Premier Investment Banking for Reliable Execution

Recognized as Bahrain’s leader in investment banking, SICO combines regional insight with research-led advisory to execute complex capital-raising transactions with unmatched precision.
Request a consultation
For Institutions

SICO has been the trusted investment banking partner for regional corporations, family businesses, and government entities for nearly 30 years. We provide end-to-end advisory and execution across equity and debt capital markets, M&A, and strategic transactions. Our proven professionalism and consistent delivery have earned SICO recognition as Best Investment Bank in Bahrain.

Equity

Request a consultation
SICO is a pioneer in Bahrain’s equity market, building its reputation through landmark transactions that have shaped the Kingdom’s capital markets. Since the mid-1990s, we’ve advised on most equity capital issues listed on the Bahrain Bourse and successfully executed high-profile deals totaling more than USD 3 billion.

Our expertise spans the full spectrum of equity products:
• Initial and secondary public offerings
• Preferred share offerings and cross-listings
• Private placements and strategic equity stakes

By combining data-driven advice, bespoke structuring, and strong investor access, we ensure every transaction supports our clients’ strategic goals and sector priorities. Over the years, the best-in-class services we deliver have been setting new benchmarks in Bahrain and across the region.
Silah Gulf
Initial Public Offering
BD 2.9 million  
(US$ 7.6 million)
Lead Manager, Listing Agent, Price Stabiliser and Liquidity Provider
2026
Solidarity Bahrain
Private placement of non-voting, non-cumulative, perpetual preference shares
BHD 12mn
Lead Manager and Receiving Bank
2025
AlAbraaj Restaurants Group
Initial Public Offering
BD 9.0 million  
(US$ 23.9 million)
Lead Manager, Underwriter, Listing Agent, Price Stabiliser and Liquidity Provider
2024
APM Terminals
Initial Public Offering
BD 11.88 million  
(US$ 31.5 million)
Lead Manager, Underwriter and Market Maker
2018
Eskan Bank Realty Income Trust
IPO of Bahrain’s first REIT
BD 19.8 million
Lead Manager and Sub-Investment Manager
IPO: 2016/
Listing: 2017
Bahrain Islamic Bank
Rights Issue
BD 21 million
Lead Manager
2011
General Trading and Food Company
Rights Issue
US$ 10 million
Lead Manager
2008
Bahrain Credit Facilities Company
Rights Issue
BD 25.41 million
Lead Manager
2008
Khaleeji Commercial Bank
Primary Listing on Bahrain Stock Exchange
BD 100 million
Listing Advisor
2008
Seef Properties
Privatization through an IPO
US$ 74 million
Lead Manager, Lead Underwriter and Financial Advisor
2007
Bahrain Islamic Bank
Rights Issue
US$ 133 million
Lead Manager
2007
Kalam Telecom Company
Private Placement

US$ 5 million
Lead Financial and Placement Advisor
2007
Al Salam Bank
IPO
US$ 111 million
Lead Manager
2006
European Islamic Investment Bank
IPO and Listing on AIM
GBP 75 million
Co-Lead Manager
2006
Bahrain Cinema Company
Rights Issue
US$ 7 million
Issue Manager
2006
Nass Corporation
IPO
US$ 81 million
Lead Manager and Co-Financial Advisor
2005
Nass Corporation
Pre-IPO Private Placement
US$ 66 million
Lead Manager and Co-Financial Advisor
2005
Bahrain Saudi Bank
Rights Issue & Private Placement
US$ 63.6 million
Issue Manager and Financial Advisor
2005
Bahrain Cinema Company
Rights Issue
US$ 4 million
Manager and Underwriter
2005
Raya Holding for Technology and Telecom
Private Placement and Listing
US$ 60 million
Co-Lead Manager
2005
Investcorp
Rights Issue
US$ 251 million
Issue Broker
2002
Investcorp
Rights Issue and Offering of Preferred Shares
US$ 200 million
Handling Agent
2001
General Trading and Food Company
Rights Issue
US$ 5.4 million
Advisor, Issue Manager and Lead Underwriter
2000
BMMI
Rights Issue
US$ 32 million
Co-Manager and Underwriter
1999
Bahrain Kuwait Insurance
Rights Issue
US$ 19.3 million
Advisor, Issue Manager and Lead Underwriter
1999
Qatar Telecom
Privatization through an IPO
US$ 717 million
Co-Manager for Bahrain
1998
SICO Funds Services Company
Public Offering of Participating Units
US$ 12 million
Advisor, Distributor and Fund Manager
1998
Bahrain Duty Free Shop Complex
Privatization through an IPO
US$ 6.6 million
Advisor, Issue Manager and Lead Underwriter
1997
Arab Insurance Group
IPO
US$ 290 million
Advisor and Manager for Bahrain
1997

Debt

Since introducing debt capital markets services in 2001, SICO has built a strong reputation for structuring conventional and Sharia-compliant fixed income solutions tailored to diverse client needs. With more than USD 350 million raised through major transactions, the Bank has played a pivotal role in developing Bahrain’s debt markets and broadening access to capital.

Our offerings cover a wide range of instruments:
• Conventional and Sharia-compliant bonds
• Sukuk and liquidity funds
• Convertible bonds, including the first public offering of a convertible bond by a Bahraini company

Balancing technological advancements with disciplined execution, we continue to help issuers raise cost-efficient funding while enhancing liquidity and investor participation across GCC capital markets.
BBK
Tier 1 Perpetual Convertible Capital Securities Issuance
BD 100 million
Lead Manager
2016
Bahrain Commercial Facilities Company
Public Offering of Floating Rate Bonds
US$ 25 million
Co-Lead Manager and Co-Underwriter
2006
Esterad Investment Company
Private Offering of Floating Rate Bonds
US$ 25 million
Co-Lead Manager
2005
Bahrain Commercial Facilities Company
Public Offering of Floating Rate Bonds
US$ 25 million
Co-Lead Manager and Co-Underwriter
2005
Dana Hotels Company
Private Placement of Floating Rate Bonds
US$ 11.5 million
Lead Manager and Arranger
2004
ALBA
Public Offering of Floating Rate Notes
US$ 200 million
Manager, Underwriter, Arranger & Coordinator
2003
Dana Hotels Company
Private Placement of Floating Rate Bonds
US$ 26 million
Lead Manager and Arranger
2002

M&A Advisory

Request a consultation
SICO provides boutique M&A advisory services across the GCC, helping clients navigate their most critical strategic decisions with independence, precision, and discretion.

Our services cover the full spectrum of M&A advisory:
 • Valuation and capital structure optimization
 • Liquidity and cost of capital analysis
 • Corporate governance and restructuring
 • Distribution policy planning and shareholder advisory
 • Execution of acquisitions, divestitures, and strategic partnerships

Since 2006, our team has advised on asset purchases and dispositions worth more than USD 1.5 billion, earning the trust of corporates, family businesses, and investors seeking to acquire or divest strategic stakes in both listed and private assets.
Ma’aden x SIIC
Execution and brokerage of Ma’aden’s acquisition of ALBA shares from SIIC.
BHD 363mn
Execution Agent and Broker
2025
Nass Corporation
Voluntary exit offer to Nass Corporation shareholders and subsequent delisting
BHD 6.8 million
Financial Advisor
2025
Dallah Al Baraka
Exit offer to Al Baraka Group
USD 84.3 million
2023
AJTC
Sale of 100% to Gulf Hotels Group
BHD 10 million (USD 26.5 million)
2023
NBB
Sale of 11.67% of Esterad Investment Co. B.S.C.
USD 10.9 Billion
2023
KFH
Acquisition and squeeze out of Ahli United Bank B.S.C.
USD 10.9 Billion
2022
Investcorp
Voluntary Exit Offer and De-listing
Receiving Agent and Delisting Advisor
2021
NBB
Acquisition of Bahrain Islamic Bank by National Bank of Bahrain
Issue Execution Advisor, Receiving Agent, and Allotment Agent
2020
BKIC
Managing the Mandatory Cash Acquisition Offer of up to 36.3% of Takaful International Company
Financial Advisor
2017
Gulf Hotels Group
Share Swap Acquisition of 100% of Bahrain Tourism Company
BD 28.5 million
Buy-side Advisor
2016
Bahrain Islamic Bank
Acquisition
US $93 million
Advisor on Purchase of Shares
2013
SIO
Buy-side Bid For 40% stake in Hidd Power Company
Advisors on Acquisition
2012
ABC
Increase of Ownership
USD 1.11 billion
Independent Advisors
2010
BBK
Acquisition
US$ 318 million
Advisor on Purchase of Shares
2008
Ithmaar Bank
Acquisition
US$ 47 million
Advisor on Sale & Purchase of Shares
2008
Investcorp
Acquisition
US$ 21.2 million
Advisor on Sale & Purchase of Shares
2007
BBK
Acquisition
US$ 80 million
Advisor on Sale & Purchase of Shares
2007
Shamil Bank
Acquisition
US$ 796 million
Advisor on Sale & Purchase of Shares
2007
Ithmaar Bank
Acquisition
US$ 22 million
Advisor on Sale & Purchase of Shares
2007
Ahli United Bank
Acquisition
US$ 90 million
Advisor on Sale & Purchase of Shares
2007
BBK
Acquisition
US$ 186 million
Advisor on Sale & Purchase of Shares
2006

REIT

SICO played a pivotal role in developing Bahrain’s capital markets by structuring and launching the Eskan Bank Realty Income Trust (EBRIT) in 2016 — the Kingdom’s first Sharia-compliant REIT and the first to be listed on the Bahrain Bourse. Since then, the Bank has continued to help clients unlock real estate value, access public markets, and diversify their funding sources.

Our REIT capabilities include:
• Structuring and launching REITs tailored to client and investor requirements
• Advisory on regulatory compliance and Sharia-compliant frameworks
• Portfolio design and valuation for income-generating real estate assets
• Capital raising and investor placement across retail and institutional channels
• Liquidity planning and listing support on regional exchanges

Through ongoing innovation and product development, we remain committed to enhancing liquidity and broadening investment opportunities in Bahrain’s capital markets.
Eskan Bank Realty Income Trust
IPO of Bahrain’s first REIT
BD 19.8 million
Lead Manager and Sub-Investment Manager
IPO: 2016
Listing: 2017
While SICO no longer manages the Eskan Bank Realty Income Trust, its role in structuring and bringing the REIT to market reflects the Bank’s longstanding commitment to innovation, product development, and deepening capital market liquidity in Bahrain.

Leader in the Bahrain IPO market

As the only full-service investment bank in Bahrain, SICO has established an unparalleled reputation overthe past two decades for leading, structuring, and executing some of the most high-profile IPOs in themarket. By leveraging local market expertise, regional connections, and innovative digital platforms, SICO consistently delivers oversubscribed offerings that are executed efficiently, setting industrybenchmarks.
Learn about AlAbraaj Restaurants IPO
Learn about APM Terminals Bahrain IPO

For further information,
please contact us

SICO Investment Banking Form
Build Enduring Portfolios
Grow Your Wealth
Trade with Precision
Raise Capital
Protect Your Assets
Enhance Market Liquidity
Invest With Insight
For Individual
For Institutional
SICO offers top-tier asset management across both conventional and Sharia-compliant portfolios. Our disciplined, research-based approach helps safeguard your capital through changing market cycles and capture growth opportunities early.
Explore the service
For Individual
For Institutional
SICO wealth management removes traditional barriers to wealth creation through data-driven advice, expert execution, and professional support at every stage. Combined with our client-first approach, this empowers investors to achieve their financial goals with confidence.
Explore the service
For Individual
For Institutional
Our brokerage services give you one-stop access to equities, fixed income, sukuk, ETFs, options, and treasuries. This multi-asset approach, paired with coverage of 30+ markets and professional advisory, has earned SICO its place among the GCC’s leading brokers.
Explore the service
For Institutional
Trusted by a long list of corporate and public clients, SICO stands as a market leader in investment banking. We rely on deep transaction experience and local market insight to deliver end-to-end solutions across capital markets, M&A, and advisory.
Explore the service
For Institutional
SICO provides comprehensive, integrated custody and fund administration services across all asset classes, from equities and fixed income to real estate and private equity. We ensure that your assets are securely held, accurately managed, and efficiently serviced.
Explore the service
For Institutional
SICO has been a leading market maker since 1995, actively quoting both bid and offer prices to enhance liquidity and narrow spreads. We stimulate trading across a wide range of mandates, including selected stocks, IPOs, cross-listings, and matured listings.
Explore the service
For Individual
For Institutional
SICO’s research division delivers unbiased market evaluations, covering 80+ listed companies across 14 sectors in the GCC. The result is actionable insight that helps you spot real opportunities and move from strategy to execution with speed and confidence.
Explore the service
Contact us

Services

Products

About

Contact Information

Telephone: (+973) 1751 5000
Fax: (+973) 1751 4000
Email: info@sicobank.com
Licensed as a conventional wholesale bank by the CBB
Terms of Service & DisclaimerPrivacy NoticeCookie NoticeCustomer ComplaintsCyber Fraud
Home
About us
Who we are
Sustainability
Careers
FAQ
Contact us
Banking Forms
Services
For individuals
For institutions
Asset management
Brokerage
Wealth management
Research
Asset management
Brokerage
Investment banking
Security services
Wealth management
Market making
Research
Products
Funds
SICO LIVE
SICO Research Portal
News
2025 Annual Report
Menu