Statistics from the Securities and Commodities Authority (SCA) reveal that licensed fund managers in the UAE have seen their assets under management rise by US$9.5 billion.
This year there has been an increase of 83% in the number of licensed firms operating in the UAE’s funds market.
The regulator has credited this rise to “ongoing efforts to advance the asset management sector in the UAE” as well as attempts to align the country’s regulatory framework with international best practice.
In January last year, the SCA’s board of directors introduced the new investment fund regulations and is currently updating its rulebook for financial activities related to investment fund management.
It is anticipated and predicted by SCA that the number of local investment funds will soon reach 58 given there have been 25 new applications received in recent weeks.
