Construction

EEC appoints new chairman and vice-chairman

Appointments are effective till the end of the current session of the board on September 25, 2023

Emaar, The Economic City (EEC), the master developer behind the Jeddah-based King Abdullah Economic City (KAEC), the largest-privately funded new city in the world, has announced the appointment of Assim Alsuhaibani as its new chairman, while Jamal Bin Thaniah will be the new vice-chairman.

In a statement to the Saudi bourse, Tadawul, it said that the appointment is effective until the end of the current session of the board on September 25, 2023. It comes in the wake of the resignation of EEC’s former 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.

The appointments follow the recent announcement that the Public Investment Fund (PIF), the Kingdom’s sovereign wealth fund, had completed its capital increase in EEC, to become the largest shareholder in the company at 25%.

EEC reported a net loss of $47.4 million for the second quarter of 2021, compared to a net loss of $54.6 million in the preceding quarter.

As of the same quarter, accumulated losses have reached more than $799.8 million, which represents 36.61% of the share capital.

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