Emaar, The Economic City's (Emaar EC) has announced that its CEO Abdulaziz Ibrahim Alnowaiser will be stepping down from his post effective October 31, due to professional commitment. This comes following a board recommendation from the Nomination and Remuneration Committee.

The Board also approved the appointment of Naif Saleh AlHamdan, the company's current Vice Chairman, as Managing Director, effective November 1, said the company in its filing to Saudi bourse Tadawul.

An industry veteran, Al Hamdan has more than 20 years of experience in investment, investment banking and real estate development.

He currently serves as Vice Chairman of Emaar EC and Head of the West Coast Portfolio Management Department at the Public Investment Fund (PIF). He also holds several Board and committee positions at other companies, including chairmanships.

Before joining PIF, AlHamdan served as Vice President of Investment Business Development at Sulaiman A. Al Rajhi Real Estate Investment Company.

He also held several positions in the financial and real estate sectors, including roles at Global Investment House, Ernst & Young, and SABB Bank, said the stsatement.

AlHamdan holds a bachelor's degree in finance from King Fahd University of Petroleum and Minerals and a Master of Business Administration (MBA) from the University of Wales, it added.-TradeArabia News Service