About us - anbcapital
anb capital, a wholly owned subsidiary of anb, is a Saudi capital market institution regulated by the Capital Market Authority (“CMA”). anb capital has been providing investment management, investment advisory, brokerage, and related products and services to its clients since 2008 under CMA license no. 07072-37 dated 19/06/1428 H corresponding to 05/07/2007.
anb capital's activities include dealing in securities, arranging corporate finance transactions, advising clients on investments, maintaining custody of securities, managing our clients’ investments, and managing funds that invest in different types of securities or asset classes. anb capital commenced its operations in January 2008 and our paid-up capital as of 30 June 2022 was SAR 1,000 million.
We offer a full spectrum of investment services, conventional and Shariah-compliant, to all client categories including private & institutional investors. We strive for excellence in achieving our clients' objectives, which in turn requires continuous investment in our people and infrastructure, leading to long-term growth in profitability for our shareholders.
We are headquartered in Riyadh with investment centers located across the Kingdom.
The Saudi capital markets in 2025 presented a mixed picture. TASI fell nearly 13% and trading volumes dropped by over 40%, creating significant pressure on brokerage revenues across the industry. At the same time, the Kingdom's broader financial ecosystem continued to mature. Asset management, real estate investment, and investment banking activity remained strong, supported by Vision 2030's accelerating implementation and a deepening institutional investor base.
For anb capital, the year confirmed that the strategic choices we have made over the past several years are working. Total operating income rose 14% to a record SAR 556 million. Growth in asset management and advisory income more than compensated for the headwinds in brokerage, demonstrating the value of the diversified platform we have built.
Net income was SAR 311 million, compared to SAR 400 million in 2024. That prior year included a one-time SAR 152 million gain from the Business Gate Fund exit. Adjusting for that, the underlying business is on a clear upward trajectory, generating revenue from a broader set of capabilities than at any point in our history.
Asset Management
2025 was the defining year for asset management as the primary growth engine of anb capital. Fee income grew 43% to SAR 181 million. AUM reached SAR 24.6 billion on a net asset value basis.
In real estate, we launched seven new closed-ended funds, bringing our active platform to twenty-four funds spanning residential, office, retail, and industrial assets across the Kingdom. The full exit of the Narjis View Fund — 2.3x cash-on-cash, IRR above 50%, in just two years — is the kind of result that builds a franchise. We raised capital for the Urjuan Residential Fund, Income Fund III, and Al-Argan Fund IV, positioning us along the Sports Boulevard at a moment when Riyadh's urban transformation is accelerating.
In private markets, the anb Seed Fund deployed into ten fintech companies across real estate technology, expense management, and open banking. We also launched a healthcare fund invested in Baraya Extended Care, extending our reach into one of the Kingdom's highest-conviction growth sectors.
Investment Banking and Advisory
Our investment banking and advisory practice delivered its strongest year. Fees rose 65% to SAR 75 million, led by our role on the Flynas IPO — a SAR 4.1 billion offering, the largest listing on the Saudi Exchange in 2025, the first airline to list in the Kingdom, and the first Gulf carrier IPO in nearly two decades. This adds to our growing advisory track record, which includes private placement and acquisition mandates for Fakieh Poultry, Tamimi Supermarkets, and Saudi Tabreed. These are franchise-defining mandates and reflect our team's strength in placing transactions, even during difficult market conditions.
Capital Markets
The market environment was as difficult as any in recent memory. Net brokerage income fell to SAR 36 million from SAR 47 million. Margin financing income grew 9% to SAR 96 million, partially offsetting the decline.
We chose to invest through the downturn. We launched an upgraded trading platform with conditional orders, digital IPO subscriptions, and enhanced margin trading capabilities. We broadened sell-side research coverage into insurance, software, car rental, retail pharmacies, and travel. We added global broker relationships through our sales and trading desk to deepen execution for institutional clients. When volumes return, we intend to be ready.
Looking Ahead
The Kingdom enters 2026 at an inflection point. Vision 2030 is moving from ambition to delivery. Riyadh is cementing its position as a global financial center. The Saudi investor base is growing more sophisticated, and the regulatory environment is actively expanding access and deepening liquidity.
Our mandate is to meet that moment. We will scale AUM across asset classes, grow our investment banking franchise with an emphasis on government-linked and landmark transactions, launch new real estate funds aligned with the Kingdom's development agenda, execute our private credit strategy, and continue building the capital markets platform our clients deserve.
anb capital is not simply participating in this transformation. We are helping to shape it.
Thank you for your continued confidence and partnership.
Khalid S. Alghamdi
CEO and Executive Board Member
Comprising leaders from the Saudi business landscape, our board oversees strategy formation, provides guidance to the Executive Management, and brings industry insights and relationships to us that have proven to be invaluable over time.
Ms. Al-Kuwaiz’s experience encompasses managing partner and co-founder roles at many Saudi companies as well as an academic position at King Saud University where she was a lecturer. She was previously the board member, partner and CFO of Osool Capital, the first independent licensed brokerage firm in Saudi Arabia. In 2011, Ms. Al-Kuwaiz was named among the most powerful Arab women by Arabian Business.
Our leadership team drives a culture that facilitates employee empowerment and growth, as we truly believe that our people are the foundation of our success.
Khalid Alghamdi is the Chief Executive Officer and Executive Board Member of ANB Capital, where he leads the firm’s strategic transformation into a diversified, institutionally focused capital markets platform.
He brings over 25 years of experience across global and regional financial markets. Khalid began his career at Merrill Lynch in London, and spent a total of 7 years in the City working across global markets and corporate finance, where he was involved in high-profile European transactions, including major capital raisings, corporate restructurings, and the liquidation of UK government-owned assets.
Following his return to Saudi Arabia, Khalid played a key role in the development of the Kingdom’s capital markets during his tenure at GIB Capital, advising on and arranging transactions exceeding USD 100 billion, including over USD 75 billion in IPOs. His experience spans advising both government-related entities and leading private sector institutions.
He later served as CEO and Board Member of Mizuho Saudi Arabia and Credit Suisse Saudi Arabia, where he led the firms’ local operations and contributed to strengthening international participation and institutional depth in the Saudi market.
Khalid is a member of the Capital Market Institutions Committee under the Capital Market Authority, where he contributes to industry dialogue on market structure, regulatory development, and the advancement of Saudi Arabia’s capital markets in line with Vision 2030.
He holds an MBA in Finance from the University of Colorado Boulder and a BA (Honours) from the University of London.
We pride ourselves on bringing together one of the best executive teams in Saudi Arabia and on recruiting best-in-class talent from the Kingdom and abroad. We boast a diverse and cosmopolitan culture where ideas are encouraged as we build investment management and financial structuring solutions for our clients.
We are committed to providing our employees with the professional development opportunities they need to build exceptional careers.
The success of our business is dependent on the quality, expertise and skills of our people. Our people are committed to our clients. Client confidence is earned through demonstrated performance and integrity at all times.
anb capital Company (CJS) is authorized by the Capital Market Authority Number 07072-37 Unified number 7001548267. P.O. Box: 220009 Riyadh 11311 Kingdom of Saudi Arabia.
