Tech News
GCC ASSET MANAGEMENT REACHES $2.7 TRILLION IN 2025, UP 10% FROM 2024
Assets under management (AuM[1]) in the GCC grew by 10% in 2025, reaching $2.7 trillion and marking one of the strongest annual performances in over a decade, according to a new report from Boston Consulting Group (BCG). The findings, released as part of BCG’s Global Asset Management Report 2026: An Imperative for Growth, reveal that the GCC retail segment demonstrated particularly strong performance, recording growth of 14% while institutional assets increased by 9%. While institutional assets continue to dominate the regional market, retail assets are growing at a faster pace, with retail representing 7% and institutional assets accounting for 93% of total regional AuM.
Saudi Arabia continues to anchor regional growth, commanding the highest share of retail mutual funds and ETFs across both the broader Middle East and the GCC, followed by the UAE and Kuwait. The Kingdom’s General Organization for Social Insurance Public Pension Agency (GOSI-PPA) remains the largest pension fund in the region, with Kuwait’s WAFRA maintaining its position as the second largest. Among sovereign wealth funds, the Kuwait Investment Authority recorded the largest externally managed AuM, followed by the Abu Dhabi Investment Authority.
“The GCC asset management industry is at an inflection point that demands a fundamentally different approach to competition,” said Lukasz Rey, Managing Director & Partner and Middle East Head of Financial Institutions at BCG. “While near-term dynamics will depend on the broader market environment, the region’s structural fundamentals remain compelling, and many asset managers continue to view the GCC as a strategic priority. Firms that invest in distribution capabilities and technological transformation will be best positioned to navigate uncertainty and capture the opportunities ahead.”
In addition to regional dynamics, BCG’s Global Asset Management Report 2026 identifies key structural forces transforming the industry on a global scale, from the growing centrality of distribution to the adoption of AI-driven operating models and the emergence of tokenization.
Globally, BCG’s report finds that growth is becoming more concentrated among leading firms with scale and distribution access. Revenue growth is decoupling from asset growth as fees decline, while traditional economies of scale are being offset by rising technology investment and fee pressure. Together, these trends point to a more competitive environment in which only a subset of firms is positioned to capture disproportionate growth.
Distribution Becomes the Key Competitive Differentiator
The report emphasizes that the basis of competition in asset management is undergoing a structural shift globally, with distribution emerging as the primary battleground for growth. As product manufacturing becomes increasingly commoditized, control of distribution channels, including platforms, advisors, and institutional relationships, is becoming the key determinant of success.
AI is accelerating these shifts by compressing traditional differentiation and enabling new forms of scale. Globally, BCG estimates asset managers could reduce costs by 25–35% over the next three to five years, while increasing research coverage two- to five-fold and client coverage per relationship manager three to five-fold, all with faster, more scalable personalization. AI allows firms to scale without proportional headcount increases, fundamentally changing the economics of growth. However, most firms remain in early adoption stages, focused on pilots rather than full transformation. Those that fail to redesign their operating models risk falling behind AI-native competitors that can scale faster and operate more efficiently.
“Middle East asset managers have an opportunity to leapfrog traditional operating models by embedding AI and digital capabilities into their core operations,” said Mohammad Khan, Managing Director & Partner at BCG. “While the path forward will require navigating evolving market conditions, firms that move strategically to build scalable distribution networks and technology-enabled platforms will be well positioned to shape the next era of regional asset management.”
Tokenization as a Catalyst for Disruption
Alongside AI, BCG’s global report identifies tokenization and digital assets as emerging forces that could reshape market structure. The value of tokenized real-world assets is projected to reach $14 trillion by 2030 and $55 trillion by 2035, creating new channels for distribution, ownership, and product design. These developments could alter how assets are accessed, transferred, and managed, potentially weakening traditional advantages tied to scale and distribution while enabling new entrants to compete.
“The convergence of tokenization, AI, and evolving investor expectations is reshaping the competitive landscape in ways that favor agility over incumbency,” said Nabil Saadallah, Managing Director & Partner at BCG. “For asset managers in the GCC, success will increasingly hinge on their ability to deliver personalized solutions at scale, those who embrace this shift stand to unlock significant value in a rapidly transforming market.”
As market-driven growth gives way to competition-driven growth, asset managers face a more complex and less forgiving landscape. Capturing net inflows, building scalable distribution, and embedding technology into core operations will determine which firms succeed.
Tech News
Holcim Appoints Rozhgar Barzan as CEO for UAE and Oman

Holcim, a global leader in innovative and sustainable building solutions, has appointed Rozhgar Barzan as Chief Executive Officer for its UAE and Oman operations. Barzan brings 17 years of experience within the Holcim Group to the strategic leadership role.
Having joined Holcim in 2009, Barzan has held key executive positions across the business, accumulating deep expertise in operational management, commercial strategy, and business growth across regional markets. Most recently, he served as General Manager of Ready-Mix Oman, following his tenure as Commercial Director in Iraq. In his new role, Barzan will drive Holcim’s strategic growth and operational portfolio across the UAE and Oman, accelerating the adoption of sustainable construction practices across the region. Amongst his priorities will be delivering holistic building offerings, including low-carbon cement and low-carbon concrete ranges, and scaling circular construction initiatives. Additionally, he will focus on advancing operational transformation by integrating AI and digital technologies under Holcim’s global Plants of Tomorrow program.
These priorities reinforce Holcim’s commitment to delivering progress for people and the planet by offering innovative, sustainable solutions tailored to the region’s expanding infrastructure and climate targets. Notably, this includes Holcim’s ongoing industrial carbon capture and underground mineralisation pilot in Fujairah, advancing pioneering technologies to eliminate industrial emissions.
Commenting on his appointment, Rozhgar Barzan, CEO of Holcim UAE and Oman, said: “I am honored to take on the leadership of Holcim UAE and Oman at such a pivotal moment for the regional building sector. As both markets accelerate their investment in sustainable infrastructure and Net Zero ambitions, Holcim has a strong opportunity to deepen its role as a trusted partner to our clients and communities. By integrating AI across our operations and scaling our holistic, low-carbon building solutions, we remain dedicated to advancing sustainable growth, driving circularity, and delivering progress for people and the planet.”
Barzan succeeds Ali Said, who led Holcim UAE through a period of significant strategic development and key sustainability milestones. This appointment reinforces Holcim’s commitment to operational excellence, continuous innovation, and sustainable development across the Middle East.
Tech News
SICO Capital Appoints Ali AlFaraj as Head of Information Technology
SICO Capital, a leading provider of asset management, brokerage, investment banking and fund services in Riyadh and licensed by the Saudi Capital Market Authority, has appointed Ali AlFaraj as Head of Information Technology, effective 25 October 2026.
The appointment reflects SICO Capital’s continued investment in its technology and operating platforms. Mr. AlFaraj will oversee the firm’s infrastructure, business systems, technology implementations, and client platforms, with a focus on operational resilience and regulatory alignment.
A specialist in technology governance and implementation, Mr. AlFaraj has more than 12 years of experience in the banking and capital markets sectors across the GCC. Most recently, he was Head of Information Technology and Administration at GIB Capital, where he built the company’s IT function and led the launch of its brokerage and electronic trading platforms. He holds a Bachelor of Science in Computer Science from the University of Bahrain, as well as relevant professional certifications.
“Technology is central to our ability to grow and deliver an increasingly seamless experience for our clients,” said Wissam Haddad, Chief Executive Officer of SICO Capital. “Ali brings extensive experience in technology leadership and the implementation of client-facing platforms within the financial sector. We are continuing to invest in our technology in Saudi Arabia with new and ongoing implementations including our order and asset management systems, client relationship management (CRM), and artificial intelligence platforms.”
Ali AlFaraj commented, “Technology plays a vital role in how SICO Capital serves its clients and continues to strengthen its presence in the Saudi market. I look forward to working alongside the team to further advance our technology infrastructure and digital capabilities, while upholding rigorous standards of reliability, security, and service excellence. It is a privilege to contribute to SICO Capital’s continued growth as the Kingdom’s financial sector evolves under Vision 2030.”
Tech News
Data Center World makes its Middle East debut as AI infrastructure build-out accelerates
Data Center World, the premier global event for data centre IT infrastructure and innovation for more than four decades, will hold its first Middle East edition in the UAE capital, bringing together the people who build, power, finance and regulate the region’s AI infrastructure.
Building on the success of it’s flagship US conference, Data Center World Middle East, running from 17-18 November, follows the launch of events inAustralia, Latin America and Europe in 2026, reflecting rising global demand for digital infrastructuredriven by AI adoption, cloud growth and surging data consumption.
Organised by inD – an Informa/DWTC company – the event puts delegates in the same room as the UAE Ministry of Energy and Infrastructure, the UAE Ministry of Investment and the companies building and running Gulf capacity, including Khazna Data Centers, Core42 and Tabreed. Hyperscalers AWS, Google and Oracle, and AI computing leader NVIDIA, complete a line-up that pairing senior industry voices with deep technical expertise.
The event at the Dusit Thani Abu Dhabi coincides with a sharp rise in regional capacity. Omdia, the technology research and advisory group within Informa TechTarget, identifies the Middle East as the world’s next data centre hot spot. It estimates the region added 1GW of new IT capacity in 2025, with data centre IT capacity compounding at almost 25% a year.
Efficiency is also becoming a priority as capacity scales. The Ministry of Energy and Infrastructure and Khazna Data Centers have launched a pilot to cut energy use in data centers and district cooling systems, with the technology claimed to reduce cooling-related consumption by up to 40%.
Eng. Mozah Alnuaimi, Chief AI Officer, UAE Ministry of Energy and Infrastructure, a speaker on the opening panel, said: “Every megawatt saved in cooling is a megawatt of compute the grid does not have to build for. In our climate, water efficiency and energy efficiency are the same discipline: liquid cooling, closed-loop systems, and clear intensity requirements. Through the Global Cooling Pledge and the Ministry’s planning tools, we are treating data centres as a national efficiency opportunity, not only a load, so growth in AI strengthens the system rather than strains it.”
The UAE is at the centre of that growth aiming to double the digital economy’s contribution to GDP, from 9.7% to 19.4%, within a decade. In Abu Dhabi, the Department of Government Enablement’s AED 13 billion digital strategy targets full migration to sovereign cloud on the way to an AI-native government by 2027, supported by a Unified Government Data Centre. Khazna, meanwhile, is building G42’s 1GW Stargate UAE cluster with partners including OpenAI, Oracle, NVIDIA, Cisco and SoftBank.
Sean James, Distinguished Engineer – Energy Systems, NVIDIA, said: “AI load does not behave like the load utilities planned for. I watched other markets pay for that lesson. Hundreds of megawatts moving in seconds is a power quality problem before it is a capacity problem. Solve it inside your own fence, with storage and controls. The same batteries that smooth your load can hand the utility ride-through and voltage support back. Then the interconnection conversation shifts from whether to when.”
Tara Gibb, Senior Event Director for Data Center World, said: “Data Center World goes where the industry is building, and the Gulf is now one of its most important growth markets. For the first time in the region, the operators building Gulf capacity, the hyperscalers and two federal ministries share one programme. The programme moves from market outlook to closed-door technical workshops, so delegates leave with clear priorities and the right contacts to move their projects forward.”
Day one opens with a panel on the risks and realities of the Gulf’s 3GW target for AI, power and sovereign demand. A Market Outlook 2030 session will assess where growth is most investable across the UAE, Saudi Arabia, Oman, Qatar and Bahrain.
The programme runs across keynote, conference and technical tracks, with closed-door workshops on AI hall design, cooling and electrical design for AI loads, built for people running data centres in 50°C conditions
The headline sponsor is Midea Building Technologies, the building and data centre cooling division of Midea Group, with Marwan AlObaidi, Regional Director – Data Centers & Applied Systems, among the speakers. Enover and E-kerno are Gold Sponsors with Endress+Hauser as Silver Sponsors.
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