Olayan Marks 75-year Milestone Through Impactful Initiatives that Honor the Altruistic Vision of Founder

Series of far-reaching projects in education, health, environment, and culture to carry Suliman S. Olayan’s legacy “Ever Forward for Future Generations” 

Olayan Financing Company (OFC) has undertaken a series of initiatives to celebrate the 75th anniversary of the Olayan Group, now a global enterprise that began with the establishment of the General Contracting Company (GCC) by the late business leader and entrepreneur, Suliman S. Olayan. The establishment of GCC here in Saudi Arabia in 1947 created the foundation for the growth of a flourishing multinational enterprise that has continued to go from strength to strength for decades beyond his lifetime.

The Olayan Group, across all its global offices, has been celebrating this remarkable milestone by honoring its founder’s legacy and values through a year-long campaign under the inspiring theme “Ever Forward for Future Generations”.  A key component of the celebration of this milestone anniversary year has been a series of far-reaching initiatives encompassing four key pillars: education, health, environment, and culture. Each of the projects involved has been carefully curated to reflect Suliman S. Olayan’s deeply-held passion for philanthropy and commitment to creating a long-term positive impact in the lives of people in the Kingdom of Saudi Arabia and beyond.

The education pillar embodies Suliman S. Olayan’s strong belief in the power of learning to transform the lives of not only beneficiaries, but also those of their families, children, and children’s children. With this long-term impact in mind, the Suliman S Olayan Foundation (SSOF), the charitable arm of the group in the Kingdom, in addition to its existing scholarship for its employees has given 75 underprivileged students scholarships to attend universities across the Kingdom. SSOF has also broken ground on the Suliman S. Olayan Institute for Innovation and Entrepreneurship, which has been established at King Abdullah University of Science and Technology (KAUST) to equip up-and-coming innovators and entrepreneurs with the skills and expertise necessary to contribute to Saudi Arabia’s dynamic future.

As part of its environmental sustainability pillar, OFC is planting one million mangrove trees off the coast of Jizan In collaboration with the Ministry of Environment, Water, and Agriculture. These trees have been selected for their high carbon-sequestering capabilities, and also to help purify the waters, contribute to biodiversity, and provide a habitat for marine life. When the project is complete, it is anticipated that the mangroves will offset around 25,000 metric tons of CO2 per year.

For the healthcare pillar, OFC has chosen to support ophthalmic causes based on the immeasurable impact these have on the quality of life of patients and their families. More than 400 babies go blind every year due to misdiagnosis and lack of access to preventative screening. To help reduce this unfortunate occurrence, the company has teamed up with King Khaled Eye Specialist Hospital to contribute 12 high-tech Ret-Cam Digital cameras. These state-of-the-art devices will be deployed at Ministry of Health centers across the Kingdom to support the Retinopathy of Prematurity National Program.

The fourth and final pillar of culture involved OFC focusing on how it could support Saudi artisanal businesses. Its initial project, in collaboration with Turquoise Mountain, was the development of a one-year-long program to support the artisanal bee and honey industry by training local artisans to adapt their business model to more fully utilize local beeswax byproducts that would otherwise go to waste. Additional programs are under consideration.

Khaled S. Olayan, Chairman of the Shareholders Board of The Olayan Group, applauded the campaign’s initiatives, stating: “The holistic nature of OFC’s recently unveiled initiatives is a very fitting and appropriate tribute to the late and endeared Suliman S. Olayan. We are well-assured that these projects not only justify the principles in which the company’s founder believed so firmly but are also a manifestation of the fundamental values that will guide OFC’s operational continuity moving forward. We are honored to bring these initiatives into fruition, understanding the positive impact they will have on the lives of the people of Saudi Arabia and society at large.”

Lubna S. Olayan, Chairman of the Executive Committee of the Olayan Financing Company, commented: “It’s truly humbling to look back over the achievements of the last 75 years that grew from the seeds sown by the vision of one man, our late founder, Suliman S. Olayan. When our father embarked on this journey, his objective was always about more than establishing a successful business; he practiced corporate social responsibility before the term CSR was even coined. He sought to ensure the prosperity of the Kingdom and its people, while also contributing positively to Arab and other societies in which we operate.   So, there is no better way to honor his legacy than by continuing these philanthropic endeavors.  We are proud to have undertaken these latest initiatives during this anniversary year and, just as he did, we will continue to ensure that what we do in our businesses and philanthropy contains a lasting benefit for future generations”.

Olayan celebrated its 75th anniversary with a special event in Riyadh, during which attendees were taken through the company’s past, present, and future through a series of presentations, video featurettes, and addresses from the company’s leadership. The Olayan Group’s remarkable evolution was charted through a visual timeline, and its portfolio companies, their offerings and achievements were showcased, with a strong focus on “Made in Saudi” products.

Over the years, Olayan Financing Company has contributed to the growth and development of the Saudi economy through its highly diversified business, which today extends across Saudi Arabia, the wider MENA region, Turkey, and India. The company’s investments include public and private equities, strategic partnerships, and real estate assets, while Olayan Saudi Holding Company manages the portfolio of its operating entities, including more than 25 companies operating in the food and beverages, restaurants, health and personal care, information and communications technology (ICT), energy services and B2B sectors.