PRESSR: SICO partners with Tanmia in Oman to launch “Tanmia Liquidity Fund” valued at $126mln
The "Tanmia Liquidity Fund " was inaugurated at the Muscat Stock Exchange. The fund, which has a value of USD 126 million, is dedicated to enhancing market depth and boosting liquidity on the exchange while achieving long-term capital growth for the fund. Oman National Investment Development Company "Tanmia," a leading investment and fund management company, will act as the investment manager in collaboration with SICO BSC (c), a leading regional asset manager, broker, and investment banking services.
The timing of the fund's launch aligns strategically with the ongoing reforms within the Omani capital markets, coinciding with announcements of new IPOs, regulations pertaining to market making, and intensified marketing endeavors by MSX through roadshows and other promotional activities. In recent months, the MSX has undergone a series of initiatives geared towards bolstering the local capital markets, and there has been a notable reform in certain capital market regulations, particularly concerning the dividends tax.
Khalid bin Awadh Al Balushi, CEO of Tanmia, emphasized that this project marks a milestone in Tanmia's long journey with its strategic partners to launch “Tanmia Liquidity Fund”, which will expand the investor base and enhance liquidity in local financial markets. He expressed gratitude to the Capital Market Authority, the Muscat Stock Exchange, the National Program for Financial Sustainability, Muscat Clearing and Depository, for their adequate support in realizing the vision of establishing the fund. He added, "This fund is an extension of the company's journey - since its establishment in 1998 - in launching various investment initiatives and products that achieve investment returns and enhance the national economy. We at Tanmia always seek to promote sustainable investments and maximize value for shareholders, in collaboration with various financial institutions and regulatory authorities, to achieve the vision of Oman 2040 in line with the noble directives of His Majesty Sultan Haitham bin Tarik – may God protect him."
SICO’s Group CEO, Najla M. Al Shirawi, commented, "The launch of “Tanmia liquidity Fund” underscores the joint efforts of SICO and our partners in Oman, backed by the regulatory authorities in the Sultanate of Oman. We're grateful to our partners for their confidence in our abilities and dedication to improving the liquidity for shares of listed companies. Highly liquid financial markets are essential in providing tangible advantages to the national economy. A robust and dynamic capital market can significantly increase economic growth and promote a more diversified economy.”
The partnership between SICO and Tanmia aims to emulate the prosperous model of the Bahrain Liquidity Fund, SICO's fund on the Bahrain Bourse. Since its inception, this fund has nearly tripled the market's overall liquidity. Consequently, the index has achieved impressive returns, while listed companies have enjoyed enhanced valuation.
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About SICO
SICO is a leading regional asset manager, broker, and investment bank with USD 6.2 bn in assets under management (AUM). Today, SICO operates under a wholesale banking licence from the Central Bank of Bahrain and also oversees three wholly owned subsidiaries: an Abu Dhabi-based brokerage firm, SICO Invest, a specialised regional custody house, SICO Fund Services Company (SFS), and a full-fledged capital markets services firm, SICO Capital, based in Saudi Arabia. Headquartered in the Kingdom of Bahrain with a growing regional and international presence, SICO has a well-established track record as a trusted regional bank offering a comprehensive suite of financial solutions, including asset management, brokerage, investment banking, and market making, backed by a robust and experienced research team that provides regional insight and analysis of more than 90 percent of the region’s major equities. Since inception in 1995, SICO has consistently outperformed the market and developed a solid base of institutional clients. Going forward, the bank’s continued growth will be guided by its commitments to strong corporate governance and developing trusting relationships with its clients. The bank will also continue to invest in its information technology capabilities and the human capital of its 150 exceptional employees.
About Tanima
Omani National Investment Development Company "Tanmia" was established in 1998 by a royal decree with the aim of establishing and managing investment funds and portfolios. In response to the economic developments in the Sultanate of Oman and based on accumulated experiences over a decade of successive achievements, Tanmia engaged in direct investments in various sectors such as industry, tourism, telecommunications and other key sectors that form the backbone of the national economy of the Sultanate. Tanmia distinguishes itself with a diversified investment portfolio in terms of investment instruments and sectors and public financial markets, as well as private equity and treasury investments. Tanmia also plays a vital role in attracting foreign investments to the Sultanate and facilitating their flow by enhancing its investment partnerships and strategic alliances with various regional and global counterparts.
Media Contact:
- Ms. Nadeen Oweis
- Head of Corporate Communications, SICO
- Email: noweis@sicobank.com
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