The Saudi Economic and Development Company (SEDCO) was founded in 1976 by the late Sheikh Salem Bin Mahfouz. Beginning as a small trading and construction contracting business in Jeddah, SEDCO began developing major real estate projects in the 1980's, both in Saudi Arabia and internationally. SEDCO's reputation as a developer with vision and the ability to deliver successful projects was established with landmark developments such as the Al Mahmal Centre 1987 and the Red Seal Mall 2008.
All of SEDCO's real estate investment, development and management activities were consolidated into a separate company in 1997. In 2009, SEDCO Development was founded, focusing exclusively on real estate development.
Since it was founded, SEDCO has successfully completed more than 20 real estate developments with a value in excess of Saudi Riyal 3.5 Billion.