Al Akaria Saudi Real Estate Company (Sreco), a leading property developer in the kingdom, has appointed Mamdouh Saud Al Sharhan as its new chief executive officer with immediate effect.

He takes over the top post following the resignation of Abdullah bin Ibrahim Saad Al Ayadhi after a three-year tenure as CEO, said a statement from the company.

Prior to joining Sreco, Al Sharhan was in the consulting department in the Saudi Industrial Development Fund (SIDF) as an expert in financing for The Saudi Fund for Development.

He then joined the Public Investment Fund (PIF) of Saudi Arabia as the assistant secretary general and secretary of the board of directors, where he was responsible for financial institutions portfolio local and international banks.

Al Sharhan was also the vice chairman of the board and chairman of the executive committee at Bidaya Home Finance, a leader of the establishment team at Saudi Real Estate Refinance Company and a member of the steering committee of The Asian Infrastructure Investment Bank.

Welcoming the appointment, chairman Abdulrahman Al Mofadhi said: "Sreco has a strong finance team, and Al Sharhan has played a significant role in his previous role as chief financial officer in helping drive financial and operational improvements."

Sreco, which was founded in 1976 by a Royal Decree, is partially owned by the Saudi government through the Public Investment Fund (PIF) with a 65 per cent stake and the Public Pension Agency (PPA) 5 per cent.

From its headquarters in capital Riyadh, the company offers an integrated, full service approach to real estate development, encompassing finance, design, construction, facility and property management.

"I am confident that his new role will continue to build on our achievements thus far towards the company’s transformation," stated Al Mofadhi.

The chairman also thanked Al Ayadhi for his loyal service, strategic oversight and contribution to the growth of the company and wished him success in his future endeavours.

In addition to his role at Sreco, Al Sharhan serves on the board of the Real Estate Financing and Investment Committee of the Riyadh Chamber of Commerce and Industry.

A master’s degree holder in quantitative finance from The George Washington University in the US, Al Sharhan also boasts a master’s degree in banking administration from the Institute of Public Administration in Riyadh and a bachelor’s degree in accounting from King Saud University in Riyadh.-TradeArabia News Service