SICO Capital announces strategic voluntary transition in management of SICO Saudi REIT
SICO Capital, the fund manager of SICO Saudi REIT , announced today that unitholders of SICO Saudi REIT have approved its decision to voluntarily withdraw from managing the fund and voted to appoint Wasatah Capital as its successor, subject to final approval from the Saudi Capital Market Authority.
The resolution was passed during a meeting of the REIT's unitholders which was held virtually on 26 June 2025 via Tadawulaty.
This decision to transition out of the Fund's management came after a thorough internal strategic review process at SICO Capital, which also appointed its new CEO last month. Management views the move as a strategic step in the best interest of unitholders and the long-term sustainable growth of the fund.
Wissam Haddad, CEO of SICO Capital, said, 'This transition represents a new chapter for the REIT and reflects SICO Capital's ongoing commitment to unitholders. We received significant interest from several fund managers, these requests were handled with full transparency and objectivity, underscoring our commitment to ensuring a smooth and well-governed transition that safeguards unitholder's interest and supports price stability. We are confident that this step will support the long-term sustainability of the fund's success, in compliance with the Capital Market Law, its implementing regulations, and other relevant laws and regulations.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Biz Bahrain
11 hours ago
- Biz Bahrain
SICO Capital announces strategic voluntary transition in management of SICO Saudi REIT
SICO Capital, the fund manager of SICO Saudi REIT , announced today that unitholders of SICO Saudi REIT have approved its decision to voluntarily withdraw from managing the fund and voted to appoint Wasatah Capital as its successor, subject to final approval from the Saudi Capital Market Authority. The resolution was passed during a meeting of the REIT's unitholders which was held virtually on 26 June 2025 via Tadawulaty. This decision to transition out of the Fund's management came after a thorough internal strategic review process at SICO Capital, which also appointed its new CEO last month. Management views the move as a strategic step in the best interest of unitholders and the long-term sustainable growth of the fund. Wissam Haddad, CEO of SICO Capital, said, 'This transition represents a new chapter for the REIT and reflects SICO Capital's ongoing commitment to unitholders. We received significant interest from several fund managers, these requests were handled with full transparency and objectivity, underscoring our commitment to ensuring a smooth and well-governed transition that safeguards unitholder's interest and supports price stability. We are confident that this step will support the long-term sustainability of the fund's success, in compliance with the Capital Market Law, its implementing regulations, and other relevant laws and regulations.'
Syyaha
a day ago
- Syyaha
SICO Capital Announces Strategic Voluntary Transition in Management of SICO Saudi REIT
SICO Capital, the fund manager of SICO Saudi REIT , announced today that unitholders of SICO Saudi REIT have approved its decision to voluntarily withdraw from managing the fund and voted to appoint Wasatah Capital as its successor, subject to final approval from the Saudi Capital Market Authority. The resolution was passed during a meeting of the REIT's unitholders which was held virtually on 26 June 2025 via Tadawulaty. This decision to transition out of the Fund's management came after a thorough internal strategic review process at SICO Capital, which also appointed its new CEO last month. Management views the move as a strategic step in the best interest of unitholders and the long-term sustainable growth of the fund. Wissam Haddad, CEO of SICO Capital, said, 'This transition represents a new chapter for the REIT and reflects SICO Capital's ongoing commitment to unitholders. We received significant interest from several fund managers, these requests were handled with full transparency and objectivity, underscoring our commitment to ensuring a smooth and well-governed transition that safeguards unitholder's interest and supports price stability. We are confident that this step will support the long-term sustainability of the fund's success, in compliance with the Capital Market Law, its implementing regulations, and other relevant laws and regulations
Biz Bahrain
17-06-2025
- Biz Bahrain
SICO Capital Wins Dual Honours at Sanadeq Investment Forum 2024 for Outstanding Fund Performance
SICO Capital, a leading provider for asset management, brokerage, and investment banking, headquartered in Riyadh and licensed by the Saudi Capital Market Authority (License No. 08096-37), announced today that it has received two prestigious awards at the Sanadeq Investment Forum 2024. The recognition highlights SICO Capital's strong fund management track record and its commitment to delivering long-term value for investors across its asset management, investment banking, and brokerage services. SICO Capital's MENA Equity Fund (formerly known as SICO GCC Dividend Growth Fund) was recognized as the Best Performance Investment Fund Award for 5 Years in Gulf Equity Funds Category in Saudi Financial Market, and its Money Market Fund (MMF) was named Best Performance Investment Fund Award for Murabaha and Liquidity Funds with Assets of Less than SR 1 billion in Saudi Financial Market 2024. These awards highlight the firm's consistent outperformance and strategic focus on delivering resilient, Shariah-compliant investment solutions. Wissam Haddad, CEO of SICO Capital, commented, 'We are truly honored to receive this recognition from the Sanadeq Investment Forum. These accolades underscore our team's in-depth market expertise, disciplined approach, and unwavering commitment to delivering the best results for our investors. The success of both our MENA Equity Fund and Money Market Fund showcases the effectiveness of our active management and the value of local insights in capturing regional growth. Looking ahead, we remain focused on innovation, performance, and expanding our range of Shariah-compliant products to align with our clients' financial goals.' SICO Capital's MENA Equity Fund (formerly known as SICO GCC Dividend Growth Fund), received top honors for its impressive five-year performance, achieving a remarkable return of 185%. This significantly exceeds its benchmark, which recorded a return of 74% during the same period. The fund aims to deliver long-term capital appreciation by investing in diversified, Shariah-compliant equities across the MENA region. Over the past five years, it has demonstrated strong risk-adjusted returns. SICO Capital's Money Market Fund has been recognized with the Best Money Market Fund award, showcasing its strong performance in capital preservation, liquidity management, and consistent returns within a Shariah-compliant framework. Since its launch in June 2016, the Fund has aimed to maximize short-term returns while safeguarding capital and ensuring high liquidity, a goal it has successfully achieved over the years. As of Q1 2025, the Fund has delivered a five-year cumulative return of 19.88%, surpassing its benchmark return of 18.51%, and a one-year return of 5.96%. The Fund's portfolio primarily consists of deposits (77%) and sukuk (23%), with investments spread across Saudi Arabia and Bahrain.
