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Emaar the Economic City Announces the Appointment of a new Chief Executive Officer for the Company

4220
EMAAR EC
-1.33 %
1445/09/24     03/04/2024 08:23:49

Element ListExplanation
Introduction Emaar the Economic City announces the issuance of the Board of Directors’ resolution on 28 March 2024 AD corresponding to 18 Ramadan 1445 AH -based on the Remuneration and Nomination Committee’s (RNC) recommendation- approving the appointment of Mr. Abdulaziz Ibrahim Alnowaiser as the Company’s CEO effective from 01 May 2024 AD corresponding to 22 Shawwal 1445 AH, as he accepted the employment offer on 02 April 2024 AD corresponding to 23 Ramadan 1445 AH.

Moreover, in reference to the Company’s announcement dated 27 February 2024 AD corresponding to 17 Shaaban 1445 AH regarding the Board of Directors’ approval of the CEO Eng. Cyril Piaia’s request not to renew his contract, the Board of Directors also agreed to appoint Eng. Cyril as Advisor to the CEO to facilitate the handover process effective from 01 May 2024 AD corresponding to 22 Shawwal 1445 AH until the end of his notice period, based on his current contract, on 31 August 2024 AD corresponding to 27 Safar 1446 AH.

The Company expresses its gratitude to Eng. Cyril Piaia for his dedication during his tenure and extends best wishes for success to the new CEO Mr. Abdulaziz Alnowaiser.

Element ListExplanation
Appointment Type Appointment
Name of the Appointed Person Mr. Abdulaziz Ibrahim Alnowaiser
Date of Board Resolution 2024-03-28 Corresponding to 1445-09-18
Date Work Commencement 2024-05-01 Corresponding to 1445-10-22
Brief Resume Mr. Alnowaiser has more than two decades of work experience, which included Board-level positions, in addition to his executive experience as his most recent role was the CEO of Tahakom Investments Co., a wholly owned Company by the Public Investment Fund, with subsidiaries across different sectors including technology, aviation, traffic management, travel & visa solutions, human resources and real estate investments. He was previously the M&A Advisor and Vice President Finance (CFO) at Arabian Internet and Communications Services Co. (Solutions), prior to which he was Vice President Finance (CFO) at Al Othaim Real Estate Investment & Development Company, and CEO of the House of National Consulting Company.

Mr. Alnowaiser’s educational qualifications include prestigious degrees in accounting, finance and information systems, as well as a Diploma in International Financial Reporting Standards (IFRS). He earned his Bachelors’ degree in Accounting from King Saud University, KSA, and he also holds a Master of Accounting degree from Case Western Reserve University in Cleveland, Ohio, USA, with Finance and Information Systems as his two sub-specialties. In addition, he has several professional certifications in the fields of Financial Management, Accounting and Auditing.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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Key Parameters
Last Price 8.14
Net Change -0.11 (-1.33%)
Value Traded (Sar) 12,111,728.94
Volume Traded 1,491,921
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