Note From the CEO
As we reflect on the journey of 2023, it's clear that we've reached a pivotal moment. Last year was more than just a chapter; it was an inflection point for SICO, marking a significant step forward in our evolution.
Amidst the challenges and opportunities, we remained steadfast in our commitment to organic growth, leveraging our strengths and expertise honed for over 25 years. Our dedication paid off, culminating in a commendable annual performance across our regional footprint and business lines.
Fueling this success were our strategic focus areas: asset management, brokerage, real estate, investment banking, and securities services. We witnessed remarkable growth in our assets under management (AUMs), reaching USD 6 billion, and expanded our presence in Bahrain, KSA, and UAE.
Our financial performance was bolstered by a robust balance sheet and enhanced risk management. These pillars, alongside cross-selling opportunities and our relentless pursuit of excellence, positioned us as a top 10 asset manager in the GCC and MENA regions.
In navigating market dynamics, particularly amidst shifting central bank policies, we remained agile and resilient. Despite challenges posed by the highinterest rate environment, we achieved operational milestones, launching new products like the Saudi domiciles SICO Kingdom Equity Fund and the Elzaad Sukuk Fund and forging strategic partnerships to broaden our offerings.
Looking ahead, our focus remains on capitalizing on synergies and driving sustainable growth, with a keen eye on expanding our footprint in Saudi Arabia. We're excited about selective inorganic growth opportunities and initiatives and expanding our Wealth Management and Real Estate, which promise to further diversify our portfolio and cater to evolving investor needs.
Beyond financial success, our commitment to responsible investment has been a cornerstone of our journey. We've implemented a Responsible Investment Policy, integrating ESG factors into our decision-making process, and fostering awareness among our teams. Our goal is not just regulatory compliance but genuine progress towards sustainability.
The past year has taught us that transformation is not just a necessity but a testament to our resilience and adaptability. As we embark on the next phase of our journey, let's continue to innovate, collaborate, and redefine success.