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About SEDCO > Company
History > Timeline
of Key Milestones
1976 – Saudi Economic and Development Company (SEDCO) founded by Sheikh Salem Ahmed Bin Mahfouz.
1994 – September
10: Death of Sheikh Salem.
1994 – December
1: First Executive Committee of the Company formed.
1995 – August 10: Starts investment in international equities through Wellington Management Co. and Citibank.
1997 – February: Reorganizes as a holding Company with three separate investment divisions.
1997 – February 15: Forms its first board of directors under the new arrangements and adds non-family board members from outside the Company.
1997 – Adopts asset allocation as a strategic framework for organizing the Company's investments.
1998 – January: Releases its first investment product, Al-Fanar Fund, for investors from outside the Company, in collaboration with Permal Asset Management.
2000 – April:
Launches the world's first Global Islamic Timber Fund in partnership with UBS.
2001 – Secures
franchise for Applebee's in Saudi Arabia.
2003 – April: Acquires 50% ownership interest in the Al Nahdi pharmacy chain.
2003 – October:
Launches the world's first Islamic hedge fund in partnership with Permal Asset Management.
2004 – June: Yousuf Khayat appointed Managing Director of Direct Investments Group (DIG).
2004 – August: Shuaib Ahmed becomes the first non-family Chief Executive Officer of SEDCO.
2005 – 2nd quarter: REG launches its first European Real Estate Fund "Grosvenor London Property Fund".
2005 – June: Acquires 21.3% ownership in Bank Muamalat Indonesia (BMI), the oldest Islamic Bank in Indonesia.
2005 – July: SEDCO, represented by the venture capital of Direct Investments Group (DIG) establishes physical presence in Dubai.
2005 – September: SEDCO names Dr. Arifin Siregar as a member of its board.
2006 – May: Dr. Adnan Soufi appointed Managing Director of Financial Investments Group (FIG).
2006 – May: Acquires 30% ownership in Ejada Group www.ejada.com, a leading IT services provider in Saudi Arabia.
2006 – June: Acquires 10% ownership in Green Packet www.greenpacket.com, a global research and development company founded in Silicon Valley, CA, USA.
2006 – July: Acquires 25% ownership in Dar Al Fuoad www.daralfouad.org, a tertiary care hospital in Egypt.
2006 – Sept: SEDCO celebrates its 30th anniversary.
2006 – Sept: Acquires 49% ownership in Atilim www.atilimkagit.com, a paper products & printing industry in Turkey.
2007 – May: SEDCO's FIG signed a partnership agreement with Islamic Corporation for Promotion of the Private Sector (a subsidiary of the Islamic Development Bank) to form "Ewaan Capital", a new asset management company that will focus on asset and investment management according to Shariah guidelines with priority to financing Ewaan Real Estate Development Company's projects.
2007 – May: SEDCO signed a partnership agreement with Hyflux Limited of Singapore to form a used-oil recycling company in Jeddah, KSA.
2007 – May: SEDCO published its 1st Annual Report for 2006.
2007 – July: Abdulrahman Addas appointed as Deputy Managing Director, REG
2007 – August: Acquires 22% ownership stake in Gefung Holdings Bhd, a marble products manufacturer in Malaysia.
2007 – Sept: Tarik Nabulsi appointed as President of the Elaf Group of Companies for Travel, Tourism and Hotels.
2007 – Sept: FIG closed US$200 million SEDCO-sponsored STIC-SEDCO Shari'ah-compliant Technology Fund.
2007 – Sept: SEDCO signed a JV agreement with Keppel Land Ltd. of Singapore to develop luxury residences in Jeddah, KSA with estimated investment of S$760 million.
2007 – Sept: SEDCO Chairman, Sh, Mohamed Bin Mahfouz announces appointment of Mr. Ahmed S. Banaja as new CEO.
2008 – January: Mr. Ahmed S. A. Banaja assumes as SEDCO new CEO.
2008 – March: Death of SEDCO Chairman, Sheikh. Mohamed S. Bin Mahfouz.
2008 – March: Grand Opening of the Red Sea Mall.
2008 – March: SEDCO Management Committee established.
2008 – June : Sheikh Saleh Bin Mahfouz was appointed as the new Chairman of the BOD & the EC.
2008 – June : Mr. Ahmed S. Banaja was appointed as member of the BOD.
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