Saudi Investment Bank Sells Amex Saudi Stake to Amex Middle East for $381.4M

Saudi Investment Bank is selling its half of American Express Saudi Arabia to Amex Middle East in a cash transaction valued at $381.4 million (SAR 1.4 billion). Amex Middle East already owns the remaining 50 percent, so the buyer will become sole shareholder once the sale is completed. The transaction also ends the shareholders' agreement signed in September 2018, and the cash price follows the formula set out in that contract.

The cash component is not the entire consideration. A separate deferred payment, equal to Saudi Investment Bank's share of American Express Saudi Arabia's distributable profits from signing to the transfer of shares, will be calculated after completion and recorded in the bank's books when it is received. Both sides have provided standard warranties, and the deal still needs approval from the relevant Saudi authorities.

American Express Saudi Arabia has its head office in Riyadh and is regulated by the Saudi Central Bank as a licensed closed joint stock company. The company issues credit cards and charge cards, sells corporate payment solutions and handles merchant acquiring for American Express network products in Saudi Arabia.

The financial disclosures show an operation that has grown. Revenue was $135.3 million (SAR 507.4 million) in 2023, $162.4 million (SAR 608.98 million) in 2024 and $171.8 million (SAR 644.3 million) in 2025. Net profit after zakat and tax was $23.5 million (SAR 88.2 million) in 2023, and $40.5 million (SAR 151.97 million) in 2025. The rise from 2023 to 2024 was roughly 20 percent; the increase from 2024 to 2025 was slower, around 6 percent. Net profit in 2025 stood about 72 percent above its 2023 counterpart.

Saudi Investment Bank reported the book value of its 50 percent stake at $170 million (SAR 637.7 million) as of November 30, 2025. Based on that book value and the fixed cash price, the bank expects to record a gain of $211.3 million (SAR 792.4 million). The gain will be reflected in the bank's accounts after completion. The deferred payment is a separate item and has not yet been quantified. Proceeds from the sale, the bank said, will be used to reinforce its financial position.

The practical effect of the transaction is consolidation. Amex Middle East is not entering Saudi Arabia for the first time; it already co-owned the company. Once the deal is done, it will run American Express Saudi Arabia as sole owner, without a local bank as a joint-venture partner. That gives the regional company direct control over card issuing, merchant acquiring and corporate payments in the kingdom. For Saudi Investment Bank, the cash price is more than twice the November book value of its stake, and any deferred amount will be in addition to that. The money is meant for the bank's financial position.