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About SEDCO> New at SEDCO> Current statements
August 28, 2005
For more information, please contact:
Tareq Ragaban, Tel: +966 2 606 6556
SEDCO Names Arifin M. Siregar to Board of Directors
JEDDAH, Saudi Arabia -- The Saudi Economic and Development Company (SEDCO), a private wealth management company with interests in Saudi Arabia and around the world, has named Arifin M. Siregar, former Indonesian Minister of Trade, as a member of its Board of Directors.
Dr. Siregar has broad leadership experience in economics and finance. He is an international adviser to Goldman Sachs (Asia) LLC and country adviser to Edison Mission Energy, a power company that is part of Edison International.
In addition to his trade portfolio, which he held from 1988 to1993, Dr. Siregar has served in several other prominent positions with the Indonesian government. He was the Indonesian Ambassador to the United States from 1993 to 1997 and Governor of Bank Indonesia (Indonesia's central bank) from 1983 to 1988.
Dr. Siregar, who holds a Ph.D. in economics from Munster University in Germany, also has extensive experience with international finance institutions. While governor of Bank Indonesia, he served as governor of the World Bank and alternate governor for the Islamic Development Bank.
He also served in several posts with the International Monetary Fund, including alternate governor from 1973 to 1983, and was an economist with the United Nations in the 1960s.
His experience includes participating in Indonesian delegations to numerous international conferences including the World Trade Organization's GATT Uruguay Round from 1988 to 1993, APEC (Asia Pacific Economic Cooperation) 1989-1993, and ASEAN (Association of Southeast Asian Nations) 1972-1993.
Dr. Siregar also served as chairman of the board of the Indonesian-German Chamber of Commerce and Industry and currently chairman of the governing board of the Indonesian Council on World Affairs. He is a past chairman of the Indonesian Economic Association.
SEDCO, based in Jeddah, Saudi Arabia, is a major, innovative private wealth management company with a wide and diversified spectrum of financial, real estate and direct investments in Saudi Arabia and around the world. The Company combines modern money management techniques with Islamic investment guidelines. It is a leader in pioneering Islamic investment products for the global marketplace.
The Bin Mahfouz family maintains 100 per cent ownership of SEDCO. SEDCO's Board comprises of eight members: four members are sons of the late Sheikh Salem Bin Mahfouz. They are: Mohammed Salem Bin Mahfouz, who is also the Chairman of the Group, Saleh Salem Bin Mahfouz, Abdulelah Salem Bin Mahfouz and Ahmed Salem Bin Mahfouz. The non-family Board members are: Shuaib Ahmed, who is also the CEO of the Group, Saleh Al Turki, Hani Findakly and Arifin Siregar.
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