May 2018

Strengthening Social Responsibility & Spreading Financial Awareness through Riyali Program

SEDCO Holding Group signed a partnership agreement with the Saudi British Bank (SABB), for its Riyali Financial Literacy Program, facilitating further reach to the Saudi community to equip them with the financial skills needed, to help meet their financial responsibilities. The agreement was signed by Mr. Hasan Al Jabri, Chief Executive Officer of SEDCO Holding Group, and Mr. Naif Alabdulkareem, General Manager Retail Banking and Wealth Management at the Saudi British Bank.

This agreement will help Riyali Financial Literacy expand its reach to target three key segments of society: the Shabab segment, including high school and university students, the Ashbal segment, primary students aged 9-11 years, and the intermediate segment, the first phase of which will be launched during the next academic year.

“Increasing financial literacy is part of our contribution to the Kingdom's Vision 2030, and our partnership with SABB is to further spread the Riyali program, which aims to reach 2 million beneficiaries by 2020. We look forward to working with SABB to achieve our shared goals of enabling the financial dignity of various segments of society for a better life", said Mr. Hasan Al Jabri, Chief Executive Officer of SEDCO Holding Group.

He added, "Riyali is based on a long-standing legacy from SEDCO Holding Group and its expertise in financial asset management in accordance with Islamic Shari'a principles. The program has achieved milestones since its launch in 2012 and most notably, its agreement with the Ministry of Education to be implemented across schools and universities in the Kingdom.”

Mr. Naif Alabdulkareem, General Manager Retail Banking and Wealth Management at the Saudi British Bank, expressed his appreciation for the great effort of the Riyali team at SEDCO Holding Group. He also affirmed his confidence that the partnership will achieve the expected positive results. "In line with supporting the Kingdom’s Vision 2030, and attaining SABB's social responsibility strategy, the bank has partnered with Riyali, one of the most active initiatives in cultivating a culture of savings and investment among the community as part of a comprehensive plan to support young people's aspirations", said Alabdulkareem. He also emphasized SABB's pride in its active partnerships with government institutions and the private sector, as well as centres and associations in the Kingdom, to achieve sustainable development of society.

The Riyali Financial Literacy Program is one of the most important programs launched by SEDCO Holding Group as part of its social initiatives. It attained the Ministry of Education’s endorsement to roll out the program in grade school as well as universities. The program aims to educate future generations on the importance and benefits of financial awareness, through developing their financial skills and providing them with the needed knowledge that will enable them to face some of life’s basic financial responsibilities, thus leading to elevating financial literacy among the Saudi community. The program has reached more than 400,000 beneficiaries and aims to reach 2 million beneficiaries by 2020.