Riyali, SEDCO’s financial literacy program, has successfully concluded the Kingdom’s largest online financial literacy competition, which was held in partnership with the Ministry of Education. The competition celebrated the 5th anniversary of Vision 2030, as Riyali’s objectives are in line with the Financial Sector Development Program, one of the Vision 2030 executive programs, working toward the goals of raising the percentage of household savings from 6 percent to 11 percent across the nation.
The competition — which aimed to raise awareness and boost financial literacy, and help students develop saving, budgeting and financial planning skills — saw more than 400,000 students participate nationwide. The competition also saw the participation of 7,000 Riyali Ambassador educators, while 47 education departments across all of Saudi Arabia were also actively involved with the competition.
The recognition ceremony was held at the Ministry of Education under the patronage of the deputy minister of education and attended by directors of the ministry and education departments in the Kingdom. Participants competed for awards worth a total of SR400,000 ($106,660) across multiple categories. The competition targeted three age groups — elementary school students aged between 9-12, secondary school students between 13-16 years of age, and intermediate school students from 16-19 years old. The top 100 winners across these categories won a total of more than SR300,000.
There was also a special awards category for Riyali Ambassadors — teachers and educators who took the initiative in encouraging the participation of students in the Riyali program. The top 30 Ambassadors won more than SR100,000, while the top 10 education departments nationwide were also honored.
The competition emphasized and amplified the enduring relationship between Riyali and the Ministry of Education, which was recently renewed again for three years to reach an extra 2 million students.
Riyali’s partnership with the ministry has seen more than 1.6 million students benefit from financial awareness through direct and e-training. A study conducted recently by Riyali on more than 24,000 beneficiary students in 16 cities across the Kingdom, showed that 86 percent of respondents started saving, and also developed prudent financial habits after joining the Riyali program.
Riyali is one of the most important programs launched by SEDCO Holding as part of its social initiatives. The program aims to enhance financial literacy among various segments of society, develop their skills and provide them with the knowledge that enables them to face their financial responsibilities for a better life. The program is certified by the Ministry of Education for schools and universities, and has many strategic agreements, most notably with the Ministry of Education and the Saudi British Bank. The program has reached more than 1.6 million beneficiaries so far.