SICO Wealth, a unit of leading regional asset manager, broker and investment bank SICO in Bahrain, has announced the appointment of Ahmed Burashid as its new Chief Executive Officer. 

SICO Wealth, a dedicated wealth and asset management subsidiary of SICO, was established earlier this year in the Abu Dhabi Global Market (ADGM) and is expected to launch before year end, subject to receiving final regulatory approval from the Financial Services Regulatory Authority (FSRA).

The appointment, which is subject to the final regulatory approval marks a further step in the launch of SICO Wealth Ltd., which will serve professional clients and market counterparts across the GCC with conventional and Shariah-compliant multi-asset solutions, spanning personalized investment advice, bespoke portfolio management, and access to a wide range of regional and international products, said the SICO unit in a statement. 

Establishing a wealth and asset management platform in the UAE is one of the core pillars of SICO’s strategy to scale its business in across the region, building on its presence in Bahrain through SICO BSC (c) and in Saudi Arabia through SICO Capital.

In his new role, Burashid will lead SICO Wealth’s establishment, business activities and drive its growth, drawing on the Group’s capabilities in Bahrain, Saudi Arabia, and the UAE. 

After securing the In Principle Approval (IPA) from ADGM’s FSRA, SICO Wealth is currently completing the regulatory and operational requirements ahead of its expected launch before year end, subject to receiving final regulatory approval, it stated.

On the appointment, Najla Al Shirawi, Chairperson of SICO Wealth, said: "Our strategy is built on deepening SICO’s presence in the region’s most active financial centers, and our platforms in the UAE and Saudi Arabia are central to that ambition. The UAE represents a significant opportunity for us in wealth and asset management, and SICO Wealth is being established to meet the growing demand among the region’s high-net-worth clients and family offices for sophisticated, cross-border solutions."

"Ahmed’s appointment reflects the priority we place on this business, and his experience across the GCC’s financial sector positions him well to build SICO Wealth into a meaningful contributor to the Group’s growth," she stated.

Burashid brings nearly two decades of experience across banking and investments in the GCC, with extensive expertise in investment solutions and regional financial markets. He joins SICO from Khaleeji Bank, where he served as Head of Corporate Banking, Investments and Debt Capital Markets. 

Prior to that, he spent more than eleven years at Kuwait Finance House – Bahrain across its corporate banking and investments businesses. He holds a Master of Science in Finance from DePaul University and serves on the boards of several institutions in the Kingdom of Bahrain.

Ahmed Burashid expressed delight at joining SICO Wealth at an important stage as the Group continues to expand its regional footprint and range of services. 

SICO Wealth has a clear mandate and a strong platform behind it, built on three decades of the Group’s experience in the region’s markets. My focus will be on establishing SICO Wealth on strong foundations, ensuring full regulatory readiness, developing an offering that meets the needs of professional clients and counterparties across the GCC, and building the team to deliver on this mandate, he added.