The Gulf Cooperation Council (GCC) region continues to showcase a dynamic and evolving investment landscape, with institutional and high-net worth individual investors diversifying their portfolios to include global markets, technology, and alternatives. At the center of this transformation is ASB Capital, a purpose-driven asset and wealth management firm, which has grown its assets under management to reach USD 5.7 billion within its first year. By leveraging strategic global partnerships and a strong multi-asset platform, ASB Capital is reshaping how capital is allocated across the region and seamlessly bridging global markets with regional expertise.
Building on the strong institutional foundations of Al Salam Bank and licensed by the Dubai Financial Services Authority (DFSA), ASB Capital commenced operations in the Dubai International Financial Centre (DIFC) in 2024, offering a broad range of wealth and asset management solutions spanning public markets, private markets, and investment banking.
Curating Bespoke Investment Solutions
As investment curators, ASB Capital designs bespoke investment funds and wealth solutions tailored to each client’s unique ambitions, identifying opportunities across a global network to drive meaningful, long-term growth. Built on a foundation of strategic agility, the firm delivers forward-thinking and resilient asset management offerings that balance innovation with robust risk management.
Multi-Asset Approach for a Diversified Future
ASB Capital’s core investment strategy is built around a multi-asset framework that encompasses a comprehensive range of public market strategies, including global equities, MENA equities, thematic equities (such as technology), and Sukuk – with additional opportunities on the horizon.
The firm’s investment banking division further enhances this offering by advising on capital markets, mergers and acquisitions, and syndication, helping clients navigate strategic growth across multiple strategies.
Bridging Global Markets Through Strategic Partnerships
Rooted in its affiliation with Al Salam Bank, ASB Capital builds on the Group’s nearly two-decade legacy of serving clients across the region, emerging as a trusted steward of wealth with a steadfast focus on transparency, accountability, and future-ready strategies.
One of ASB Capital’s defining strengths lies in its ability to forge strategic partnerships with leading global asset managers to deliver world-class investment solutions tailored to investors. A prime example is the firm’s collaboration with State Street Investment Managers, a partnership designed to offer Shari’a-compliant investment products with global reach.
State Street Investment Management’s Partnership
State Street Investment Managers brings decades of expertise in managing global equity strategies designed to meet growing demand across the region. In partnership with ASB Capital, this collaboration combines deep regional insight with global capabilities, offering investors access to a curated portfolio of high-conviction, high-quality global equities.
The partnership reflects a shared commitment to delivering sustainable investment products that align with the increasing demand for ethically driven strategies focused on strong fundamentals and long-term growth.
Acting as a wealth nexus, ASB Capital seamlessly connects global markets with local expertise, cultivating success by aligning dynamic investment strategies with the evolving goals of its clients. The partnership with State Street Investment Managers reflects this approach and the growing regional demand for ethical investing.
The ASB State Street Global Equity Fund, benchmarked to the Dow Jones Islamic World Index, typically holds 30–40 positions and is designed to deliver consistent performance within a disciplined, Shari’a-compliant framework.
ASB MENA Equity Fund: Tapping into Regional Growth
In early 2025, ASB Capital launched the ASB MENA Equity Fund, a high-conviction strategy developed in collaboration with Amwal Capital Partners. The fund targets long-term capital growth through investments in listed equities across the MENA region, aiming to outperform the S&P Pan Arab Composite Shariah Equities Index.
“With MENA equity markets now valued at over USD 3.5 trillion and growing, we’re focused on unlocking opportunities that align with strong fundamentals, governance, and sustainable growth,” says Hichem Djouhri, Senior Executive Officer at ASB Capital.
The fund adopts a bottom-up, actively managed approach, leveraging Amwal’s expertise in macroeconomic analysis and company-level due diligence, and has grown rapidly to USD 10 million within the first three months of launch. The strategy focuses on fundamentally strong companies while maintaining balanced exposure across financials, healthcare, industrials, and consumer sectors—reflecting renewed investor confidence in localized, actively managed opportunities.
ASB Global Technology Fund: Access to Innovation-Led Growth
ASB Capital’s global ambitions are further reflected in the ASB Global Technology Fund, developed in partnership with BlueBox Asset Management, a specialist in global technology equities. The fund offers exposure to 25–35 high-conviction, technology-driven companies across both developed and emerging markets.
“Regional investors are increasingly seeking exposure to themes like artificial intelligence, digital infrastructure, and advanced manufacturing,” explains Djouhri. “This fund gives them direct access to those themes.”
The fund’s investment approach is guided by BlueBox’s Direct Connection thesis, focusing on companies that bridge digital systems with traditional industries. William de Gale, Lead Portfolio Manager and former BlackRock executive, brings over two decades of experience managing technology-focused strategies.
Launched on 1 July 2025, the ASB Global Technology Fund has already delivered a strong double-digit positive return, reinforcing the success of its innovation-led approach.
“Our philosophy is rooted in identifying not just technologies, but technology-driven businesses that create long-term shareholder value,” adds Djouhri. “As digital transformation reshapes every industry, the Direct Connection theme continues to unlock growth opportunities.”
Responding to a New Investment Era
The growing complexity of investor needs in the region, from ethical investing and portfolio diversification to technology adoption, is defining a new era of asset management. ASB Capital is not only responding to these shifts but actively shaping them, offering a gateway to global markets while maintaining a strong regional grounding.
“This is not just about returns. It’s about responsibility, resilience, and relevance in a new investment era,” concludes Djouhri.
As the investor base continues to evolve, ASB Capital stands out as a firm uniquely positioned to bridge local insight with global opportunity, advancing the region’s role as a rising force in the global investment landscape.
