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Informed
Financial Services
2024 Annual
Report
Download Annual Report 2024
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At a Glance

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SICO is a leading regional asset manager, broker, market maker, and investment bank with USD 7.4 billion in assets under management (AUM). Today, SICO operates under a wholesale banking license from the Central Bank of Bahrain (CBB).
Headquartered in the Kingdom of Bahrain with a growing regional presence and on-the-ground presence in the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE), SICO has a well-established track record as a trusted regional bank offering a comprehensive suite of financial solutions, including asset management, brokerage, market making, investment banking, advisory, treasury, and custody and fund administration, backed by a robust and experienced research team that provides regional insight and analysis of more than 90% of the region’s major equities.

7.4

USD/BN

Assets Under Management

3

Countries with On-The-Ground Presence

Top 30

Asset Manager

5.5

BD/MN

Net Profit

Our Regional Footprint

Bahrain
Saudi Arabia
UAE

The United Arab Emirates, with its dynamic financial landscape, serves as a beacon of innovation and growth in the GCC.

Saudi Arabia’s financial arena has been undergoing a transformative shift, with a continued focus on expanding capital market activities.

At the center of our strategic operations, the financial landscape of Bahrain unfolds as a dynamic hub with a diverse array of financial activities, complemented by a well-established regulatory framework.

Creating Value

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Our Vision 2025 strategy has allowed us to build a robust organization by focusing on organic growth and leveraging our core strengths.
We maintained our focus and consolidated our strengths further in 2024, while managing the growth of our products and businesses. Staying true to our Vision 2025 strategy has allowed us to achieve results and create shared success for our clients, shareholders and community.
Abdulla Kamal
Chairman of the Board

Chairman’s Note

Our journey over the past 30 years has been marked by resilience, adaptability, and a consistent track record of success in navigating challenging market conditions. I am exceptionally proud of the strong foundation we have built and in our ability to execute the strategic direction set by the Board, regardless of the obstacles that we face. Rather than letting things stand in our way, we have always taken advantage of the challenging market conditions and the opportunities they provide. It is this ability to adapt quickly and think creatively that has gotten us to where we are today.

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Group CEO’s Note

Najla M. Al Shirawi

Reflecting on the past year, I am immensely proud of what we have achieved together at SICO. In a quickly developing financial landscape, where uncertainty remains a constant, our ability to navigate challenges, seize opportunities, and deliver strong results underscores the strength of our strategy and the dedication of our team. 2024 was a year defined by execution, innovation, and resilience. Despite global market volatility and shifting economic conditions, we remained steadfast in our commitment to delivering value for our clients and stakeholders. Our numbers this year tell a compelling story beyond financial performance, one of the discipline, expertise, and a relentless drive that fuels our success.
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2024 Financial Highlights

SICO has experienced a significant increase in assets under management, achieved excellence in brokerage activities, and notable growth in our investment banking services, solidifying our position as the partner of choice for M&A activities and capital market transactions, both public and private.
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Net Profit

5.5

BD/MN

2022
2.627
2023
3.59
2024
3.94

Net Investment Income

3.0

BD/MN

2022
1.041
2023
4.44
2024
3

Other Income

1.5

BD/MN

2022
0.59
2023
0.49
2024
1.48

Brokerage Income

2.3

BD/MN

2022
1.46
2023
1.64
2024
2.3

Asset Management & Other Fee Income

8.6

BD/MN

2022
8.44
2023
7.73
2024
8.63

Investment Banking Income

2.2

BD/MN

2022
0.28
2023
0.4
2024
2.21

Net Interest Income

3.9

BD/MN

2022
2.627
2023
3.59
2024
3.94

A Landmark Year Across Business Lines

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Achieved 23% AUM growth in 2024, reaching USD 7.4 billion, with significant expansion into Morocco and Egypt.

Launched the Dilmun Compounders Fund, the first Bahrain-domiciled international Islamic equity fund, with a USD 50 million initial size.

Acted as investment manager for the USD 126 million Tanmia Liquidity Fund, enhancing market depth on the Muscat Stock Exchange.

Celebrated 20 years of the Khaleej Equity Fund, delivering an average annual net return of 14% since inception.

Maintained 63% market share on the Bahrain Bourse, executing over 90% of major transactions in Bahrain.

Introduced fractional bond trading, making fixed-income investments more accessible to retail investors.

Achieved BD 2.3 million net income, driven by a 60% increase in order value executed through SICO LIVE.

Launched a wealth management division, offering clients multi-asset portfolios and tailored investment solutions.

Achieved 23% AUM growth in 2024, reaching USD 7.4 billion, with significant expansion into Morocco and Egypt.

Launched the Dilmun Compounders Fund, the first Bahrain-domiciled international Islamic equity fund, with a USD 50 million initial size.

Acted as investment manager for the USD 126 million Tanmia Liquidity Fund, enhancing market depth on the Muscat Stock Exchange.

Celebrated 20 years of the Khaleej Equity Fund, delivering an average annual net return of 14% since inception.

Appointed liquidity provider for GFH and NBB, solidifying leadership on Bahrain Bourse.

Acted as post-IPO price stabilizer and liquidity provider for AlAbraaj Restaurants Group.

Expanded regional footprint as a licensed market maker on ADX and DFM since 2018.

Continued to drive market liquidity, price stability, and valuation improvements for clients across the GCC.

One of the GCC’s most trusted fund service providers, offering custody, fund administration, and middle-office solutions.

Expanded operations in Bahrain and Saudi Arabia, supporting asset managers, investment funds, and portfolios.

Introduced new value-added services, including performance analytics for public and private funds.

Strengthened tech-driven solutions to enhance efficiency, security, and compliance for institutional clients.

Case Studies

Khaleej Equity Fund Celebrates 20 Years of Outperformance
Average Annual Returns (Fund vs. Benchmark)
KEF (Gross Returns)
Benchmark
AlAbraaj Restaurants Group IPO on the Bahrain Bourse
The AlAbraaj Group IPO marked a number of firsts

Environmental, Social, and Governance

SICO integrates sustainability principles across its operations to create long-term stakeholder value 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

Protect our environmental assets by achieving continuous  positive impact that is in line with international standards for preserving  the environment

Social

Promote specialized community programs for achieving  sustainable urban growth

Governance

Form a governance scheme with the highest standards of transparency to achieve sustainable practices