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2025 Annual
Report
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At a Glance

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SICO stands as a premier regional asset manager, broker, investment bank, and market maker, currently managing USD 8.2 billion in assets under management. Operating under a wholesale banking license from the Central Bank of Bahrain (CBB), the firm has built a reputation for excellence and reliability. Headquartered in the Kingdom of Bahrain, SICO’s regional footprint continues to expand through dedicated teams on the ground in Saudi Arabia and the United Arab Emirates.
SICO has a well-established track record as a trusted regional bank offering a comprehensive suite of financial solutions, including asset man¬agement, brokerage, market making, investment banking, advisory, custody, fund administration, and treasury. These services are supported by a high-caliber research team that provides region¬al insight and analysis of more than 90% of the region’s major equities.

8.2

USD/BN

Assets Under Management

3

Countries with On-The-Ground Presence

5.5

BD/MN

Net Profit

Who We Are

A Leading Regional Financial Partner Driving
Growth and Innovation Across the GCC
Bahrain
Saudi Arabia
UAE

Bahrain serves as the core of our strategic operations, offering a sophisticated financial landscape and a mature regulatory framework that encourages both stability and progress.

The financial sector in Saudi Arabia has been going through a significant transformation as part of the Kingdom’s Vision 2030 strategic objectives. This shift has created a wealth of new opportunities in both public and private capital markets.

The UAE remains a focal point for financial innovation and a primary driver of growth in the region. Our presence through SICO Invest allows us to tap into this high-energy market and a deep talent pool.

Charting the Course

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Our journey has never been just about numbers—it has been about resilience, innovation, and a relentless pursuit of excellence. Over the past four years, Vision 2025 evolved from a strategic plan into a commitment to transform SICO into a leading regional player, ready to scale beyond borders and deliver sustainable value to stakeholders.
Through this strategy, we focused on building organizational capabilities, expanding into new geographies, growing sustainable, fee-based business streams, and enhancing client experience through technology and operational excellence.

SICO at 30: A Track Record of
Key Strategic Milestones

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Abdulla Kamal
Chairman of the Board

Chairman’s Note

As we mark our 30th anniversary, we reflect on a journey defined by growth, transformation, and regional expansion. In recent years, our strategy has focused on institutionalizing this growth and expanding across the GCC’s most dynamic markets. By building a scalable regional platform capable of navigating market volatility while capturing new opportunities, we have evolved from a leading Bahraini institution into a major regional asset manager.
The foundation built during this strategic cycle now supports our next phase of multi-market expansion.

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Group CEO’s Note

Najla M. Al Shirawi

2025 marks a major milestone for SICO—our 30th anniversary. What began as a local brokerage in Bahrain has grown into a diversified, multi-jurisdictional regional financial institution. Over three decades, our journey has been shaped by discipline, deep expertise, and an unwavering commitment to excellence. Today, SICO stands as a trusted partner to our clients and a leading force in regional financial markets. Our continued performance reflects the strength of our diversified model and our ability to navigate complex and evolving market conditions while maintaining a disciplined, long-term approach to growth.As we celebrate this milestone, we look ahead to the next chapter of our journey, guided by the same values that have defined SICO since 1995.
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2025 Financial Highlights

SICO has recorded significant growth in assets under management, strong performance in brokerage, and notable expansion in investment banking, reinforcing our position as a trusted partner for M&A and capital market transactions across both public and private markets.
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Net Profit

5.5

BD/MN

2024
5.5
2025
5.5

Net Investment Income

4.2

BD/MN

2024
3.0
2025
4.2

Other Income

1.3

BD/MN

2024
1.5
2025
1.3

Brokerage Income

2.2

BD/MN

2024
2.3
2025
2.2

Asset Management & Other Fee Income

9.7

BD/MN

2024
9.9
2025
9.7

Investment Banking Income

1.2

BD/MN

2024
0.9
2025
1.2

Net Interest Income

4.2

BD/MN

2024
3.9
2025
4.2

Operational Review

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Asset Management
Brokerage
Research
Market Making
Securities Services

Delivered 11% growth in AUM in 2025, reaching USD 8.2 billion.

Committed USD 450 million to new asset management products, including two quantitative equity funds and specialized mandates for a Türkiye Fund, a Gold investment instrument, and an SME Fund.

Launched new private real estate funds through the Group’s Saudi subsidiary, SICO Capital, expanding its regional investment offering.

Partnered with Albaraka Portfolio Management Company to establish the Albaraka Türk Value & Wealth Türkiye Sukuk Fund, the first Türkiye-focused Sukuk fund launched in Bahrain.

Expanded digital brokerage activity through the SICO LIVE platform, with transactions reaching 1,298 and turnover increasing by more than 20% year-on-year

Strengthened Global Markets performance, with assets under custody growing by 85% and global equity custody assets tripling to USD 1.3 billion.

Accelerated innovation in trading products, with the Fractional Trading platform expanding 20x to reach USD 20 million in fractional securities portfolios.

Provided sell-side coverage of over 85 companies across 13 key sectors in the GCC, delivering high-quality research and insights to a broad regional and international client base

Delivered strong performance through the SICO Top-20 Portfolio, returning 14% in 2025 and outperforming the S&P GCC Index by 11.8%.

Published the fifth annual GCC Investor Return Expectations Survey, capturing insights from 228 senior participants across the regional investment ecosystem.

Strengthened SICO’s thought leadership in regional markets, providing proprietary insights on investor sentiment, macroeconomic outlook, and asset allocation trends across the GCC.

Maintained its position as the leading liquidity provider on the Bahrain Bourse, supporting market depth and investor confidence.

Renewed market making mandates for Beyon, ALBA, and NBB in 2025, reinforcing SICO’s long-standing role in supporting key listed companies.

Became the first non-UAE based firm licensed as a market maker in the UAE, operating on both the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM)

Delivered integrated custody and fund administration services across Bahrain and Saudi Arabia, supporting asset managers, investment funds, and portfolio managers across multiple asset classes.

Expanded value-added middle- and back-office solutions, including performance analytics, unitholder dealing, investment manager factsheets, and tailored front-office reporting tools.

Invested in next-generation digital client services, developing a new digital portal and exploring the integration of digital assets and international fund support.

Environmental, Social, and Governance

SICO embeds sustainability principles throughout its operations to generate long-term value for stakeholders while aligning with Bahrain Vision 2030, the CBB ESG Guidelines, and the United Nations Principles for Responsible Investment (UN PRI).
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Environment

Safeguard environmental resources by delivering continuous positive impact in alignment with international environmental protection standards

Social

Promote specialized community initiatives that support sustainable urban development

Governance

Establish a governance framework grounded in the highest standards of transparency to support sustainable practices
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