Riyali was created in 2012 as a youth-focused financial literacy program that teaches young Saudis to save, invest and be financially responsible. What began as a community outreach program has since become a national movement of youth empowerment.
Riyali’s original target was to reach 50,000 young people within five years. This was achieved two years ahead of schedule and the target was increased — aiming to reach two million people by the end of 2020.
This goal is backed by partnerships with a number of public and private sector entities, and by making Riyali available online. SEDCO’s partnership with the Ministry of Education means that Riyali is now taught in schools across the Kingdom, benefiting younger audiences.
During 2019, Ajyal Riyali was launched for the middle-school stage to complete the transition from elementary to high school. In efforts to reconnect with university students, Riyali Club was launched as an on-campus platform to disseminate financial literacy to students by their peers.
As part of the ongoing efforts to ensure Riyali’s content remains up to date, Ashbal Riyali was revised and upgraded. This included the launch of an interactive online course and revision of the student workbook. The same process was applied to Shabab Riyali, introducing updated student and teacher workbooks to heighten the program’s impact and effectiveness
Riyali trained more than 563,000 students during the year, 200% above target. The total number of beneficiaries trained to date exceeds 1.2 million. The program now covers 16 Saudi cities, having also trained more than 5,000 teachers.
Relationships with several government agencies have been strategically strengthened by signing an agreement with Monsha’at to create content for entrepreneurs, and supporting the Saudi Arabian Monetary Authority (SAMA) in its efforts to develop a national strategy for financial literacy. This gives Riyali an anchor role in spreading the culture of financial awareness and education.
A meeting with the governor of the Capital Market Authority (CMA) discussed strategic cooperation with the Riyali program. In parallel, meetings took place with the Ministry of Human Resource and Social Development to support financial literacy across the country.
SEDCO was selected to host an iteration of the Ministry of Human Resource and Social Development’s Social Responsibility Committee and, in a separate workshop, presented key learnings on developing social responsibility in the private sector.
Looking ahead, PWC has recently been commissioned to study the sustainability of Riyali and to propose a five-year strategy by the end of the first quarter of 2020.