Rasmala and Group CEO Zak Hydari have been named on Forbes Middle East’s Top 50 Asset Managers 2026.
The asset management industry across the Middle East continues to expand, supported by growing capital markets, increasing investor participation, and a broader range of investment products. Reflecting the sector’s continued growth, Forbes Middle East has expanded its annual ranking this year to recognize the region’s Top 50 Asset Managers.
The 50 leaders featured in this year’s rankings oversee firms that collectively managed more than $554 billion in assets in 2025, spanning local and international equity and fixed-income funds, discretionary portfolios, real estate investments, REITs, and private equity.
According to BCG, assets under management across the GCC grew by 10% in 2025 to reach $2.7 trillion, driven by stronger growth in retail assets than institutional assets. Saudi Arabia remained the region’s largest market for retail mutual funds and ETFs.
This year’s list of top asset managers includes leaders from eight Arab countries. GCC-based leaders account for 43 of the 50 entries, with the firms they oversee collectively managing nearly $523 billion in assets in 2025. Saudi Arabia leads the ranking with 20 entries, whose firms managed more than $285 billion in assets. The Kingdom also dominated the MENA IPO market in 2025, accounting for 39 of the region’s 49 IPOs and raising $4.9 billion of the total $7.3 billion in proceeds, according to EY.
Kuwait follows with eight leaders whose firms managed $94.2 billion in assets, while the UAE contributes six leaders overseeing $32.5 billion. Qatar is represented by five leaders whose firms managed $16 billion, Bahrain by three leaders managing $94.1 billion, and Oman by one leader overseeing $1.2 billion in assets.
Outside of the GCC, Egypt contributes six leaders whose firms managed $13.7 billion in assets, while Morocco is represented by one leader whose firm managed $17.5 billion.
The list is almost evenly split between leaders of independent asset management firms, who account for 26 entries, and leaders of bank-affiliated asset management businesses, with 24 entries.
44. Zak Hydari
Hydari joined Rasmala Holdings in 2012, serving as Group CEO until 2021 and regaining the title in 2024. The Group had $1.5 billion in assets under management in 2025. In October 2025, Rasmala Investment Bank Ltd. exited its Poseidon Fund at $500 million, delivering a return of over eight times to participating shareholders. Its flagship Rasmala Global Sukuk Fund generated a gross return of 7.92% in 2025. Hydari has held various senior leadership roles within the Group, including CEO and Managing Director of its UK-based investment bank and Senior Executive Officer of Rasmala Investment Bank Ltd.