Rasmala and Group CEO Zak Hydari have been named on Forbes Middle East’s Top 40 Asset Managers 2025.
MENA is witnessing significant growth in its asset management sector, driven by a combination of economic diversification, infrastructure investments, and shifting investor preferences. Last year was pivotal, marked by a series of high-profile IPOs that drew interest from local and international investors.
MENA’s stock markets saw 54 IPOs in 2024, raising $12.6 billion in total according to EY. This surge was impacted by a series of high-profile IPOs, including the U.A.E’s Talabat Holding, Lulu Retail, and NMDC Energy, and Oman’s OQ Exploration and Production.
Asset managers also played a pivotal role in debt and sukuk issuances, whether to companies or governments. The GCC’s sukuk issuance grew by 43% year-on-year to reach $87.5 billion in 2024, according to Fitch Ratings. For example, KFH Capital led and arranged over $17.8 billion in sukuk issuances for sovereigns and corporates in 2024, and Kamco Invest also managed nine bond and sukuk issuances worth $4.2 billion.
Saudi Arabia is home to the region’s biggest stock exchanges and dominates this year’s list of top asset managers, with 19 of the 40 entries based there. It’s followed by the U.A.E. and Kuwait with six entries each.
The 40 asset managers featured on this list managed over $439 billion in assets in 2024, including local and international equity and debt funds, discretionary portfolios, real estate investments, REITS, and private equity.
38. Zak Hydari
Hydari joined Rasmala in 2012, serving as group CEO until 2021, and regaining the title in 2024. He was appointed senior executive officer of Rasmala Investment Bank in June 2024. As of 2024, Rasmala recorded assets under management of approximately $1.6 billion. In February 2025, Rasmala Investment Bank Limited deployed $300 million across global infrastructure, technology-driven private equity, and real estate, in Europe and the U.S. Hydari held multiple leadership positions within the group, including CEO and managing director of its U.K.-based investment bank.