JEDDAH – SEDCO Holding will adopt a new "culture of innovation" as part of its continuous efforts to strengthen the company and reinforce its competitive position. This step will come following the restructuring phase and improving it to become a modern holding company that is Shariah-compliant as well as restructuring its administrative processes to be run according to a modern and institutionalized approach as well as separating ownership from management. The new direction for the Group was announced during SEDCO's annual Multaqa event under the theme "Innovation is Key to Success," which serves as an annual congregation for SEDCO operating companies, sister companies, and department to exchange knowledge and expertise as well as explore areas of cooperation to propel our partners with more innovation and progress. Saleh bin Mahfouz, Chairman of SEDCO Holding, said "during the next period, SEDCO's key trait will be innovation which we will convert into a decisive element in the way we do our business, no matter how different our business landscape will become based on our Islamic principles." Bin Mahfouz added "we will expand our horizons and explore new and innovative means and methodologies of performance and implementation our tasks. We will also take initiative to launch new ideas that are harmonious with SEDCO's key values which are "Taqwa Allah, Creative Work, Innovative Approach and Spirit." Participants in the SEDCO Annual Multaqa event agreed to dedicate the Group's human capital and other resources coupled with its ability to communicate and engage with its stakeholders in order to create a positive change in the Saudi community. With that in mind, SEDCO will become one of the agents of development and empowerment of Saudi youth. Adnan Soufi, CEO of SEDCO Holding, said "today SEDCO is a leading economic enterprise with a good reputation locally and internationally. This is due to the grace of Allah and the efforts of the employees and their dedication and hard work." He indicated that this success is possible due to the Group's conservative policies and balanced strategy which the company adopted since its formation. Soufi explained that SEDCO has a long and rich track record that started in the 70th according to the vision of the founding father Sheikh Salem bin Mahfouz, who established the Company according to a well planned methodology revolving around the concept of achieving financial returns and developing human capital according to the Shariah principles. The company committed to this credo using flexible strategies that are reviewed and evaluated on a periodic basis as well as developing these strategies that match both local and international growth trends. – SG
