DUBAI: Roger Rouhana, the CEO of Alpheya, strategically and financially supported by the “Lunit” fund for alternative investments and “Bank of New York Mellon”, expects the company’s assets under management (AUM) to reach around US$25 billion by the beginning of 2025, with the acceleration of growth pace and the continuation of the current momentum.
In statements to the Emirates News Agency (WAM) on the sidelines of the Dubai FinTech Summit 2024, which concluded its activities yesterday, Rouhana said that the increase in the size of AUM means that, through their clients from banks, they will empower around 4 million investors in the UAE and Saudi Arabia.
He said, ‘The UAE is the perfect place for our business, with its rapid progress in becoming a global hub for wealth management, strong business networks, diverse talent pool, and stable regulatory frameworks. The local market supports our goal of transforming wealth management, offering opportunities for partnerships with leading regional entities to resha
pe global standards and introduce innovative concepts.’
Rouhana explained that Alpheya aims to be a key player in the wealth and trade ecosystem, supporting clients’ growth and business prosperity. The company’s initial investment of US$300 million from key investors is enough to achieve its current goals and back its mission.
He highlighted the thriving financial technology sector in the UAE, with vast potential influenced by unique market dynamics. While financial tech companies make up less than 1% of banking revenues in the Middle East and North Africa, they are rapidly growing.
Rouhana noted the positive growth outlook for the financial technology market in the UAE, with market revenues in the Middle East and North Africa expected to double by 2025 to over US$4 billion. This growth is driven by local population expansion, increasing demand for digital services, economic enhancement, and rising innovation investments in the banking sector.
Rouhana mentioned that the UAE attracts many strong specialise
d ecosystems that form a core nucleus for financial technology, such as Hub71 in the Abu Dhabi Global Market and the Innovation Hub in the Dubai International Financial Centre, both playing a crucial role in fostering the sector’s growth and maturity.
Regarding his outlook on the wealth management sector in the UAE, Rouhana said, “We are very optimistic about the future of this sector in the country, and we will witness an annual growth of over 6% from 2021 to 2025 in high net worth personal financial assets, surpassing traditional wealth centres such as the United States and Western Europe.”
Rouhana attributed this rapid growth to a significant influx of high-net-worth individuals, including 4,500 millionaires who moved to the UAE in 2023, and the noticeable increase in locally established family business offices.
Source: Emirates News Agency