SICO BSC, a leading regional asset manager, broker, market maker and investment bank (licensed as a wholesale bank by the CBB), announced Wednesday that its Saudi subsidiary, SICO Financial Saudi Company (under formation) has received a license from the Saudi Capital Markets Authority (CMA) to manage private non-real-estate investment funds and sophisticated investor portfolios in the Kingdom of Saudi Arabia. The announcement marks the SICO Asset Management Division's first entry into a market outside Bahrain and stands as a major milestone towards the full execution of the bank's regional expansion strategy. "We are proud to announce the launch of our first physical presence in KSA through our asset management division. We would like to thank the CMA for their support and confidence and look forward to providing on the ground asset management services in the Kingdom. This key development will allow us to offer rewarding investment opportunities and help expand our Saudi client base. As we consistently work to inspire investor confidence through both financial performance and operational success, we look forward to this new challenge in the GCC's largest market," said Shaikh Abdulla bin Khalifa Al Khalifa, Chairman of the Board at SICO. "We are very pleased to be executing on our previously-communicated plans to enter heavyweight markets such as Saudi Arabia that will further facilitate our investments in Saudi assets and allow us to provide clients with on-the-ground insights into a market that holds tremendous potential," said SICO CEO, Najla Al-Shirawi. "SICO Financial Saudi Company (under formation) will capitalize on our deep knowledge of the Saudi market and consistent track record of generating healthy returns for clients with an eye to growing our business across the region." SICO has a long and well-established history in the GCC asset management space, providing a loyal base of investors with consistently profitable exposure across equity, fixed income, and real estate asset classes in GCC and MENA markets. The Bank's total assets under management (AUM) stood at $ 2.1 billion as of September 2019, achieving double digit growth and outperforming regional benchmarks despite volatility in regional markets. SICO Asset Management's mutual funds and discretionary portfolios serve a wide range of investors, including institutions, sovereign wealth funds, family offices, and private banks, and cater to variant risk profiles and investment objectives. — SG