SEDCO launches Riyali financial literacy program

Saleh Fareed

JEDDAH — SEDCO Holding, a leading Saudi management company, has launched its flagship corporate social responsibility program, Riyali, which addresses the need to educate the Saudi population on financial literacy and empower people with the personal financial skills required to achieve a desirable standard of living. The first phase of this program targets college students.

Announcing the launch, Dr. Adnan Soufi, CEO of SEDCO Holding, said “SEDCO is a corporation that believes in corporate social responsibility as one of its core values. Drawing on our 35 years of CSR experience and extensive financial expertise, we have selected financial literacy as our flagship social responsibility initiative. The program aims to enable upcoming generations with crucial skills to manage their personal income.”

“In this regard, SEDCO conducted a nationwide survey involving a thousand young Saudi nationals to determine the market needs. Results showed only 11 percent keep track of their spending; although 75 percent thought they understood the basics of money management,” Dr. Adnan added.

An in-depth analysis of SEDCO’s survey revealed that 45 percent of youngsters do not save any money at all, while only 20 percent save 10 percent of their monthly income. In terms of spending habits, the study indicated that items such as mobile phones and travel account for nearly 80 percent of purchases. Regarding financing their lifestyle, 46 percent of youth rely on their parents to fund big ticket items. Fortunately, 90 percent of the respondents stated that they are interested in increasing their financial knowledge.

Riyali will reach 50,000 beneficiaries over the next five years, aiming to impact 15,000 university students in its first phase. As the program expands, other demographic groups will be included.

SEDCO employee volunteers will serve as ambassadors to train the students on financial literacy through a curriculum focused on basic savings, budgeting, investing, and borrowing. Sessions will be evaluated immediately upon completion and the students tested on the information and knowledge shared during the course.

Riyali will be carried out at universities using a series of interactive workshops that will bring about a change in youth behavior towards financial planning and responsibility. Hence, it will create a difference in their overall spending and saving habits.

In developing the program SEDCO partnered with Operation Hope, a leading global social empowerment non-profit organization founded in 1992 with a mission to expand economic opportunity through financial literacy education. To date, Operation Hope has served over 2 million people in the United States, Haiti, South Africa, and Morocco.

“HOPE seeks financial dignity and empowerment for all and is therefore the ideal partner for Riyali,” said Dr. Adnan.

Operation HOPE Founder, Chairman and CEO John Hope Bryant, expressed his sincerest in taking part in such a positive campaign here in Saudi Arabia.

He said “we are pleased to play a role in helping those young Saudis to make their financial skills to great men in the future. Operation HOPE believes in the uniqueness, value and potential of every young person and has long been involved in empowering youth through financial literacy.”

SEDCO Group’s investment and wealth management company, SEDCO Capital, has also contributed to the development of Riyali by helping to construct the curriculum. Its staff will be the main source of ambassadors who will give participants in the program the benefit of their expertise in the same way they advise companies and corporations but adapted for personal financial management at an individual level.

Commenting on his company’s contribution to Riyali, Hasan Aljabri, CEO of SEDCO Capital and SEDCO Board Member, said: “We here at SEDCO Capital believe that the value of any economy is the individual and he alone is able to extract the wealth of the land and use its resources to supplement technologies, industry, agriculture and various aspects of science and the arts.”

Further, he said “our participation in Riyali is the beginning of a number of initiatives from SEDCO Capital that are compatible with the efforts of CMA to educate society on financial awareness. As we join with our clients in success, we join our society in spreading our expertise”

Leading educational institutions in the Kingdom, including King Abdulaziz University, Effat University, Dar Al Hekma College and the College of Business Administration, have partnered in the initiative. — SG