STRATEGIC DIRECTION
Our strategic direction powers the Company's transition away from operational roles to that of an active financial investor and partner. It also encapsulates our values and aspirations: to generate tangible social impact and facilitate long-term positive outcomes for our shareholders, partners, communities, and nation.
Tracking Our Progress
In 2023, several changes were approved, initiatives were completed, and other projects were launched in line with our LEAP strategy. Progress against our major initiatives is summarised below.
TO EVOLVE
Charting the future
Projects focused on strategies and policies.
Initiative
Key objective
Status
Initiative
Set up of new Domestic Investment Policy
Key objective
A detailed policy for domestic investment built on dividends, monetization initiatives, and investments.
Status
Completed
(100%)
Initiative
Development of new IT Strategy
Key objective
Identify critical success capabilities, map utilization, revamp policies and procedures, and execute the vision.
Status
Ongoing
(95%)
Initiative
Establishment of new Real Estate vision, strategy, and business
Key objective
Implement the approved real estate strategy; perform a baseline assessment of assets portfolio; and define the optimal strategic direction.
Status
Ongoing
(95%)
Initiative
Revamp of our total rewards strategy
Key objective
Revamp of our total rewards strategy
Status
Upcoming
TO DELIVER
Gearing for excellence
Projects that require on-ground team and resource deployment.
Initiative
Key objective
Status
Initiative
Renovation of our Jeddah office
Key objective
Upgrade and harmonize aesthetics of office spaces with the broader vision, values, culture, and branding of the Company.
Status
Completed
(100%)
Initiative
Launch of our Riyadh office and operations
Key objective
Establish a presence in Riyadh to increase investments and initiate new partnership opportunities.
Status
Completed
(100%)
Initiative
Business Intelligence (BI) dashboard and tools for Board and Executive Management
Key objective
Update the management reporting hierarchy and create new dashboards for the CEO and Board.
Status
Completed
(100%)
Initiative
Public Equity Statement
Key objective
Create a policy for guidance on investment in publicly listed securities in Saudi Arabia including IPO investment guidance.
Status
Completed
(100%)
TO SUSTAIN
Sustainable trajectory
Projects related to governance practices, continuity and ESG.
Initiative
Key objective
Status
Initiative
Update of by-laws and alignment with new regulations
Key objective
Ensure compliance with new companies’ by laws and update all relevant legal documents.
Status
Completed
(100%)
Initiative
Governance, Risk and Compliance developments
Key objective
Review and update Corporate Governance (CG) framework, Enterprise Risk Management (ERM), compliance framework, and procurement.
Status
Completed
(100%)
Initiative
Reporting against GRI and set up of high-level ESG strategy
Key objective
Develop a 2022 sustainability report; rate SEDCO on MSCI ESG Index; develop high-level ESG strategy for 2023; and conduct ESG workshops.
Status
Completed
(100%)