58 money market funds hold SAR 136.5B in assets

The analysis covers funds denominated in both SAR and US dollars, with dollar-denominated assets converted into SAR.

SNB Capital Al Sunbullah SAR Fund topped money market funds by assets, with about SAR 34.57 billion, followed by Al Rajhi Awaeed Fund with about SAR 29.40 billion and SNB Capital Saudi Riyal Trade Fund with about SAR 16.56 billion.

Alpha Murabaha Fund ranked fourth, with about SAR 10.49 billion in assets, followed by Al Rajhi Growth Fund with about SAR 7.31 billion and Alinma Saudi Riyal Liquidity Fund with about SAR 6.16 billion.

The data show a high degree of concentration in the sector, with the three largest funds holding about SAR 80.5 billion, or nearly 61% of total assets tracked. The top 10 funds account for about 89.4%.

There are also dollar-denominated money market funds, led by SNB Capital Al Sunbullah USD, with about $497.4 million in assets, equivalent to around SAR 1.87 billion, followed by SNB Capital International Trade Fund with about $254 million and BSF Murabaha USD Fund with about $115 million.

The large asset base comes as CMA decided that investments outside Saudi Arabia by any public money market fund must not exceed 5% of its net asset value.

Based on current total assets of about SAR 136.5 billion, the 5% ceiling would theoretically amount to about SAR 6.8 billion in maximum external investments once the funds fully comply with the decision, assuming assets remain at current levels.

This does not necessarily mean that about SAR 129.7 billion would be repatriated to Saudi Arabia, as most fund assets may already be invested domestically, with the actual impact depending on each fund’s current level of external investments and the extent to which they exceed the new 5% limit.

The decision is particularly significant for the largest funds, as a high proportion of external investments in a fund such as SNB Capital Al Sunbullah SAR Fund or Al Rajhi Awaeed Fund would translate into relatively large amounts that would need to be reallocated during the transition period set by the CMA.

Major Funds See Strong Growth

A comparison with year-end 2025 also shows notable growth in several major funds.

SNB Capital Al Sunbullah SAR Fund ' assets rose by about SAR 11.73 billion, while Al Rajhi Awaeed Fund 's assets increased from about SAR 21.45 billion at the end of 2025 to around SAR 29.41 billion currently.

SNB Capital Saudi Riyal Trade Fund's assets rose from SAR 12.12 billion to SAR 16.56 billion, while Alpha Murabaha Fund's assets increased from SAR 6.95 billion to SAR 10.49 billion.

Alinma Saudi Riyal Liquidity Fund recorded an even sharper increase, with assets rising from about SAR 2.65 billion at year-end 2025 to more than SAR 6.16 billion in the latest valuation.

Money market funds invest in a range of instruments, including money market transactions, debt securities, bank deposits, and derivatives, as well as units of money market and fixed-income funds. They typically offer high liquidity, with much of their investments carrying short maturities, and are generally considered less risky than asset classes such as equities, while still being exposed to credit, liquidity, and interest-rate risks.

The CMA's new decision is expected to further direct these funds' investments toward the domestic market. However, the amount that funds may need to reduce or refrain from renewing outside Saudi Arabia and subsequently redeploy domestically will depend on the level of external investments currently held by each fund and the extent to which they exceed the new 5% limit. This cannot be determined from the funds' total asset value alone.