had a successful year, remaining a leading institutional Qatari brokerage with a market share of 60% of all domestic and foreign corporate volumes, and over 25% of total QSE market share. The company also achieved the top broker status in Listed Qatari Bonds and organised 150 quarterly earnings calls for major listed Qatari companies, which helped the QSE lead the region in the adoption rate of earnings calls and their transcripts. Additionally, QNBFS developed an initiative called Liquidity Provision (LP) to support locally listed companies and overall market liquidity. The company also expanded its Margin Trading offering and became a leader in the space, upgraded its online trading system for retail investors,

gain shariah-compliant returns by investing in various Islamic funds, diversifying its holdings across different asset classes and sectors such as fixed income and global equity ETFs.

Islamic Global Sukuk Fund: The fund aims to generate long-term positive returns with balanced risk by investing mainly in investment-grade sovereign, quasi-sovereign, and corporate sukuk denominated in USD, from local, GCC, and global markets.

Local and GCC Equity Fund: The fund is a regional equity fund that seeks to generate competitive returns with acceptable risk by investing strategically in bluechip companies listed on Boursa Kuwait and other GCC markets.

Boubyan Capital offers a wide range of investment options to its clients that cater to different investment needs and objectives, and it is committed to providing its clients with a diversified range of Shariah-compliant investment solutions.

and provided insightful and independent research as a core offering. The research team covers over 20 major companies listed on the QSE, in addition to market and sector reports and covering key stocks in GCC. QNBFS is the only broker that covers Qatari equities from Qatar.

QNBFS’s key differentiators include being an agencyonly broker that specialises in trading on behalf of clients. They are known for providing efficient execution for large blocks of stock or thinly traded securities through block trading. QNBFS also can trade multiple markets in multiple currencies. Research is at the core of their offering, providing insightful and independent analysis. They are in close proximity to the companies they cover and have long-established quality institutional relationships.

Qatar National Bank Financial Services (QNBFS) had a successful year in 2022, continuing to grow and expand its offerings, while maintaining continuity for its customers during uncertain global economic conditions.

AL ARABI INVESTMENT GROUP

Jordan Broker of the Year • Jordan Asset Manager of the Year

Al Arabi Investment Group Co. (AB Invest) is the investment banking arm of Arab Bank, a well-established financial institution in the region.

AB Invest offers a wide range of services, including brokerage, research, asset management, corporate finance, and private equity. The company is particularly well known as the leading private asset manager in Jordan, managing a significant amount of third-party assets. Additionally, AB Invest has launched several funds that focus on the MENA region and are both conventional and Shariah-compliant, investing across different asset classes.

In 2022, AB Invest’s brokerage division experienced substantial growth, more than doubling its market share in the first eight months of the year. This allowed the company to increase its market share to 8.83% from 3.87% in 2021 and move up the rankings from 7th to 1st among 56 licensed brokers in terms of value traded of listed securities on the Amman Stock Exchange (ASE).

AB Invest is also a leading broker for Jordanians who invest in the MENA region and internationally, in Europe

AL DHABI CAPITAL

UAE Asset Manager of the Year

Al Dhabi Capital is a reputable investment management company that focuses on managing assets in the Middle East and North Africa (MENA) region.

As of August 2022, the firm has over $500 million in assets under management, including portfolios for UAE, long-only MENA, and MENA dividends. The MENA Equity team has consistently achieved outstanding returns since the portfolio’s establishment in January 2012, with a return of 374.60% compared to the S&P Pan Arab’s return of 149.65%, resulting in a significant outperformance of 224.95%. On an annualised basis, the MENA Longonly Equity Strategy has consistently outperformed the benchmark across all time periods and has delivered high returns compared to its peers. The strategy has delivered consistent returns in the upper quartile and has outperformed the median manager in the MENA Equity universe over the past 10 years. The portfolio has performed well in both up and down markets.

In 2021, Al Dhabi’s MENA equity portfolio performed exceptionally well, returning 51.8% to its investors. Despite global challenges, the team is on track to deliver another

and the USA. The company, in partnership with Arab Bank, launched e-Tadawul, a digital platform that allows Arab Bank clients to easily access AB Invest’s foreign brokerage services in a paperless manner. Despite the uncertainty and geopolitical risks in 2022, such as the war in Ukraine and rising inflation rates leading to large interest rate hikes by central banks, AB Invest’s Fund achieved a return of 2.23% as of the end of Q3 2022 on a year-to-date basis, which was better than the -2.08% return by the Dow Jones MENA Index and -2.44% return by the S&P Pan Arab Investable Index.

In 2022, AB Invest’s brokerage division experienced substantial growth, more than doubling its market share in the first eight months of the year.

year of strong returns for shareholders in 2022. With more investors turning to MENA equities as a bright spot in a challenging environment, Al Dhabi is well-positioned to assist clients in achieving their investment goals. The firm has a stable and experienced team with a long tenure, and a diverse team of investment professionals with nearly 80 years of combined investment experience and strong academic credentials such as CFA, PhD, MBA, and master’s in finance and economics. The team comprises of both male and female investment professionals from four different nationalities, each with unique specialisations within the MENA markets.

In 2021, Al Dhabi’s MENA equity portfolio performed exceptionally well, returning 51.8% to its investors. Despite global challenges, the team is on track to deliver another year of strong returns for shareholders in 2022.

Oman Asset Manager of the Year

The Bank Muscat Oryx Fund is a flagship offering for both retail and institutional investors. The fund, which is focused on the MENA region, has a strong performance history, having delivered a 35.3% return in 2021 compared to a gain of 31.4% in the regional benchmark index during the same period.

The fund is the top performing MENA-focused fund among its peers, which includes 17 funds, and has outperformed the average competitor by 1.2x over the past 10 years. This success is due to a disciplined and dynamic approach to investing in regional markets that prioritises long-term value over short-term gains. The fund has received multiple awards for its outstanding performance, such as the Refinitiv Lipper Fund award for the best performing MENA fund over 3 and 5 year periods

Kuwait Asset Manager of the Year

Investment manager NBK Capital, part of the National Bank of Kuwait, won the Kuwait Asset Manager award. It has highlighted the team’s ‘in-depth knowledge of local and regional markets, strong research capabilities, and disciplined investment strategy [enabling] it to be among the top asset managers in Kuwait and the MENA region’. The firm, which also has a presence in Dubai, Istanbul and Cairo, had USD7.8 billion in global and regional assets

Kuwait Wealth Manager of the Year

Kuwait Financial Centre (Markaz) received the Kuwait Wealth Manager award in Global Investor’s 2022 MENA awards, testament its strong track record as one of the leading asset management and investment banking institutions in the Arab region.

The firm, founded in 1974, had assets under management of USD 3.78 Billion as of June 2022. It manages a range of funds, which invest in both Kuwaiti and GCC equities, fixed income and real estate, as well as Shariah-compliant instruments. Its wealth management business provides local, regional and global asset allocation across five asset classes: equities, fixed income, currencies, commodities, and real estate.

Markaz highlights the development of new investment products as a key to its success. It recently launched new

in 2020.

Bank Muscat’s Asset Management division (AMD) is a highly reputable asset manager in the MENA region, with assets under management of around $2.5 billion as of September 30th, 2022. The division has a strong track record of managing funds and portfolios since 1993 and offers a wide range of investment options including equities, fixed income, real estate, and alternative investment classes. The success of the bank’s AMD is due to the skilled team of fund managers and their solid performance.

Bank Muscat’s customer base includes reputable Omani and regional institutional investors, such as pension funds, sovereign wealth funds, corporations, and high net worth individuals/family offices.

under managements as of December 2022.

NBK Capital manages four equity mutual funds as well as separately managed accounts investing in regional and global equity fixed income instruments.

The firm’s NBK Kuwait Equity Fund invests primarily in Kuwaiti domiciled and listed equities, and its performance is measured against the S&P Kuwait Custom Index benchmark.

focused strategy mandates: the ‘Opportunistic Portfolio,’ which invests in stocks that address certain market themes and trends to deliver a higher level of absolute returns, and the ‘Dividend-Yield Portfolio,’ focusing on companies that have sustainable dividend growth strategy.

The firm prides itself on helping ‘widen investors’ horizons’.

Its wealth management business provides local, regional and global asset allocation across five asset classes: equities, fixed income, currencies, commodities, and real estate.

BANK MUSCAT

NBK CAPITAL

KUWAIT FINANCIAL CENTRE K.P.S.C. (MARKAZ)

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