Alpheya To Reach $25 Billion In Assets Under Management By 2025, CEO Projects

Roger Rouhana, CEO of Alpheya, has shared ambitious growth projections for the company, supported by strategic and financial backing from the "Lunit" fund for alternative investments and "Bank of New York Mellon". Rouhana anticipates that Alpheya's assets under management (AUM) will surge to approximately US$25 billion by early 2025. This forecast is based on the current growth trajectory and momentum. These insights were provided during his statements to the Emirates News Agency (WAM) at the Dubai FinTech Summit 2024, which recently wrapped up its activities.

According to Rouhana, this significant increase in AUM will enable the company to empower about 4 million investors in the UAE and Saudi Arabia through their banking clients. He emphasized the UAE's pivotal role as an ideal location for Alpheya's operations, citing its rapid advancement towards becoming a global wealth management hub, robust business networks, diverse talent pool, and stable regulatory frameworks. The local market's support is crucial for Alpheya's ambition to transform wealth management by fostering partnerships with leading regional entities and introducing innovative concepts.

Alpheya's initial investment of US$300 million from key investors positions it strongly to achieve its goals and support its mission. Rouhana highlighted the flourishing financial technology sector in the UAE, which, despite constituting less than 1% of banking revenues in the Middle East and North Africa, is experiencing rapid growth. He projected that financial technology market revenues in the region are set to double by 2025, reaching over US$4 billion. This growth is propelled by local population expansion, increasing demand for digital services, economic enhancement, and rising innovation investments in the banking sector.

The CEO also pointed out that the UAE is home to several strong specialized ecosystems that significantly contribute to the financial technology sector's growth and maturity. Notable examples include Hub71 in the Abu Dhabi Global Market and the Innovation Hub in the Dubai International Financial Centre. These ecosystems play a vital role in advancing the sector.

Looking ahead, Rouhana expressed optimism about the future of the wealth management sector in the UAE. He anticipates an annual growth rate of over 6% from 2021 to 2025 in high net worth personal financial assets, outpacing traditional wealth centres like the United States and Western Europe. This optimism is fueled by a significant influx of high-net-worth individuals to the UAE, including 4,500 millionaires who relocated there in 2023, and a noticeable increase in locally established family business offices.

With inputs from WAM