Getting Ready for New Opportunities

Throughout 2019, our dominant thoughts were on being patient, focused and prudent, adhering closely to Focus 2025, our comprehensive new Group strategy that was approved by the Board in October 2018.

Our strategy is closely aligned to Saudi Arabia’s Vision 2030, which is already yielding good results for business and the economy as a whole. The speed of change generates new opportunities, and a key challenge is being ready for these created opportunities.

In our case, being ready is central to the rationale behind Focus 2025. We are taking a precisely targeted approach to sectoral investments, optimizing our businesses and concentrating on achieving positive results from the new environment. To this end, we have re-focused on developing existing assets that meet our strategic criteria, and making our extensive land bank more productive.

The latter will arise from the comprehensive restructuring of our real estate operations, optimizing our activities and changing the business model by creating an integrated Real Estate Division.

Other highlights of 2019 include improved accountability, efficiency and interactivity in corporate governance — primarily by taking a more proactive approach as a holding entity and adding Audit, Risk Management and Human Resources committees to a number of our operating companies.

In recognition of SEDCO’s continued efforts to develop and enhance our corporate culture, I am proud to report that the Group has been certified as a ‘Great Place to Work’ by the global organization that confers this distinction. I am also very proud of our employees’ volunteering activities in support of worthwhile causes in the broader community. Under our Badir volunteering program, they gave 2,423 hours of their personal time to 49 initiatives during the year.

Riyali, the financial literacy program that is the flagship of our social responsibility commitment, continued to have a positive impact. We launched new tailored versions for school-age groups and worked closely with the Ministry of Education.

Looking ahead, prudence and caution will again be watchwords as we concentrate on further implementation of the Focus 2025 strategy.

On behalf of our shareholders and Board of Directors, I extend our gratitude to the Custodian of the Two Holy Mosques, the Crown Prince, and all government ministers for their consistently valuable guidance.