AMEX (Middle East) B.S.C. (c), the Bahrain-based joint venture between American Express and regional shareholders, has agreed to acquire the 50% stake in American Express Saudi Arabia (C) JSC held by The Saudi Investment Bank for SAR 1.4 billion in cash plus certain deferred consideration. The agreement was signed on 2 September 2026 and published on the Saudi Exchange the previous day.
Completion of the transaction is subject to customary regulatory approvals, the parties said, with the cash portion of the consideration payable on completion. The deferred component provides an additional layer of consideration structured against the terms set out in the sale and purchase agreement between the two parties.
SAUDI INVESTMENT BANK EXITS AMEX JV
The Saudi Investment Bank, a Riyadh-listed lender trading under the ticker SASE:1030, is the seller of the 50% shareholding in American Express Saudi Arabia. The exit marks the end of the bank's participation in the local American Express card issuing and network business, freeing up capital that can be redeployed into other strategic priorities across the group's balance sheet.
The Saudi Investment Bank had held its stake in American Express Saudi Arabia through the joint venture structure that has historically underpinned the American Express franchise in the kingdom. Disclosure of the transaction was made through the standard Saudi Exchange issuer announcement channel, dated 1 September 2026, with the sale and purchase agreement signed the following day between AMEX (Middle East) and The Saudi Investment Bank.
The SAR 1.4 billion cash component provides a defined proceeds figure for The Saudi Investment Bank, with the additional deferred consideration structured to be paid subject to conditions set out in the agreement between the parties. The scale of the transaction reflects the value that has accrued to the Saudi Arabian cards franchise over successive years of double-digit growth in card issuance and payments volumes.
AMEX CONSOLIDATES SAUDI FRANCHISE
For AMEX (Middle East), the transaction consolidates ownership of the Saudi Arabian business and gives the Bahrain-based operator greater strategic and operational flexibility over one of the region's most attractive cards markets. Saudi Arabia has seen strong growth in card issuance, payment volumes and digital wallet adoption as the kingdom's Vision 2030 economic diversification programme progresses, expanding the addressable market for card issuers and network operators.
The acquisition mirrors a broader pattern in the Middle East's payments sector, where the American Express global network has been rationalising its joint venture structures to align local ownership with strategic priorities. Consolidating the 50% stake places AMEX (Middle East) in a stronger position to invest in product development and merchant acceptance in the Saudi market.
Completion remains subject to regulatory approvals, which in Saudi Arabia typically involves clearance from the Saudi Central Bank and the General Authority for Competition. The parties have not disclosed a target completion date, but the cash consideration of SAR 1.4 billion becomes payable to The Saudi Investment Bank on closing, alongside the agreed deferred component set out in the transaction documentation. The deal continues a run of ownership consolidations in the Gulf's payments and cards sector that have followed the growth of digital transaction volumes across the region.