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Emaar The Economic City Announces Resignation of Two Members and the Appointment of Three Members in the Audit Committee
| Element List | Explanation |
|---|---|
| Introduction | Emaar the Economic City announces the approval of the Board of Directors by circulation on the resignation of two members from the Audit Committee who are Mr. Mazen Nasser Alsharfan (External Member) and Mr. Abdulmajeed Sulaiman Aldakhil (External Member) from the Audit Committee’s membership, for their other commitments. The Board of Directors approved to appoint three members in the Audit Committee who are Mr. Fahad Saleh AlHathloul (External Member), Mr. Hesham Ahmed Heikal (Non-Executive Board Member) and Mr. Altaf Dossa (External Member) to continue the remaining period of the current term of the Audit Committee that will end on 23/4/2026, as such the Committee shall be as follows: 1- Mr. Osama Omar Barayan – Independent Board Member - Committee’s Chairman 2- Mr. Hesham Ahmed Heikal – Non-Executive Board Member 3- Mr. Fahad Saleh AlHathloul - External Member 4- Mr. Altaf Dossa - External Member The Board of Directors extends its sincere thanks and appreciation to Mr. Mazen Nasser Alsharfan and Mr. Abdulmajeed Sulaiman Aldakhil for their active participation during their term in the Audit Committee. |
| Element List | Explanation |
|---|---|
| Name of Resigning Member | Mr. Mazen Nasser Alsharfan |
| Resignation Submission Date | 2023-10-05 Corresponding to 1445-03-20 |
| Resignation Effective Date | 2023-10-05 Corresponding to 1445-03-20 |
| Reasons for Resignation | Due to his other commitments |
| Resigning Member Start Date | 2023-10-05 Corresponding to 1445-03-20 |
| Element List | Explanation |
|---|---|
| Name of Resigning Member | Mr. Abdulmajeed Sulaiman Aldakhil |
| Resignation Submission Date | 2023-10-05 Corresponding to 1445-03-20 |
| Resignation Effective Date | 2023-10-05 Corresponding to 1445-03-20 |
| Reasons for Resignation | Due to his other commitments |
| Resigning Member Start Date | 2023-04-24 Corresponding to 1444-10-04 |
| Element List | Explanation |
|---|---|
| Appointed Member Name | Mr. Fahad Saleh AlHathloul |
| Membership Start Date | 2023-10-05 Corresponding to 1445-03-20 |
| Brief Resume of the Appointed Member | Mr. Fahad Saleh AlHathloul holds a Master degree in Business Administration from Colorado State University and a Bachelor’s degree in Computer Information Systems from King Saud University and licensed by the American Management Accounting Association and licensed by the American Financial Management Association. Mr. Fahad has more than 20 years of financial analysis and real estate investment experience. Currently he is a Partner in Saleh AlHathloul Development Company. He is also a member of the Board of Directors of Saleh Al-Hathloul Development Company, and a member of the Board of Directors of Al-Balad Al-Ameen for Development and Urban Development, and Member of the Board of Directors of the Mecca Trains Company, and member of the Audit Committees of the Jeddah Development and Urban Development Company and the Water Transmission and Technology Company, and member of the Audit Committee of the Communications, Space & Technology Commission, and Member of the Board of Directors, Audit Committee, Executive Committee, and Investment Assets Committee of Rua Al Madina Holding Company. |
| Element List | Explanation |
|---|---|
| Appointed Member Name | Mr. Hesham Ahmed Heikal |
| Membership Start Date | 2023-10-05 Corresponding to 1445-03-20 |
| Brief Resume of the Appointed Member | Mr. Hesham Ahmed Heikal holds a Bachelor’s degree in Accounting from Helwan University and Master degree in Business Administration from London Business School. Mr. Hesham Heikal has more than 30 years of Finance experience. He is also a Board member in several foreign Companies. |
| Element List | Explanation |
|---|---|
| Appointed Member Name | Mr. Altaf Dossa |
| Membership Start Date | 2023-10-05 Corresponding to 1445-03-20 |
| Brief Resume of the Appointed Member | Mr. Altaf Dossa holds a Bachelor’s degree in Management Information Systems from the Académie de la Reunion and a Master’s degree in Banking and Finance from Salford University. Mr. Altaf has more than twenty-five years of experience in the field of banking and forensics. He also worked as an advisor to the Deputy Governor of Saudi Central Bank. Mr. Altaf Dosa currently is the advisor of the Portfolio Company Affairs Department in the Public Investment Fund. He is also a member of the Board of Directors at Avilease Company, Chairman of the Audit Committee at a Taqnia Company, and a member of the Board of Directors and the Learning and Research Committee at the Center for Governance. |
| Element List | Explanation |
|---|---|
| Date of Board Meeting in which Appointed New Member(s) were Appointed | 2023-10-05 Corresponding to 1445-03-20 |
| Additional Information | Board approval may not be deemed final, this appointment shall be put before the first general assembly meeting for approval. |
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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