King Abdullah Economic City, Kingdom of Saudi Arabia, 3 April 2024: Emaar, the Economic City (“EEC”), the master developer of King Abdullah Economic City (“KAEC”), today (Wednesday 3rd April 2024) announces the Board of Directors’ decision to appoint Mr. Abdulaziz Ibrahim Alnowaiser as its new Chief Executive Officer, effective May 1st, 2024.
With his extensive background in turnaround, finance and corporate governance, Mr. Alnowaiser has been appointed for his ability to drive the execution of the Company’s long-term strategic vision. Additionally, the current CEO, Eng. Cyril Piaia, has been appointed as an Advisor to the new CEO, Mr. Alnowaiser, which will facilitate a seamless transition of responsibilities as of the date of joining of the new CEO.
Mr. Alnowaiser will be mandated by the Board to bring strategic insight to EEC and KAEC’s long-term planning, fostering innovation and sustainable development across the organization and the City. With more than two decades of Board-level and executive experience, his most recent role was the CEO of Tahakom Investments Co., a wholly-owned Company of the Public Investment Fund with several 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 is currently the Chairman of the Board and the Executive Committee at Tawuniya Insurance Company since 2020, and was a Board Member from 2015 to 2019. He is also, or was, a member of the Board and/or Board Committees of several other listed and non-listed companies. His educational qualifications includes prestigious degrees in accounting, finance and information systems, as well as a Diploma in International Financial Reporting Standards and other professional certifications.
Mr. Fahad AlSaif, Chairman of EEC, commented, “The appointment of Mr. Alnowaiser as CEO is an important moment for both EEC and KAEC as we pursue the implementation of our ambitious long-term strategy. His leadership skills and diverse professional experience are precisely the attributes EEC and KAEC require to achieve their operational, financial and strategic goals, and we are certain that his forward-thinking approach will drive meaningful progress for our development projects. We would like to thank Eng. Cyril Piaia for his commitment and success in the role of CEO over the years, and we are delighted that he will remain with us to continue to advise our new CEO.”
The Board of Directors expresses its profound gratitude to Eng. Piaia for his outstanding leadership and contribution to ECC and KAEC, and is confident that Mr. Alnowaiser will build on this solid foundation to propel the Company forward.
