Wednesday 8 December 2021

Emaar, The Economic City names new chairman

JEDDAH, October 26, 2021

Emaar, The Economic City (EEC), the master developer of Jeddah-based King Abdullah Economic City (KAEC), the largest privately-funded new city in the world, has appointed Assim Alsuhaibani as its new chairman, while Jamal Bin Thaniah will be the new vice-chairman. 
The appointment is effective until the end of the current session of the board on September 25, 2023, the company said in a statement to the Saudi bourse Tadawul. 
This comes following the resignation of its managing director Ahmed Boshnak last month along with two other members from the board - Falih Hajaj and Bader Ali Riza. 
An industry veteran, Alsuhaibani had held several engineering and administrative positions, the most recent being the Vice President of Schlumberger, and the CEO of Mask Logistics Company. He is currently the Senior Director, Local Real Estate Investment Division in the Public Investment Fund. 
He holds a Bachelor’s degree in Electrical Engineering from King Fahd University of Petroleum and Minerals, and a Master’s degree in Oil and Gas Industry Management from Edinburgh Business School. 
He is also a member of the board of Umm Al Qura Development Company and King Abdullah Financial District Company, in addition to Sela Sports Company, and Saudi Entertainment Ventures Company.
On the other key appointment, EEC said Alsorour was earlier Assistant General Manager for Business Development at the MedGulf Insurance and Reinsurance Company and CEO in Amana Cooperative Insurance Company. He is currently the CEO of Saudi Golf Federation. 
He holds a Bachelor's degree in Finance, Economics and MIS, and a Master's degree in Public Administration, from Seattle University.
TradeArabia had last month reported that EEC has sought extra capital worth more than SR2.8 billion ($745 million), around 33 per cent of the previous outlay of SR8.5 billion ($2.26 billion).  
Following this, an extraordinary general assembly was held and EEC was given approval to raise the company’s capital to SR11.3 billion. 
The EEC then reached a deal with the Saudi sovereign wealth fund PIF for sale of its 25 per cent stake to the company.
EEC issued new shares to PIF via a SR2.833 billion ($755 million) debt conversion.


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