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My Report

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WHO WE ARE

HISTORY OF SAUDI ECONOMIC AND DEVELOPMENT COMPANY

SEDCO is a world-class institutional investor, with a reputation throughout Saudi Arabia and internationally as a skilled and best-in-class partner for prosperity. We are guided by stewardship, teamwork, egalitarianism, and a deep-rooted commitment to ethical business behavior.

 

1976

Establishment of Saudi Economic and Development Company (SEDCO) by the late Sheikh Salem Ahmed BinMahfouz.

1981

Establishment of AutoWorld, for operational lease and vehicle maintenance.

1987

Entry into the real estate sector with one of Jeddah's first malls, Al Mahmal Center.

1996

Entry into the hospitality, travel, and tourism sector with the establishment of the Elaf Group.

1997

Founding of Intimaa, provider of full-spectrum real estate services in Saudi Arabia.

2003

Entry into the healthcare sector with acquisition of 50% shareholding in Nahdi Medical Company.

2004

Establishment of Al Mahmal Development Company, for property management and development.

Initiation of non-family CEO appointments, to promote corporate governance.

2007

Opening of the Red Sea Mall, Jeddah's largest mall.

2009

Initiation of SEDCO Holding restructuring.
— Launch of SEDCO Development.

2012

Launch of Riyali, a financial literacy program awarded the Makkah Excellence Award for Social Responsibility.

2017

Entry into the education sector with acquisition of a 50% stake in Yusr International Schools (YIS).

Launch of Badir, SEDCO's employee volunteering program

2018

Opening of Hotel Galleria, a multi-award-winning hotel.

2022

Launch of LEAP strategy, marking SEDCO's transition to the role of financial investor.

Partial exit of Nahdi Medical Company, through one of Saudi Arabia's largest private IPOs.

2023

Partnership with Andalus Education Company.

- Launch of the Rowad program a financial management education program for entrepreneurs.

- First cornerstone investment in the Saudi Main Market in Jamjoom Pharma.

2024

Completion of share swap transaction, resulting in the exchange of 100% of AutoWorld's shares for an 8.96% stake in Budget Saudi, the largest auto-rental and leasing company in the Middle East.

Launch of The Salem BinMahfouz Foundation (SBMF)'s third 5-year strategic plan (2024-2028) to contribute to key objectives of Saudi Vision 2030.

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