Solidarity Bahrain raises $31.83mln through preference share issuance
The landmark transaction, offered via private placement to accredited shareholders, is aimed at strengthening the company's Tier 1 capital and supporting its long-term growth strategy.
SICO, a leading regional asset manager, broker, and investment bank, acted as lead manager and receiving bank, structuring and executing the offering exclusively for existing accredited shareholders of Solidarity Bahrain.
The offer period commenced on June 30 and closed on July 16, 2025, following Solidarity's extraordinary general meeting approval in March 2025 and receipt of all required regulatory approvals.
A total of 12 million shares were issued at a nominal value of BD1 per share.
This innovative issuance offered Solidarity's shareholders a unique opportunity to invest in a Sharia-compliant instrument designed to reinforce the insurer's capital structure. As perpetual securities with no maturity date, the preference shares will serve as a long-term component of Solidarity's capital base.
Commenting on the capital raising, Solidarity Bahrain chief executive Jawad Mohammed: 'This issuance reflects our commitment to innovation and our leadership in Islamic finance. It strengthens our capital foundation and supports our growth plans. We are grateful to our shareholders for their trust and to SICO for their instrumental role in ensuring the success of this transaction.'
SICO Group chief executive Najla Al Shirawi added: 'We are pleased to have partnered with Solidarity Bahrain on this strategic initiative. This transaction reaffirms SICO's ability to deliver tailored, Sharia-compliant capital market solutions.'
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
24 minutes ago
- Zawya
GCC countries' gross national income hits $2.143trln
MUSCAT: The latest data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) showed that the value of gross national income (the total income earned by citizens and companies) of the GCC countries at current prices in 2023 amounted to US$2.143 trillion, a decrease of 2.7% compared to US$2.202.7 trillion at the end of 2022. The value of disposable national income (available for consumption and savings after deducting taxes and other transfers) amounted to US$1.989 trillion, compared to US$2.515 trillion in 2022, marking a decrease of 3%. The total value added of the non-oil sector in GCC countries at current prices reached about US $.513 trillion by the end of 2023, while the value added of the oil sector amounted to US$ 603.5 billion. The data indicate that the contribution of the non-oil sector to the GCC's Gross Domestic Product (GDP) at current prices rose to 71.5% by the end of 2023, compared to 65% at the end of 2022, with an annual growth rate of 6.4%. Mining and quarrying activities were the largest contributors to the GCC economy over the past five years, with an average share of 28.3%. Meanwhile, manufacturing activities were the top contributors to the Gross Domestic Product within the non-oil sector, with an average share of 11.7%. Most economic activities recorded positive growth rates in 2023, with financial and insurance activities leading at 11.7%, followed by transportation and storage at 11.6%, real estate activities at 8.1%, public administration and defense at 7.9%, wholesale and retail trade at 7.6%, and education at 5.5%. Meanwhile, mining and quarrying, along with manufacturing activities, witnessed a decline of 18.8% and 0.7% respectively. With regard to the components of expenditure on the GCC's Gross Domestic Product (GDP) at current prices, data issued by the GCC-Stat indicate that the value of exports of goods and services reached about US$1.2587 trillion by the end of 2023, accounting for 59.5% of GDP at current prices, with a decline of 7.1%. Final consumption expenditure (the total amount spent by households, non-profit organizations, and the government on purchasing goods and services to directly satisfy their needs and wants, without using them to produce other goods or services) reached US$1.245 trillion, with an annual growth rate of 7.5%. The total capital formation (the total formation of fixed capital and assets) also amounted to US$601.8 billion, with an annual growth rate of 5.5%.
Tahawul Tech
9 hours ago
- Tahawul Tech
SANS Institute returns with fourth edition of SANS Cyber Leaders Forum to Riyadh
The fifth edition of SANS Riyadh Cyber Leaders delivers intensive training for cybersecurity managers and SOC leaders. The SANS Institute is set to return to the Kingdom's capital with the fourth edition of its Cyber Leaders Forum from August 24 to 28, 2025. Taking place at the Hyatt Regency Riyadh Olaya, the event will offer five days of high-impact leadership and technical training, tailored for security managers and SOC leaders facing today's complex cyber threats. This year's forum builds on Saudi Arabia's rising status as a global cybersecurity frontrunner. In 2025, the Kingdom secured the top position in the IMD World Competitiveness Yearbook's cybersecurity indicator, a milestone achieved through concerted national efforts led by the National Cybersecurity Authority and the Saudi Information Technology Company (SITE). Their strategic initiatives have not only boosted local cyber resilience but have also reinforced international partnerships and technology localisation. 'Saudi Arabia's position as a global cybersecurity leader is no coincidence, it's the result of strategic vision and long-term commitment,' said Ned Baltagi, Managing Director, Middle East, Africa, and Turkey at SANS Institute. 'At SANS, we're proud to support this progress by bringing world-class training to Riyadh through our Cyber Leaders event, helping to develop the next generation of cybersecurity leadership in the Kingdom.' Leadership-focused courses for strategic security professionals The Riyadh training event will feature specialised courses aligned with the needs of InfoSec leaders. These include: LDR512: Security Leadership Essentials for Managers , aimed at helping professionals strengthen strategic planning and leadership abilities. LDR514: Security Strategic Planning, Policy, and Leadership™ , offering tools for building comprehensive cybersecurity plans and policies. LDR551: Building and Leading Security Operations Centers™ , focused on SOC development and aligning operations to enterprise risk profiles. Each course incorporates 17 hands-on labs and Cyber42 leadership simulations, ensuring participants gain both conceptual knowledge and practical skills. Attendees can join either in person or via live online sessions. Community Night Talk: Focus on crypto mining threats The Cyber Leaders Community Night Talk will take place on August 25 from 5:30 PM to 6:30 PM. Delivered by expert instructor Jan D'Herdt, the session will explore the detection of unauthorised cryptocurrency mining in corporate environments—an emerging risk with serious implications for enterprise networks. This open-access session offers a practical platform for cybersecurity professionals in Saudi Arabia and beyond to enhance their threat detection capabilities. Online attendance is also available through SANS Accounts.
Khaleej Times
10 hours ago
- Khaleej Times
Dubai Airport's new AI corridor allows passengers to clear immigration without stops: Alkhaleej
Dubai Airport (DXB) is now home to an AI-powered corridor, allowing multiple travellers to pass through immigration controls within seconds. The new service allows up to 10 people to pass through at the same time, without having to stop or present identification documents, according to local newspaper Alkhaleej. The airport systems now recognise passenger data even before they arrive at border crossings, said Lieutenant General Mohamed Ahmed Al Marri, Director-General of the General Directorate of Identity and Foreigners Affairs (GDRFA) in Dubai. The new AI-powered corridor also speeds up process es and doubles the capacity of airports, as multiple passengers can be processed at once. In addition, AI also helps in detecting violations as it refers any suspicious passport directly to forgery experts, Al Marri added. The new service is the first of its kind worldwide and comes as part of an integrated system that puts the experience of "boundless travel" within travelers' reach, Al Marri stated. DXB maintained its position as the world's busiest airport in terms of international passenger traffic for 2024, according to a report by Airports Council International (ACI) World. Travellers' impressions Many passengers who walked through the corridor expressed their admiration for the quick clearing service. 'I travelled with my family and the experience was smooth and exceptional. The procedures have become much faster thanks to this corridor, as travel can now be completed in record time without the need to stop at passport control counters,' said Mohammed Amer from Syria. Another traveller called Mahmoud Balou from Canada praised Dubai's efforts to adopt the latest technologies that help cut waiting time and prevent congestion, making the travel experience more enjoyable and seamless, according to the Alkhaleej report.
