SANAM Group Signs Agreement to Acquire 55% of Bait Al Mal Al Khaleeji

A step towards expanding its regional platform in alternative investments and asset management

Kuwait, 1 October 2026 – SANAM Group announced that it has signed an agreement with Dammam Development Company to acquire 55% of the total shares of Bait Al Mal Al Khaleeji, a closed joint-stock company headquartered in Dammam, Saudi Arabia.

The agreement provides for the acquisition of a majority stake in the company upon completion of the transaction. Completion of the acquisition is subject to obtaining the necessary approvals from the relevant authorities and fulfilling the procedures for transferring and registering ownership of the shares in the acquiring company’s name.

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 investment, arranging, financial advisory and custody services, as well as structuring and governance solutions for family businesses.

Through the transaction, SANAM aims to develop Bait Al Mal Al Khaleeji’s existing capabilities in providing investment solutions and products to investors. SANAM also seeks to apply its expertise in alternative investments and asset management to capture opportunities in Saudi Arabia and the wider region, supporting the development of a sustainable platform that delivers long-term value for investors and partners.

Commenting on the agreement, Dr. Sulaiman Tareq Al-Abduljader, Vice Chairman and CEO of SANAM Group, said: “Our acquisition of a specialist asset management company in Saudi Arabia represents a strategic milestone in the Group’s growth journey and reflects our commitment to building a regional investment platform with a strong presence across GCC markets.”

He added: “The Saudi market is one of the region’s most important drivers of growth. The rapid development of its financial sector, expanding investor base and increasingly diverse investment opportunities create scope for building specialised platforms capable of generating sustainable value for investors, supported by an ambitious vision for economic transformation, financial sector development and deeper capital markets.”

For his part, Mr. Mohammed bin Ahmed Al-Dosari, Vice Chairman of Dammam Development Company, said: “We are proud to sign this transaction with SANAM Group. It represents an important step in the company’s journey and opens new prospects for growth and expansion in Saudi Arabia’s asset management market.”

He added: “We are confident that completing the transaction and entering the next phase will support the company’s progress and the continued development of its products and services, while enabling it to capitalise on the growing opportunities in Saudi Arabia’s asset management sector, in line with the development of the Saudi financial market and the objectives of Saudi Vision 2030. We look forward to the company’s continued development and success in the next phase.”