Assets of Saudi investment funds fall 8% to SAR 116 bln in Q1 2023

The total value of assets held by investment funds in Saudi Arabia fell by 8% to SAR 116.01 billion in Q1 2023, compared to roughly SAR 126.1 billion in Q4 2022, data issued by the Saudi Central Bank (SAMA) showed.

The decline was attributed to an almost 6% quarter-on-quarter (QoQ) drop in local assets, which represent 82% of total assets, to about SAR 95.6 billion. In addition, foreign fund assets – equivalent to 18% of the total – shed 18% QoQ to nearly SAR 20.4 billion.

Investment funds are either open- or closed-end, with total assets of open-end funds at approximately SAR 87.96 billion, accounting for 76% of the total. Assets of closed-end investment funds amounted to around SAR 28.05 billion.

Investment Funds Assets (SAR bln)
Period	Q4 2022	Q1 2023	Change
Local assets	101.19	95.59	(6%)
Foreign assets	24.92	20.42	(18%)
Total	126.11	116.01	(8%)

Investment funds hold both local and foreign assets, each including shares, bonds, cash instruments and other assets. Real estate investments are also on the list.

The following table indicates assets of investment funds since 2005:

Development in Investment Fund Assets (SAR bln)
Period	Local Assets	Foreign Assets	Total	YoY Change
2005	115.66	21.31	136.97	+127%
2006	61.34	22.76	84.11	(39%)
2007	79.89	25.21	105.10	+25%
2008	61.26	13.55	74.81	(29%)
2009	74.14	15.41	89.55	+20%
2010	74.44	20.30	94.74	+6%
2011	64.53	17.66	82.19	(13%)
2012	69.81	18.26	88.07	+7%
2013	81.86	21.32	103.18	+17%
2014	81.87	28.84	110.71	+7%
2015	75.92	26.98	102.90	(7%)
2016	70.66	17.18	87.84	(15%)
2017	91.15	19.09	110.23	+25%
2018	93.65	18.21	111.86	+1%
2019	133.44	26.52	159.96	+43%
2020	149.56	60.16	209.72	+31%
2021	147.69	79.48	227.17	+8%
2022	101.19	24.92	126.11	(23%)
Q1 2023*	95.59	20.42	116.01	(8%)

*Change since year-start.

There were 260 investment funds operating in the Kingdom by the end of Q1 2023.

The table below shows development in the number of active investment funds since 2005:

Number of Investment Funds Since 2005
Change	No. of Operating Funds	Period
+11	199	2005
+15	214	2006
+38	252	2007
+10	262	2008
(18)	244	2009
(1)	243	2010
+6	249	2011
(9)	240	2012
(4)	236	2013
+16	252	2014
+18	270	2015
+5	275	2016
(2)	273	2017
(24)	249	2018
+4	253	2019
+1	254	2020
+2	256	2021
(1)	255	2022
+5	260	Q1 2023*

*Change since year-start.

The number of subscribers rose by 66,800 to 719,700 by the end of Q1 2023, compared to 2021-end. Development in the number of subscribers since 2005 is indicated as follows:

Number of Subscribers since 2005
Change	No. of Subscribers	Period
+369,927	568,284	2005
(68,316)	499,968	2006
(73,883)	426,085	2007
(51,110)	374,975	2008
(18,644)	356,331	2009
(35,916)	320,415	2010
(26,510)	293,905	2011
(18,281)	275,624	2012
(17,514)	258,110	2013
(12,079)	246,031	2014
(9,054)	236,977	2015
(12,566)	224,411	2016
+14,034	238,445	2017
+94,122	332,567	2018
(2,828)	329,739	2019
+29,155	358,894	2020
+170,418	529,312	2021
+123,557	652,869	2022
+66,843	719,712	Q1 2023*

*Change since year-start.

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