Identifying and activating new
The 2021 annual review largely covers the tenure of outgoing CEO Hasan AlJabri. He played a leading role in authoring and implementing SEDCO’s Focus 2025 strategy, and leaves behind a strong foundation for future growth.
“OUR ABILITY TO EMERGE FROM LOCKDOWN AND GRADUALLY RESUME NORMAL OPERATIONS IS TESTAMENT TO SAUDI ARABIA’S LEADERSHIP, GOVERNMENT AND PUBLIC SECTOR. I JOIN WITH EVERYONE AT SEDCO IN THANKING THEM FOR THEIR GUIDANCE.”
Despite the shockwaves that Covid-19 continued sending through the global economy in 2021, SEDCO’s portfolio has performed well. The year saw positive market developments and the green shoots of a recovery.
There was heightened activity across the Saudi economy, along with the success of new cultural, entertainment and sporting events. The real estate market rebounded, particularly in Riyadh, following the Crown Prince’s plans for the city to become of the largest city economies in the world. SEDCO completed the reorganization of its real estate vertical to create a ‘one orchestra’ model, enabling closer collaboration between our real estate companies and departments. This approach is already generating results, with new projects in the pipeline.
Elsewhere, there were stellar performances from our two healthcare businesses – Nahdi and Dar Al Fouad. Nahdi was granted approval by the Capital Market Authority (CMA) for an Initial Public Offering (IPO), and will in the coming year prepare to offer up to a 30% stake in the Main Market in Saudi Exchange.
AutoWorld expanded its leasing fleet and contracts, while SEDCO Capital enhanced its standing as a leading ethical investment and asset manager.
Yusr International Schools continued its journey of digitalization and performance, with SEDCO increasing its ownership in the brand from 65% to 100% during the year.
Elaf, our market-leading tourism, travel and hotel operation, started a fresh era under a new management team. It also completed its new digital platform – connected to the Ministry of Hajj and Umrah – to support the Kingdom in achieving its ambitious target of 30 million religious visitors by 2030.
Focus 2025, the SEDCO corporate and business strategy, continued to center on six sectors aligned with the Saudi Vision 2030. This led SEDCO to undertake a number of successful divestments to concentrate on its core businesses.
SEDCO exited from its position in Bank Maumalat, Indonesia. EJADA, part-owned by SEDCO, was successfully sold in its entirety. The sale of Tarfeeh was also completed.
SEDCO’s ongoing digital transformation progressed, with Alshiaka and Nahdi further strengthening their ecommerce capabilities.
In 2021, SEDCO signed new agreements with the Ministry of Education and other government entities for Riyali, our transformative financial literacy program, which has now successfully benefitted 1.8 million participants.
Our ability to emerge from lockdown and gradually resume normal operations is testament to Saudi Arabia’s leadership, government and public sector. I join with everyone at SEDCO in thanking them for their guidance.
Finally, I applaud the efforts and commitment of our Group-wide workforce, who have been instrumental in achieving SEDCO’s operational and financial successes during the year. We are collectively looking forward to a promising 2022.
Chief Executive Officer