Kuwaiti firms’ CEOs acknowledged in Forbes asset managers ranking
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KUWAIT CITY, April 16: Forbes Middle East recently unveiled its list of ‘The Most Powerful Asset Managers in the Middle East 2024,’ featuring 30 leaders from asset management companies across the region, reports Al-Qabas daily. Among them, five leaders from Kuwaiti firms were recognized for their contributions to the industry, managing assets worth over $340 billion in 2023. These leaders play a vital role in providing investors with opportunities to diversify their portfolios and capitalize on economic growth stories in the region.
Included in the list are prominent figures such as Faisal Mansour Sarkhou, CEO of KAMCO Invest; Abdulaziz Nasser Al-Marzouq, CEO of KFH Capital Investment; Fahd Abdulrahman Al-Mukhaizeem, CEO of the National Investments Company; Ali Khalil, CEO of Kuwait Financial Center (Markaz); and Hussein Shahrour, CEO of Ahli Capital Investment. The selection criteria for the list considered factors such as previous experience, achievements in the past year, and total assets managed by the company. It encompassed leaders from independent asset management firms as well as investment arms of banks and financial institutions. Notably, asset managers from sovereign wealth funds, private, and family offices were not included in the ranking. While Saudi Arabia dominates the list with 14 companies, Kuwait follows with five entries, and the UAE with four entries, underscoring the significant presence of asset management expertise in the Gulf region.
In other news, Standard & Poor’s anticipates a slowdown in the growth of total spending by Gulf oil companies in 2024 compared to previous years, albeit remaining relatively high. Factors contributing to this include modest growth in capital expenditures and a temporary halt in adding production capabilities in Saudi Arabia. The agency projects a decline in demand for oil drilling rig work, usage rates, average daily prices, and profitability of drilling companies in the region. Despite this slowdown, plans for expanding drilling work, especially in new fields announced by Qatar, may lead to increased spending by Gulf oil companies. However, the overall growth of drilling work is expected to decline, impacting demand and profitability. Standard & Poor’s anticipates Gulf national oil companies to adopt a cautious approach to spending, with modest increases in total capital expenditures.
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