SEDCO Development, a subsidiary of SEDCO Holding Group and the prime developer of AlAhli SEDCO Residential Development Fund, has been awarded a contract for the construction of “Gardenia Residence”, a project owned by the Fund in partnership with Ghoneim International Co. Ltd. The project's execution phase is 19 months, with expected delivery date set for end of 2016. Khalid Assad Jamjoom, CEO of SEDCO Development and AlSaid Ghoneim, GM of Ghoneim International Co. Ltd. signed the contract. Gardenia Residence covers a 26,000 sqm land located west of Madinah Road previously acquired by the Fund through SEDCO Development. The project accommodates more than 370 diversified residential units that cater to the needs of residents as part of the growing demand in Jeddah's real estate sector. Ghoneim International Co. Ltd. acquired the project under its ability to provide competitive prices and determine the timeline for the execution of the project. The project's signing falls under SEDCO Development's strategies in partnership with real estate funds, investors, land owners and the development of real estate units that answers the growing local demand on diversified residences. NCB Capital has successfully closed the investment fund after its investors' shares exceeded the targeted amount of SR350 million, aiming to achieve 10% internal returns per annum. Founded in 1976 by the Bin Mahfouz family, one of the leading banking families in Saudi Arabia, SEDCO has become recognized as a leading Shariah-compliant organization, responsible for a diverse spectrum of operating companies in industries such as, real estate development and management, travel and tourism, hospitality, automobile leasing and casual dining, in addition to managing private and public equity holdings in Saudi Arabia and around the world. SEDCO Holding was established to consolidate the various business activities of SEDCO in which the wealth of the Bin Mahfouz family is invested. SEDCO Holding applies the highest standards of corporate governance in accordance with by-laws of international standards that ensure the longevity and growth of the business.
Based in Jeddah, SEDCO Holding is headed by a board of directors comprised of eight members, five of which are from outside the family and are chosen from prominent local and international experts. SEDCO Holding is dedicated to responsible and ethical corporate practices through strong leadership and strategies that have enhanced SEDCO's position as a prominent Saudi group with global investments. SEDCO Holding is committed to supporting the welfare and development of individuals and communities across Saudi Arabia and invests in a range of corporate social responsibility activities, recognizing that business success brings a responsibility to contribute to the advancing economic and social development of communities where it has a presence. SEDCO's social responsibility efforts focus on serving its employees, the sectors it operates in, the environment, and the broader community. — SG
