Crown Prince announces medium-term debt strategy to diversify funding sources "A resilient economy capable of overcoming challenges reflects progress towards achieving Vision 2030 goals"    OPEC+ tripartite meeting keen on maintaining global oil market stability    'No excuses' for Israel to not accept ceasefire deal, EU foreign policy chief says    Riyadh Season draws 8 million visitors in 6 weeks    Alkhorayef highlights role of National Initiative for Global Supply Chains in boosting Saudi economy    Saudi Arabia signs investment deals worth SR35bn with foreign firms to strengthen global supply chains    Saudi Arabia unveils updates on Expo 2030 Riyadh master plan at 175th BIE General Assembly Riyadh Expo Development Company established to oversee strategic planning, operations, and legacy development    Saudi FM attends Quadripartite meeting on Sudan in Italy    Georgia's new parliament opens first session amid mass protests and boycott    Gangsters block aid distribution in south Gaza    Russian deserter reveals war secrets of guarding nuclear base    Best-selling novelist Barbara Taylor Bradford dies    Cristiano Ronaldo's double powers Al Nassr to 3-1 win over Al Gharafa in AFC Champions League    Saud Abdulhamid makes history as first Saudi player in Serie A    Al Ahli edges Al Ain 2-1, bolsters perfect start in AFC Champions League Elite    Al-Falih: 1,238 foreign investors obtain premium residency in Saudi Arabia    Most decorated Australian Olympian McKeon retires    Adele doesn't know when she'll perform again after tearful Vegas goodbye    'Pregnant' for 15 months: Inside the 'miracle' pregnancy scam    Do cigarettes belong in a museum?    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



SEDCO launches Riyali financial literacy program
Published in The Saudi Gazette on 06 - 09 - 2012


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


Clic here to read the story from its source.