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SICO announced the appointment of Ahmed Burashid as chief executive officer of SICO Wealth, its dedicated wealth and asset management subsidiary established in the Abu Dhabi Global Market earlier this year. The Bahrain-based group secured in-principle approval from the Financial Services Regulatory Authority for the unit, which is now completing remaining regulatory and operational steps. Burashid will draw on the parent company’s existing capabilities across Bahrain, Saudi Arabia and the UAE to drive the subsidiary’s setup and expansion according to the company statement.
In his new role Burashid will oversee SICO Wealth’s business activities and growth strategy as the entity prepares to serve professional clients and market counterparties across the GCC. The subsidiary will offer both conventional and Shariah-compliant multi-asset solutions once it receives final regulatory approval and commences operations before the end of 2026. SICO described the appointment as an important milestone in its regional development plans.
Burashid joins SICO from Khaleeji Bank, where he held the position of head of corporate banking, investments and debt capital markets. He spent more than 11 years at Kuwait Finance House Bahrain prior to that role, gaining experience in corporate banking and investments. The executive brings nearly two decades of banking and investment expertise in the GCC to his new position at SICO Wealth.
SICO’s filings with the Bahrain Bourse show the group’s assets under management have reached USD 8.2 billion after a series of initiatives that included capital increases for its Saudi subsidiary and multiple new fund launches. The parent company operates as a prominent regional asset manager, broker and investment bank with a focus on both conventional and Islamic finance products. Establishment of the Abu Dhabi unit forms part of a broader effort to extend SICO’s footprint in key Gulf financial centres.
The wealth management sector in the UAE has expanded rapidly in recent years as high-net-worth individuals and institutions seek diversified investment options amid favourable regulatory environments such as that provided by the Abu Dhabi Global Market. SICO’s move aligns with this trend by positioning the new subsidiary to meet demand for sophisticated multi-asset offerings. Burashid’s background in regional corporate and investment banking will support efforts to build a compliant and competitive operation from the outset.
