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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Syyaha
16 hours ago
- Syyaha
Unicharm: The First Hygiene Company to Celebrate Father's Day in the GCC
Unicharm achieved a milestone by becoming the first hygiene manufacturer in the Gulf Cooperation Council (GCC) region to officially celebrate Father's Day. This pioneering move not only reflects the company's deep commitment to family values but also highlights the evolving cultural landscape where fathers are increasingly recognized for their essential role in raising the heart of this groundbreaking celebration is BabyJoy, Unicharm's flagship diaper brand, which holds the title of the #1 brand in the GCC. BabyJoy is not only a symbol of superior quality and innovation in baby care, but it also stands out as a brand that understands and supports the emotional journey of parenting. As the official sponsor of this special Father's Day campaign, BabyJoy is bringing dads into the spotlight with a heartwarming campaign's emotional core is amplified by the iconic song 'Ya Tayyib Al-Qalb' by the legendary Saudi artist Abdul Majeed Abdullah. Known for its touching lyrics and deep emotional resonance, the song perfectly captures the spirit of fatherhood – a blend of kindness, strength, and unconditional love. Through this campaign, Unicharm and BabyJoy aim to honor fathers across the GCC who give their all for their families with patience, sacrifice, and joy. By leading this initiative, Unicharm is not only celebrating fathers, but also setting a new standard for corporate social engagement in the hygiene industry. It's a bold and heartfelt gesture that reaffirms Unicharm's role as a brand deeply rooted in the region's values – one that truly understands the meaning of family.
Gulf Insider
a day ago
- Gulf Insider
New Credit Card Rules In Saudi Arabia: Free E-Wallet Top-Ups, Lower Fees For Users
The Saudi Central Bank (SAMA) has introduced new credit card regulations aimed at reducing consumer costs and increasing transparency. The updated rules, announced Thursday, will take effect within the next 30 to 90 days, according to Saudi Gazette . The revised guidelines set limits on fees for cash withdrawals and international purchases, standardize disclosure requirements, and mandate clearer communication between card issuers and customers. The move supports SAMA's efforts to enhance digital payments and aligns with Saudi Vision 2030 goals. Cash withdrawal fees: Capped at 3% for amounts under SAR 2,500; maximum SAR 75 for SAR 2,500 or more. Capped at 3% for amounts under SAR 2,500; maximum SAR 75 for SAR 2,500 or more. International Transactions: Flat 2% fee on foreign purchases. Flat 2% fee on foreign purchases. E-Wallet top-ups: Now free when using credit cards. Now free when using credit cards. Excess deposits: Customers can withdraw funds paid above their credit limit anytime, without charges. Customers can withdraw funds paid above their credit limit anytime, without charges. Fee Disclosure: All fees must be clearly listed in a standardised format. All fees must be clearly listed in a standardised format. Cash withdrawal: 3% , up to SAR 75 , up to Late payment: SAR 50 Invalid dispute filing: SAR 25 International purchase: 2% Local POS and online payments: Free SAMA now requires credit card issuers to: Notify customers of any fee changes via SMS , with a 14-day window to cancel the card without penalty. , with a to cancel the card without penalty. Provide account statements via SMS and alert customers to every financial transaction. and alert customers to every financial transaction. Offer tools to calculate expected charges and estimate rewards before making purchases. and estimate rewards before making purchases. Give at least a 25-day grace period before late fees apply, allowing customers to pay their full balance without penalties. The regulations also standardize the presentation of fees, charges, and benefits within credit card agreements, making it easier for consumers to understand costs and terms. Under previous rules, cash withdrawals were charged SAR 75 for transactions up to SAR 5,000 and 3% (capped at SAR 300) for larger amounts. The new SAR 75 cap now applies to all high-value withdrawals, making the terms more favorable for users. Invalid transaction disputes and account statement requests will now incur a SR 25 fee. These changes follow SAMA's collaboration with international card networks to reassess transaction costs, part of a broader effort to modernize the Kingdom's payment infrastructure and expand digital financial services. It provides clarity on consumer protections: These points highlight the conditions under which credit cards can be issued, reinforcing SAMA's focus on transparency and responsible lending. They align with the updated rules: The details about card issuance, activation, fee notifications, and transaction limits directly correspond to the new framework that aims to standardize and protect credit card users. It rounds out the customer experience: While the main story focuses on fees and benefits, this section gives a complete view of what consumers can expect at every stage—from applying for a card to making payments and receiving statements. It's informative and policy-driven: Including this section adds credibility and comprehensiveness, especially for financial or regulatory reporting.
Gulf Insider
3 days ago
- Gulf Insider
UAE's Dollar-Millionaires: Another 13,000 Join Resident Base In 2024, Says UBS
An additional 13,000 made it to the ranks of UAE's dollar millionaire resident base in 2024, according to the latest UBS 'Global wealth Report 2025', which is an increase of 5.8% from the year before. A good number of these newly created millionaire base in the UAE came about from re-locations, as has been the case for four years now. 'This year there has been some significant movement in the number of millionaires in many of parts of the world, both upwards and downwards,' according to the Swiss bank's findings. 'In 2024, Turkey stands out from the crowd thanks to an 8.4% increase in its number of dollar millionaires over 2023, equivalent to a boost of roughly 7,000 people in a single year. The UAE (had) a rise of 5.8% in millionaire numbers, thanks to approximately 13,000 new entrants in this category.' 'Having looked at long-term trends, we concluded that wealth is far from static.' In the UAE, that's been the case. Banking and property market sources talk about the multi-million dollar deals that have been shaping the UAE investment landscape. The property firm Knight Frank in a recent report points to the influx of Saudi, Indian, Chinese and UK high networth individuals committing sizable investments in the UAE. At some locations such as Jumeira Bay island, the deal sizes are getting bigger. There are an estimated 240,343 dollar-millionaires in the UAE with a combined $785 million. Saudi Arabia, according to UBS, has 339,029 dollar-millionaires, with a combined wealth holdings of $958.3 million. 'In an era marked by rapid economic shifts, increasing volatility and unprecedented market developments, understanding the trends and drivers of wealth creation is more crucial than ever,' said Robert Karofsky, co-President of UBS Global Wealth Management. In the UAE, around 62% of gross wealth is allocated to financial assets, and it's almost 58% in Saudi Arabia. Assets such as real estate as well as land make up about 48% of what the super-rich spend on in both the prime GCC markets. (Debt levels among these investors is close to 9% in the UAE and 'only 5.7% in Saudi Arabia, one of the lowest levels in our sample of 56 countries', according to UBS.) Niels Zilkens, Head Wealth Management Middle East at UBS Global Wealth Management, said: 'Saudi Arabia and the UAE are not only seeing rising millionaire numbers, but also meaningful gains in median wealth – especially in the UAE, where it rose over 23% since 2020. 'With a combined $122 billion in expected wealth transfers ahead, both markets are entering a pivotal phase of generational transition.'
