Logo ofCapital Market Authority (CMA)
The total assets under management (AUM) held by capital market institutions licensed by Saudi Arabia’s Capital Market Authority (CMA) totaled SAR 1.24 trillion by the end of Q4 2025.
SNB Capital topped the list of capital market institutions in terms of AUMs by the end of Q4 2025, with approximately SAR 274.5 billion, accounting for 22.1% of total assets, according to a recent CMA report.
Al Rajhi Capital ranked second with around SAR 165.6 billion, representing 13.3% of the total, followed by Alinma Capital with SAR 124.3 billion, or 10% of the total. Jadwa Investment and Riyad Capital came next with 8.1% and 7.8%, respectively.
The data indicates a relative concentration in the market, with the top five firms accounting for 61% of total AUM, while the remaining share is distributed among a large number of institutions, including Albilad Capital, Alistithmar Capital, and SAB Invest, in addition to other local and global firms.
AUMs by Capital Market Institutions (SAR bln)*
Institution
Value
Share
SNB Capital
274.48
22.1%
Al Rajhi Capital
165.60
13.3%
Alinma Capital
124.28
10.0%
Jadwa Investment
101.15
8.1%
Riyad Capital
97.46
7.8%
Albilad Capital
48.35
3.9%
Alistithmar Capital
40.54
3.3%
SAB Invest
34.37
2.8%
AlJazira Capital
28.37
2.3%
ANB Capital
27.89
2.2%
BSF Capital
22.12
1.8%
Derayah Financial
20.11
1.6%
Alpha Capital
18.71
1.5%
Blominvest Saudi
16.56
1.3%
GIB Capital
15.12
1.2%
Morgan Stanley Saudi Arabia
14.31
1.2%
SEDCO Capital
11.72
0.9%
SSSAFS
11.24
0.9%
Alkhabeer Capital
9.91
0.8%
NOMW Capital
8.76
0.7%
Others
153.05
12.3%
Total
1244.09
100%
AUM in the Saudi capital market recorded significant growth from Q1 2023 to the end of Q4 2025, increasing from approximately SAR 770.2 billion to SAR 1.24 trillion, marking an increase of more than SAR 470 billion in less than three years.
AUM Growth (SAR bln)*
Period
Value
QoQ Change
Change %
Q1 2023
770.2
+27.2
+4%
Q2 2023
823.1
+52.9
+7%
Q3 2023
789.7
(33.4)
(4%)
Q4 2023
871.1
+81.4
+10%
Q1 2024
908.2
+37.1
+4%
Q2 2024
934.9
+26.7
+3%
Q3 2024
997.2
+62.3
+7%
Q4 2024
1052.9
+55.7
+6%
Q1 2025
1093.2
+40.3
+4%
Q2 2025
1134.1
+40.9
+4%
Q3 2025
1226.8
+92.7
+8%
Q4 2025
1244.1
+17.3
+1%
Private funds accounted for the largest share of AUM in the Saudi capital market during Q4 2025, reaching SAR 663.6 billion.
Managed portfolios ranked second at SAR 359.6 billion, while public funds totaled around SAR 220.8 billion.
Since early 2023, private funds have showed strong growth, increasing from SAR 367.1 billion in Q1 2023 to over SAR 663 billion by the end of 2025. Meanwhile, public funds recorded gradual growth from SAR 116 billion to around SAR 221 billion.
AUM Breakdown (SAR bln)
Period
Private Funds
Managed Portfolios
Public Funds
Q1 2023
367.12
287.50
116.01
Q2 2023
393.48
309.13
121.01
Q3 2023
390.62
282.46
117.12
Q4 2023
435.65
313.03
122.58
Q1 2024
459.93
311.75
136.66
Q2 2024
466.58
323.41
144.97
Q3 2024
500.06
339.71
160.09
Q4 2024
524.60
353.87
174.45
Q1 2025
554.59
359.18
193.00
Q2 2025
575.17
352.60
206.24
Q3 2025
650.27
358.68
217.95
Q4 2025
663.63
359.64
220.82
Logo ofCapital Market Authority (CMA)
The total assets under management (AUM) held by capital market institutions licensed by Saudi Arabia’s Capital Market Authority (CMA) totaled SAR 1.24 trillion by the end of Q4 2025.
SNB Capital topped the list of capital market institutions in terms of AUMs by the end of Q4 2025, with approximately SAR 274.5 billion, accounting for 22.1% of total assets, according to a recent CMA report.
Al Rajhi Capital ranked second with around SAR 165.6 billion, representing 13.3% of the total, followed by Alinma Capital with SAR 124.3 billion, or 10% of the total. Jadwa Investment and Riyad Capital came next with 8.1% and 7.8%, respectively.
The data indicates a relative concentration in the market, with the top five firms accounting for 61% of total AUM, while the remaining share is distributed among a large number of institutions, including Albilad Capital, Alistithmar Capital, and SAB Invest, in addition to other local and global firms.
AUMs by Capital Market Institutions (SAR bln)*
Institution
Value
Share
SNB Capital
274.48
22.1%
Al Rajhi Capital
165.60
13.3%
Alinma Capital
124.28
10.0%
Jadwa Investment
101.15
8.1%
Riyad Capital
97.46
7.8%
Albilad Capital
48.35
3.9%
Alistithmar Capital
40.54
3.3%
SAB Invest
34.37
2.8%
AlJazira Capital
28.37
2.3%
ANB Capital
27.89
2.2%
BSF Capital
22.12
1.8%
Derayah Financial
20.11
1.6%
Alpha Capital
18.71
1.5%
Blominvest Saudi
16.56
1.3%
GIB Capital
15.12
1.2%
Morgan Stanley Saudi Arabia
14.31
1.2%
SEDCO Capital
11.72
0.9%
SSSAFS
11.24
0.9%
Alkhabeer Capital
9.91
0.8%
NOMW Capital
8.76
0.7%
Others
153.05
12.3%
Total
1244.09
100%
AUM in the Saudi capital market recorded significant growth from Q1 2023 to the end of Q4 2025, increasing from approximately SAR 770.2 billion to SAR 1.24 trillion, marking an increase of more than SAR 470 billion in less than three years.
AUM Growth (SAR bln)*
Period
Value
QoQ Change
Change %
Q1 2023
770.2
+27.2
+4%
Q2 2023
823.1
+52.9
+7%
Q3 2023
789.7
(33.4)
(4%)
Q4 2023
871.1
+81.4
+10%
Q1 2024
908.2
+37.1
+4%
Q2 2024
934.9
+26.7
+3%
Q3 2024
997.2
+62.3
+7%
Q4 2024
1052.9
+55.7
+6%
Q1 2025
1093.2
+40.3
+4%
Q2 2025
1134.1
+40.9
+4%
Q3 2025
1226.8
+92.7
+8%
Q4 2025
1244.1
+17.3
+1%
Private funds accounted for the largest share of AUM in the Saudi capital market during Q4 2025, reaching SAR 663.6 billion.
Managed portfolios ranked second at SAR 359.6 billion, while public funds totaled around SAR 220.8 billion.
Since early 2023, private funds have showed strong growth, increasing from SAR 367.1 billion in Q1 2023 to over SAR 663 billion by the end of 2025. Meanwhile, public funds recorded gradual growth from SAR 116 billion to around SAR 221 billion.
AUM Breakdown (SAR bln)
Period
Private Funds
Managed Portfolios
Public Funds
Q1 2023
367.12
287.50
116.01
Q2 2023
393.48
309.13
121.01
Q3 2023
390.62
282.46
117.12
Q4 2023
435.65
313.03
122.58
Q1 2024
459.93
311.75
136.66
Q2 2024
466.58
323.41
144.97
Q3 2024
500.06
339.71
160.09
Q4 2024
524.60
353.87
174.45
Q1 2025
554.59
359.18
193.00
Q2 2025
575.17
352.60
206.24
Q3 2025
650.27
358.68
217.95
Q4 2025
663.63
359.64
220.82
