Latest news with #SICOBSC
Zawya
03-08-2025
- Business
- Zawya
Solidarity Bahrain raises BD 12mln through preference share issuance
Solidarity Bahrain B.S.C., a leading Islamic insurance provider, has successfully raised BD 12 million through the issuance of Bahrain's first Sharia-compliant, non-voting, non-cumulative, perpetual Tier 1 capital preference shares. 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 BSC (c), 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 30th and closed on July 16th, 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 BD 1.00 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. Jawad Mohammed, CEO of Solidarity Bahrain, commented: '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.' Najla Al Shirawi, Group CEO of SICO, 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.' -Ends- About Solidarity Solidarity Bahrain B.S.C ('SB'), a subsidiary of Solidarity Group Holding B.S.C (closed) incorporated under the laws and regulations of the Kingdom of Bahrain. SB's roots go back to 1976, with the establishment of one of the Kingdom's earliest locally domiciled composite insurance companies. Today, Solidarity Bahrain is one of the Kingdom's leading insurers, and the largest Sharia-compliant insurance provider; and benefits from being a subsidiary of Solidarity Group Holding, which is the world's largest Sharia-compliant insurance institution. The Company is distinguished by its ethical business approach, extensive range of products and solutions, and highly experienced and well-qualified team of professionals. Solidarity Bahrain is also noted for its innovative customer service initiatives. These combine the human touch with the latest InsurTech solutions that we have pioneered in the Kingdom. About SICO SICO is a leading regional asset manager, broker, and investment bank with USD 7.4 bn in assets under management (AUM). Today, SICO operates under a wholesale banking licence from the Central Bank of Bahrain and also oversees two wholly owned subsidiaries: an Abu Dhabi-based brokerage firm, SICO Invest, and a full-fledged capital markets services firm, SICO Capital, based in Saudi Arabia. Headquartered in the Kingdom of Bahrain with a growing regional and international presence, SICO has a well-established track record as a trusted regional bank offering a comprehensive suite of financial solutions, including asset management, brokerage, investment banking, and market making, backed by a robust and experienced research team that provides regional insight and analysis of more than 90 percent of the region's major equities. Since its inception in 1995, SICO has consistently outperformed the market and developed a solid base of institutional clients. Going forward, the bank's continued growth will be guided by its commitments to strong corporate governance and developing trusting relationships with its clients. The bank will also continue to invest in its information technology capabilities and the human capital of its 150 exceptional employees. Media Contact: Ms. Nadeen Oweis Head of Corporate Communications, SICO Email: noweis@
Zawya
07-07-2025
- Business
- Zawya
Reforms and Oman Vision 2040 drive recovery, confidence
MUSCAT: Just a few years ago, Oman faced one of the most challenging periods in its fiscal history, grappling with plunging oil prices, mounting public debt and global disruptions that pushed the nation into a deep deficit. Today, however, Oman is on a different path — one defined by recovery, economic reforms and renewed confidence in its future. A June 2025 report by Bahrain-based regional asset manager and investment bank SICO BSC, titled 'Rise of Oman: An Example of Fiscal Prudence,' confirms that Oman ended 2024 with a budget surplus of approximately RO 1 billion. At the same time, the country succeeded in reducing its public debt to RO 15.3 billion, equivalent to just 36.5 per cent of GDP, down from a high of 64 per cent in 2020. The seeds of recovery were planted in 2015 when Oman faced a record budget deficit of RO 4.6 billion. In response, the government implemented aggressive cost-cutting measures. Fuel subsidies were reduced, saving RO 479 million, while electricity subsidies were trimmed by RO 386 million. Defence spending was slashed by RO 350 million and civil ministry budgets were tightly managed. After His Majesty Sultan Haitham bin Tarik assumed leadership in 2020, Oman accelerated its fiscal reforms. The government focused on diversifying its revenue sources and enforcing strict control over expenditures, even during the Covid-19 pandemic. A major milestone was the introduction of VAT in April 2021, which raised RO 301 million in its first year. Between 2020 and 2023, tax and fee revenues increased by approximately 70 per cent, helping reduce dependence on oil revenues. The government's restraint in public sector hiring and wages also played a role. Over the past decade, public sector salaries and benefits have remained largely flat, allowing the state to avoid long-term financial burdens and maintain greater fiscal flexibility. Oman also benefitted from rising oil prices after 2021. While other Gulf states cut production under OPEC+ agreements, Oman maintained strong export volumes, allowing it to capitalise on market conditions. By 2024, Oman had reduced its budget breakeven oil price to $55 per barrel, down from $100 in 2014. This fiscal strength was recognised internationally when Oman's credit rating was upgraded to investment grade (BBB-) in September 2024, a move that is expected to reduce borrowing costs and improve investor confidence. Looking ahead, the 2025 budget projects a modest deficit of RO 620 million, largely due to cautious oil price assumptions. However, analysts — including those at SICO — believe Oman could record another surplus if oil prices remain favourable. To fund priority projects, the government plans to raise RO 750 million through new bonds and sukuk this year. With its finances stabilised, Oman is preparing for a new phase of strategic development aligned with Oman Vision 2040. Key projects include Sultan Haitham City ($2.6 billion), HyDuqm Green Hydrogen Hub ($7.5 billion) and later phases of green hydrogen expansion ($27 billion). Other major initiatives include the Duqm Green Steel Plant, the now-operational Duqm Refinery and revitalisation of Al Khuwair Downtown. Real estate and tourism projects in Yiti, a new UAE–Oman rail network and renewable energy projects such as the Ibri III Solar Plant and five wind power plants are also in the pipeline. 'These projects are not just about infrastructure,' the SICO report notes. 'They're a catalyst for national growth and investor confidence'. Oman is also planning for the long term by broadening its tax base. A domestic minimum top-up tax will be introduced in 2025, followed by the rollout of personal income tax in 2028, representing a major policy shift in the Gulf. At the same time, Oman's capital markets are positioned for growth. Despite returning just 15 per cent over the past decade, the market achieved 10 per cent annualised returns in the past five years. With stocks trading at a forward price-to-earnings ratio of 9.5x, there is potential for market re-rating. The launch of the Tanmia Liquidity Fund in May 2024 is expected to further deepen investor participation. Oman's transformation from fiscal fragility to financial resilience did not happen by chance. It required tough decisions, steady leadership and a focus on long-term stability. As SICO concludes, 'The fiscal consolidation achieved over the past five years provides a strong foundation for Oman to accelerate its ambitious development agenda'. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
04-07-2025
- Business
- Observer
Reforms and Oman Vision 2040 drive recovery, confidence
MUSCAT: Just a few years ago, Oman faced one of the most challenging periods in its fiscal history, grappling with plunging oil prices, mounting public debt and global disruptions that pushed the nation into a deep deficit. Today, however, Oman is on a different path — one defined by recovery, economic reforms and renewed confidence in its future. A June 2025 report by Bahrain-based regional asset manager and investment bank SICO BSC, titled 'Rise of Oman: An Example of Fiscal Prudence,' confirms that Oman ended 2024 with a budget surplus of approximately RO 1 billion. At the same time, the country succeeded in reducing its public debt to RO 15.3 billion, equivalent to just 36.5 per cent of GDP, down from a high of 64 per cent in 2020. The seeds of recovery were planted in 2015 when Oman faced a record budget deficit of RO 4.6 billion. In response, the government implemented aggressive cost-cutting measures. Fuel subsidies were reduced, saving RO 479 million, while electricity subsidies were trimmed by RO 386 million. Defence spending was slashed by RO 350 million and civil ministry budgets were tightly managed. After His Majesty Sultan Haitham bin Tarik assumed leadership in 2020, Oman accelerated its fiscal reforms. The government focused on diversifying its revenue sources and enforcing strict control over expenditures, even during the Covid-19 pandemic. A major milestone was the introduction of VAT in April 2021, which raised RO 301 million in its first year. Between 2020 and 2023, tax and fee revenues increased by approximately 70 per cent, helping reduce dependence on oil revenues. The government's restraint in public sector hiring and wages also played a role. Over the past decade, public sector salaries and benefits have remained largely flat, allowing the state to avoid long-term financial burdens and maintain greater fiscal flexibility. Oman also benefitted from rising oil prices after 2021. While other Gulf states cut production under OPEC+ agreements, Oman maintained strong export volumes, allowing it to capitalise on market conditions. By 2024, Oman had reduced its budget breakeven oil price to $55 per barrel, down from $100 in 2014. This fiscal strength was recognised internationally when Oman's credit rating was upgraded to investment grade (BBB-) in September 2024, a move that is expected to reduce borrowing costs and improve investor confidence. Looking ahead, the 2025 budget projects a modest deficit of RO 620 million, largely due to cautious oil price assumptions. However, analysts — including those at SICO — believe Oman could record another surplus if oil prices remain favourable. To fund priority projects, the government plans to raise RO 750 million through new bonds and sukuk this year. With its finances stabilised, Oman is preparing for a new phase of strategic development aligned with Oman Vision 2040. Key projects include Sultan Haitham City ($2.6 billion), HyDuqm Green Hydrogen Hub ($7.5 billion) and later phases of green hydrogen expansion ($27 billion). Other major initiatives include the Duqm Green Steel Plant, the now-operational Duqm Refinery and revitalisation of Al Khuwair Downtown. Real estate and tourism projects in Yiti, a new UAE–Oman rail network and renewable energy projects such as the Ibri III Solar Plant and five wind power plants are also in the pipeline. 'These projects are not just about infrastructure,' the SICO report notes. 'They're a catalyst for national growth and investor confidence'. Oman is also planning for the long term by broadening its tax base. A domestic minimum top-up tax will be introduced in 2025, followed by the rollout of personal income tax in 2028, representing a major policy shift in the Gulf. At the same time, Oman's capital markets are positioned for growth. Despite returning just 15 per cent over the past decade, the market achieved 10 per cent annualised returns in the past five years. With stocks trading at a forward price-to-earnings ratio of 9.5x, there is potential for market re-rating. The launch of the Tanmia Liquidity Fund in May 2024 is expected to further deepen investor participation. Oman's transformation from fiscal fragility to financial resilience did not happen by chance. It required tough decisions, steady leadership and a focus on long-term stability. As SICO concludes, 'The fiscal consolidation achieved over the past five years provides a strong foundation for Oman to accelerate its ambitious development agenda'.
Biz Bahrain
03-06-2025
- Business
- Biz Bahrain
SICO Signs a Letter of Intent with The Arab Authority for Agricultural Investment and Development (AAAID) to Boost Agricultural Investment and Food Security
SICO BSC (c), a leading regional asset manager, broker, and investment bank, with direct presence in Bahrain, Saudi Arabia, and the UAE, announced today the signing of a Letter of Intent with the Arab Authority for Agricultural Investment and Development (AAAID). SICO will act as the financial advisor to support AAAID's strategic initiatives by identifying and sourcing direct investment opportunities within the agricultural and food security sectors. The primary objective of signing this Letter of Intent is to support AAAID's goals within the Arab and GCC region, with a particular emphasis on Bahrain and Saudi Arabia. This will be achieved by collaborating on projects for AAAID, facilitating investment through equity and/or debt financing opportunities, and engaging in business development activities. Najla Al Shirawi, Group CEO of SICO, said, 'We are thrilled to announce our strategic collaboration with AAAID. By leveraging our expertise in investment sourcing, acquisition advisory, capital-raising, and joint ventures, we aim to drive value and promote sustainable growth within the agriculture sector. Together, we are committed to making a significant impact on the agricultural industry and ensuring a secure and sustainable future.' HE. Dr. Obaid Al Zaabi, Chairman of AAAID, stated, 'This collaboration aligns with our strategic vision to enhance our capabilities, enabling us to equip our projects with the necessary tools and information to achieve our ambitious goals and aspirations. By capitalizing on SICO's extensive expertise in the industry, we are well-positioned to identify and execute high-impact projects that will drive sustainable growth. Our collaboration will focus on innovative solutions and strategic investments that address the unique challenges of our region.' Through this collaboration, SICO will provide acquisition advisory services, including due diligence, valuations, and transaction structuring and execution support. Additionally, SICO will assist in capital-raising activities for AAAID's invested companies and explore joint venture opportunities. The partnership will emphasize promoting sustainable agricultural practices and enhancing food security resilience across the region.
Syyaha
02-06-2025
- Business
- Syyaha
SICO Signs a Letter of Intent with The Arab Authority for Agricultural Investment and Development (AAAID) to Boost Agricultural Investment and Food Security
SICO BSC (c), a leading regional asset manager, broker, and investment bank, with direct presence in Bahrain, Saudi Arabia, and the UAE, announced today the signing of a Letter of Intent with the Arab Authority for Agricultural Investment and Development (AAAID). SICO will act as the financial advisor to support AAAID's strategic initiatives by identifying and sourcing direct investment opportunities within the agricultural and food security sectors. The primary objective of signing this Letter of Intent is to support AAAID's goals within the Arab and GCC region, with a particular emphasis on Bahrain and Saudi Arabia. This will be achieved by collaborating on projects for AAAID, facilitating investment through equity and/or debt financing opportunities, and engaging in business development activities. SICO's wholly-owned subsidiary, SICO Capital , will provide the agreed upon services in Saudi Arabia. Najla Al Shirawi, Group CEO of SICO, said, 'We are thrilled to announce our strategic collaboration with AAAID. By leveraging our expertise in investment sourcing, acquisition advisory, capital-raising, and joint ventures, we aim to drive value and promote sustainable growth within the agriculture sector. Together, we are committed to making a significant impact on the agricultural industry and ensuring a secure and sustainable future.' HE. Dr. Obaid Al Zaabi, Chairman of AAAID, stated, 'This collaboration aligns with our strategic vision to enhance our capabilities, enabling us to equip our projects with the necessary tools and information to achieve our ambitious goals and aspirations. By capitalizing on SICO's extensive expertise in the industry, we are well-positioned to identify and execute high-impact projects that will drive sustainable growth. Our collaboration will focus on innovative solutions and strategic investments that address the unique challenges of our region.' Through this collaboration, SICO will provide acquisition advisory services, including due diligence, valuations, and transaction structuring and execution support. Additionally, SICO will assist in capital-raising activities for AAAID's invested companies and explore joint venture opportunities. The partnership will emphasize promoting sustainable agricultural practices and enhancing food security resilience across the region.
