September 12 2012
Operation HOPE Joins SEDCO Holding for Corporate Social Responsibility Program Launch
Introducing Riyali, a financial dignity program designed for college students targeting 15,000 college students and a total of 50,000 beneficiaries over the next 5 years
Jeddah, Saudi Arabia -- September 11, 2012 -- Financial dignity nonprofit Operation HOPE joined leading wealth management company, SEDCO Holding, to launch its new flagship corporate social responsibility (CSR) 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.
In developing the program SEDCO partnered with Operation HOPE drawing on the global nonprofits’ expertise in social empowerment and financial literacy to create a program that will teach students the financial management skills necessary to achieve and maintain a dignified life.
In the research conducted by SEDCO to assess the data necessary for building a comprehensive program tailored to the specific needs of the Saudi community, the survey showed only 11% of the Kingdom’s youth keep track of their spending; although 75% thought they understood the basic of money management. Additionally, results revealed that 45% of youth do not save any money at all, while only 20% save10% of their monthly income. In terms of spending habits, the study indicated that items such as mobile phones and travel account for nearly 80% of purchases. When it comes to financing their lifestyle, 46% rely on their parents to fund big ticket items.
The results clearly pointed to the need for financial literacy. SEDCO Holding, bolstered by SEDCO Capital and through collaborations with Operation HOPE, tailored a curriculum that addresses the life needs and values of the Saudi youth.
Initially, Riyali will be introduced at four leading institutions of higher learning by SEDCO employee volunteers, trained as ambassadors. In the first phase, 15,000 students are expected to receive training, with a goal of 50,000 individuals in total set to receive training over the next five years.
Operation HOPE, celebrating its 20th anniversary this year, is grounded in a “silver rights” mission to eradicate poverty. It came to the attention of SEDCO because of organization’s core belief is that understanding, managing and practicing smart money management is grounded in financial dignity. The organization’s foundation and driving force is founder, chairman and chief executive officer, John Hope Bryant, whose management style rests in his five basic principles of “love leadership, a concept clearly outlined in his record-setting, business bestseller, Love Leadership: A New Way to Lead in a Fear-Based World. (Jossey-Bass).
“SEDCO is a corporation that believes in corporate social responsibility as one of its core values,” said Dr. Adnan Soufi, CEO of SEDCO Holding. “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 generation with crucial skills to manage their personal income.”
Founded more than 35 years ago, SEDCO‘s CSR activities honor and respect the wishes of its founder, the late Sheikh Salem bin Mahfouz, who believed in supporting the welfare and development of communities across Saudi Arabia. This belief drives the modern day CSR direction of the SEDCO Group with programs that focus on education and enabling human capital development by heavily investing in empowering citizens and residents with the knowledge required to attain a respectable standard of living.
“Operation HOPE is deeply honored to be here for such an auspicious occasion, said Mr. Bryant. “SEDCO’s dedication to the future of the community goes hand in hand with HOPE’s mission to empower the under-served, proving once again you can do well by doing good.”
About Operation HOPE
Since 1992, nonprofit Operation HOPE has been a global leader in financial dignity and empowerment. With a presence in 273 U.S. cities and South Africa, HOPE has raised more than $1 Billion in its pursuit of educating, assisting and inspiring the next generation of global stakeholders. With the support of more than 400 private sector companies, 5000 nonprofit organizations and schools and 100 government partners, Operation HOPE has provided over 2 million low-wealth individuals with economic education and financial literacy support and empowerment. Taking the lead at making sure our free enterprise system is relevant to all under-served individuals and communities, Operation HOPE has taken on the responsibility of piloting the Silver Rights Movement and ensuring that free enterprise and capitalism work to provide a better future for all. To learn more about HOPE, visit our blog or follow us on Facebook and Twitter.