Saudi developer Emaar Economic City, spearheading the development of King Abdullah Economic City (KAEC), has appointed Fahd Al Rasheed as its chief executive officer, the company said.

Al-Rasheed will implement strategies for the on-schedule completion of KAEC and further enhancement of its appeal as a global investment destination, the company  said in a statement.

Rasheed, a Saudi national, was earlier deputy governor of economic cities at state-run Saudi Arabian General Investment Authority (Sagia).

An MBA-holder from Stanford Business School, Rasheed was also Sagia's CFO and he helped develop private equity vehicles that mobilised more than $1.7 billion in investments, it added.

Emaar Economic City is an affiliate of Dubai-based Emaar Properties.-Reuters