x
BMK
SANAM Group has announced the signing of an agreement with Dammam Development Company to acquire a 55% stake in Bait Al Mal Al Khaleeji, a closed joint-stock company headquartered in Dammam, Kingdom of Saudi Arabia.
The agreement involves the acquisition of a majority stake in the company upon completion of the transaction. Completion of the acquisition remains subject to obtaining the necessary regulatory approvals and fulfilling the required procedures for the transfer and registration of the shares in the name of the company.
Established in 2008, Bait Al Mal Al Khaleeji operates in the investment services sector under the supervision of the Saudi Capital Market Authority. Its activities include asset and investment fund management, private equity investments, arranging and financial advisory services, and custody services, in addition to providing structuring and governance solutions for family businesses.
Through this transaction, SANAM aims to further develop Bait Al Mal Al Khaleeji’s existing capabilities in delivering investment solutions and products to investors. SANAM also seeks to leverage its expertise in alternative investments and asset management to capitalize on opportunities across the Kingdom and the wider region, supporting the development of a sustainable platform that delivers long-term value to investors and partners.
“Our acquisition of a specialized asset management company in the Kingdom of Saudi Arabia represents a strategic milestone in the Group’s growth journey and reflects our commitment to building a regional investment platform with a meaningful presence across the GCC markets.”
“The Saudi market represents one of the region’s key growth pillars. The rapid development of the financial sector, the expanding investor base, and the increasing diversity of investment opportunities are creating significant potential for building specialized platforms capable of generating sustainable value for investors, supported by an ambitious vision for economic transformation, financial sector development, and deeper capital markets.”
Dr. Sulaiman Tariq Al-Abduljader
Vice Chairman and Chief Executive Officer, SANAM Group
“We are proud to have signed this transaction with SANAM Group, which represents an important step in the company’s journey and opens new opportunities for growth and expansion within the asset management market in the Kingdom of Saudi Arabia.”
“We are confident that the completion of the transaction and the commencement of the next phase will support the company’s continued progress, the further development of its products and services, and its ability to capitalize on the growing opportunities within Saudi Arabia’s asset management sector, in line with the evolution of the Saudi financial market and the objectives of Saudi Vision 2030. We look forward to seeing the company continue to develop and succeed in the next phase.”
Mr. Mohammed bin Ahmed Al-Dossary
Vice Chairman, Bait Al Mal Al Khaleeji company