Saudi Arabia's Kingdom Holding Company, the investment firm owned by billionaire Prince Alwaleed bin Talal, said one of its board members, Mohammad Mahmood Fahmy has resigned from his post citing personal reasons.

Kingdom Holding Company is a diversified investment company based in Riyadh. Its interests include banking, real estate, telecommunications, broadcasting and media, entertainment, hospitality, computers and electronics, agriculture, restaurants, upscale fashion, retailing, supermarkets, tourism, travel, and automotive manufacturing.

Lauding Fahmy's contributions as a non-executive board member, the Board said he was being relieved of his duties as non-executive board member on account of his personal circumstances.

In his place, KHC has appointed Adel Abdulaziz Alabdussalam as an executive board member, who will be taking up the role until the tenure of the current board (June 4, 2021).

The board members, however, pointed out that this was not a final decision and would be ratified during the first Annual General Meeting following such decision.

Alabdulsalam holds a bachelor degree of accounting and Master of Business Administration and is a multidiscipline professional with vast experience in finance, corporate governance, information systems, strategy and business development, said the statement from the company.

He has a track record of accomplishments over his 20 years of working experience in local and international conglomerates, it added.-TradeArabia News Service