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SEDCO Newsletter Quarter 4, 2015
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  photo   ARABIAN BUSINESS MAGAZINE INTERVIEWS ANEES MOUMINA, CEO OF SEDCO HOLDING GROUP

Two years have passed since your assumption of the CEO post in SEDCO Holding Group, what has changed in these two years?

SEDCO Holding Group is considered one of the large economic entities in the Kingdom of Saudi Arabia, as it was established 40 years ago and is based on investment operations in three main sectors: direct investment, financial investment, and real estate investments. The Group’s direct investments include a total of more than 25 companies in various sectors, and it also manages financial and real estate assets and investments around the world. After becoming CEO at the end of January 2013, I wanted to understand the Group’s investments and activities and the mechanism in which they are being run. I held a number of meetings with board members and chief executives in the Group, which enabled me to become acquainted with all the terms concerning this large entity. This step has facilitated the launch towards achieving more successes. During these two years new boards of directors were established, and forums were held for the board members from inside and outside the Kingdom, in addition to proposing perceptions and laying the foundations and strategies for the coming years.. We have developed strong foundation for the Group, which reflected on our achievements in the past two years period, as these achievements included the following: Increasing our market share in our various businesses, improving communication and cooperation internally and externally, putting more emphasis on linking and creating synergy among the various business activities within the Group, enhancing the infrastructure for risk management, and ensuring the best corporate governance practices in the Group.

What are the foundations upon which you build your investment philosophy?

Our investment philosophy is based on the application of solid governance with the best global practices in the corporate governance field. We are at the forefront of family businesses who apply firm governance, helping in dedicating the concepts of integrity, transparency, independence and accountability. This is in addition to attracting investment opportunities and the best working competencies in the market. Furthermore, our investment philosophy is also based on attracting distinguished portfolio managers to benefit from their expertise, in addition to our diversification through global asset allocation. The Group continues to occupy a privileged position, enabling us to stay on this approach by enlisting our expertise in the identification and management of senior managers.

How far did the SEDCO Holding Group reach in the application of corporate governance practices?

Recently, the SEDCO Holding Group has been awarded the Golden Peacock Global Award for Excellence in Corporate Governance for the year 2015 during the award ceremony in October in London. This is due to the efforts of the SEDCO Holding Group in applying the best corporate governance practices, and achieving tangible progress in establishing the concepts of separation between ownership and management. These concepts are essential pillars for good governance structure.

In the context of serious transformation journey, which began a number of years ago, the SEDCO Holding Group strengthened its institutional structures, and was able to bring about real change in the work environment through the full commitment to the values of corporate governance. The Group has

also established ideal practices in corporate governance and a sophisticated system for measuring performance and determining bonuses; forming the cornerstone for attracting investment opportunities and the best working competencies in the market, as well as ensuring employees’ loyalty.

SEDCO Holding Group manages many investments in the fields of operating companies, real estate development and financial investments, in the fields of health sector, tourism, hospitality, travel, car rental, shopping malls, education, clothing and even restaurants, how can you combine between these contradictions?

This is not a contradiction, but we can call it harmony, as evidenced by what we have achieved from successes through our management of various sectors, and we are fully aware that the great diversity of investments is one of the characteristic of large companies, both at the global and local level.. There is no doubt that this diversity is useful for risk allocation. As for how we succeeded in combining these activities, we established a private company for each activity and have assigned board of directors for each company with high efficiency and an independent management. We take pride in the existence of national elements assuming these management tasks of these companies and we provide them with the necessary support in return.

What are the most successful investments that you are managing?

As I mentioned earlier about the great diversity of our portfolio, our outlook for our investment success lies in managing a diversified investment portfolio which can face short-term economic fluctuations and grow in the long run. We believe that the diversity occurring to our investments, whether in terms of the diversity of the place and its variation or the multiplicity of sectors and fields, will help in securing good returns in the long run.

What is the condition of your Shariah- compliant investments? Do you have any investments that are not compatible with the Shariah?

We do not have investments that are not compatible with the Islamic Shariah, with confirmation that SEDCO Holding Group was one of the early companies that have invested in the global shares compatible with the Shariah rules. It has developed common investment principles with the help of Shariah scholars. From the fruits and results of this exerted effort is working with (Dow Jones) to provide an integrated set of comparative indexes compatible with the Shariah provisions; in order to serve as a standard index for the performance of managers of the Shariah-compliant shares.

Can you tell us about your career and its development up until your current position in the SEDCO Holding Group?

I hold a Bachelor’s degree in civil engineering(graduated with honors) and a Master in Business Administration (graduated with honors), both from The George Washington University in the United States. After returning to the Kingdom, I worked at Procter & Gamble (P & G) Company, and then I moved to work at Samba Financial Group (Samba), with the last position being The Regional General Manager and Senior Credit Officer for the Western Region before moving to SEDCO Holding Group as Chief Executive Officer. The variety of work fields and the multiplicity of industries, in which I have worked, had great role in enriching my practical experiences and developing my career.