The Saudi Investment Bank has agreed to sell its entire 50 per cent holding in American Express Saudi Arabia to Amex (Middle East), its joint venture partner, for SAR 1.43 billion, or approximately USD 381.4 million in cash. The lender expects to book a gain of around SAR 792 million on completion.
The consideration is payable in cash, with additional deferred consideration reflecting distributable net income earned through to completion. Completion is subject to regulatory approval. No closing date has been disclosed.
The price represents roughly 2.2 times the carrying value of the stake, recorded at SAR 637.7 million as at 30 November 2025. American Express Saudi Arabia is a SAMA-licensed card issuer, handling American Express consumer and corporate card products in the Kingdom. On reported figures for 2025, the business generated revenue of SAR 644.3 million and net income of SAR 152 million, up from SAR 150.5 million in 2024 and SAR 88.2 million in 2023.
The Saudi Investment Bank has said proceeds will be used to strengthen its financial position in line with its strategic direction. The bank reported first half 2026 net profit above SAR 1 billion, an increase of approximately 3 per cent year on year.
