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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.