Sahm Capital: Fintech Challenger Poised for Dominance Under Vision 2030

Vision 2030's push for digital transformation is reshaping Saudi Arabia's financial landscape, creating explosive opportunities for fintech innovators. Sahm Capital emerges as a standout beneficiary, hitting unprecedented milestones in its first year. The company gained 1 million users rapidly and climbed to 6th place in internet trades on Tadawul by December 2024. Its market value surged 50% in ranking-a testament to strong investor confidence amid Saudi Arabia's aggressive digitization goals.

This momentum is backed by a $48 million infusion from ewpartners, a sovereign wealth fund affiliate, directly aligning with Vision 2030's focus on local financial empowerment. Sahm is doubling down on this advantage: launching AI-driven trading tools, targeting global expansion, and securing licenses in Hong Kong and Singapore to enable cross-border services.

Yet questions linger about sustainability. Rapid user acquisition often masks high churn rates and customer acquisition costs. Sahm's next moves-particularly its pivot into investment banking and wealth management-will determine if its growth trajectory withstands competitive pressure and regulatory scrutiny. The clock is ticking: Vision 2030's 2030 deadline demands proven scalability, not just early enthusiasm.

Sahm Capital's real estate arm, Dar Alarkan, posted impressive financial results for fiscal year 2024–2025, driven by robust property sales and operational efficiency. Revenue surged 38.9% to SAR3.76 billion, reflecting strong market demand across its portfolio.

Gross profit climbed 49.5% to SAR1.6 billion, with margin expansion as cost controls outpaced revenue growth. Operational profit then jumped 54.2% to SAR1.33 billion, indicating improved efficiency in day-to-day business activities.

Net profit after tax reached SAR806.8 million, up 32.1% from the previous year, though a portion came from non-operating income like property sales. The auditor issued an unmodified opinion, confirming no material qualifications in the financial statements.

However, some analysts may question whether the results rely too heavily on one-time property sales rather than recurring operational growth. That said, the underlying profit scaling suggests sustainable efficiency gains.

Sahm Capital has secured a pioneering regulatory position in Saudi Arabia's financial landscape. The firm made history in October 2024 by becoming the Kingdom's first fintech-driven company to receive comprehensive CMA licenses for arranging/managing investments and operating funds. This landmark achievement builds upon earlier CMA authorizations they received back in February 2024 for dealing, advising, and custody services as reported by the CMA, creating an unusually complete regulatory foundation for a domestic financial services provider. Their Sahm App, already ranking among Saudi Arabia's top three finance applications since its late-2023 launch, now operates under this full regulatory umbrella, positioning the company to execute Saudi Vision 2030's financial sector reforms. The most significant near-term catalyst arrives in Q1 2026 when Sahm plans to launch investment banking services using this regulatory infrastructure. While regulatory environments can shift, Sahm's compliance status remains current as of November 2025, with the CMA licensing page showing an update just weeks ago. This demonstrates ongoing regulatory engagement, though investors should note that no fintech-specific competition rules or AI adoption thresholds were disclosed alongside these licenses.