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      The 15th edition of KPMG’s annual flagship Evolving Asset Management Regulation report provides analysis of more than 200 regulatory developments from nearly 30 jurisdictions and global regulatory standard setters.

      Saudi Arabia continues to push ahead with its ambition to strengthen its asset management sector, growing from five licensed managers in 2019 to 36 in 2024, including overseas managers. Most recently, the Kingdom’s Capital Market Authority (CMA) approved regulatory enhancements for investment funds in the Kingdom to increase competitiveness, enhance transparency and provide greater protection for investors. Specific examples of changes include permitting electronic money institutions to distribute fund units, expanded investment opportunities for REITs, and enhanced disclosures regarding the credit profile of funds’ debt holdings. 

      The GCC region is also experiencing remarkable growth in assets under management (AUM) with global asset managers identifying the region as a key growth territory. In Saudi Arabia, the Financial Sector Development Program (FSDP) is drawing in global investment with 20 percent year-over-year-growth in AUM and broader investor participation. The development of a broader set of investable products, including ETFs and real estate assets, is supporting the development of Saudi Arabia as a fund domicile. The region is also seeing strong demand for Islamic and ESG-related investments.

      This year’s edition of this report explores a renewed focus on facilitating growth amid a challenging geopolitical environment, sluggish economic growth, and industry demands for simplification. Significant opportunities should be created through greater regulatory support for new and innovative products, better facilitation of technological developments in a regulated environment, reinvigorated public markets and more simplified, targeted policymaking. Yet the focus on investor protection and the orderly function of markets remains strong. 

      Key themes 

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      Delivering growth and competitiveness

      • Fostering a competitive environment
      • Updating asset management regulatory frameworks
      • Boosting retail investment
      • Encouraging product innovation
      • Enhancing cross-border access
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      Public and private markets

      • Revising regulations for private markets
      • Updated private markets supervisory priorities
      • The retailization of private assets
      • Focusing on fund risk management
      • Transitioning to T+1 settlement
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      Digital innovation and artificial intelligence

      • Diverging approaches to Al regulation
      • Facilitating fund tokenization
      • Regulating digital assets
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      Protecting investors

      • Expanding conduct frameworks
      • Clarifying accountability
      • Strengthening governance, culture, and controls
      • Modernizing disclosures
      • Making advice accessible
      • Supporting vulnerable customers
      • Promoting financial literacy
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      Firm and system resilience

      • Maintaining financial resilience
      • Strengthening operational resilience
      • Combatting financial crime
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      ESG and sustainable finance

      • Rethinking strategic sustainability framework
      • Improving disclosure regimes
      • Tightening fund naming recruitments
      • Defining defense-related investments
      • Evolving corporate reporting requirements
      • Sustainability in the capital markets
      With regulations shifting in favor of growth, the most successful asset managers will be the ones prepared to seize new opportunities as they arise. I believe that agility in navigating regulation, together with a strategic evaluation of product offerings, will be critical for attracting capital, sustaining performance, and retaining clients going forward.

      Jamal Habahbeh

      Partner, Head of Financial Services – Middle East

      Evolving asset management regulation 2025 report

      An essential resource for navigating today's shifting asset management regulatory landscape

      Download the full report

      Contact us

      Jamal Habahbeh
      Jamal Habahbeh

      Head of Financial Services

      KPMG Middle East

      Walter Palk
      Walter Palk

      Partner, Sovereign Wealth Funds

      KPMG Middle East

      Ovais Shahab
      Ovais Shahab

      Partner, Financial Services

      KPMG Middle East

      phil knowles
      Phil Knowles

      Partner, Financial Services

      KPMG in Saudi Arabia