According to exclusive information obtained by Asharq Al-Awsat, it is only a matter of time before the three global companies (two from the US and one from Germany) are granted licenses enabling them to operate in Saudi Arabia. This means that individual Saudi wealth has now become the focus of attention for many global wealth and asset management firms.
In light of this information, specialists predict that the three companies will succeed in managing around US$300 million in the first year. Speaking to Asharq Al-Awsat, these specialists said: “The international companies specializing in wealth and asset management can look forward to an encouraging market if they succeed in obtaining the licenses necessary for their business activities in Saudi Arabia”.
Faisal al-Aqaab, an economic and financial expert, yesterday told Asharq Al-Awsat: “the market for wealth and asset management in Saudi Arabia remains an opportunity for local and international companies, in light of the high volume of wealth owned by some individuals, which represents a renewable opportunity for companies looking for attractive markets”.
Al-Aqaab revealed that volume of wealth and assets managed by each of the three companies expected to enter the Saudi market will reach around US$100 million in the first year. However, he pointed out that whether this figure rises or falls will depend on each company’s ability to attract customers, and whether they can convince the Saudis of the quality of their work.
The economic expert Fahd Mishari explained to Asharq Al-Awsat yesterday that the growing volume of monetary capital in Saudi banks means that some Saudi individuals are now experiencing a greater financial capacity, adding that: “it is possible that a sizeable portion of these individuals are being targeted by global wealth and asset management companies”.