Second STC CEO quits post in less than a year

Updated 18 March 2013
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Second STC CEO quits post in less than a year

Dr. Khaled Abdulaziz Al-Ghoneim, Group Chief Executive Officer of the Saudi Telecom Company, resigned from his post yesterday.
It was the second resignation of a STC group chief executive officer in 10 months, and marks another high-level management shift over the past year.
Confirming the resignation, an official from the company told Arab News that the letter of resignation was submitted by Al-Ghoneim at 10 a.m. yesterday.
According to a statement on Saudi Arabia’s stock exchange website, STC said it had accepted Ghoneim’s resignation, but did not name a replacement or say when Ghoneim would leave his position.
Al-Ghoneim was appointed as the group CEO of Saudi Telecom Company in June 2012. He succeeded Saud Al-Dawish, who had quit his post last year.
Last August, the company announced a number of changes within its management structure involving executive positions.
The STC Group earlier announced that it had accepted the resignation of Ghasan Hasbani from his position as Group CEO-international operations due to the end of the contractual period.
In September, Dr. Ziad Al-Otaibi, group CEO for technical operations, also resigned. Otaibi’s resignation was preceded by Dr. Saad Bin Dhafer, Al-Qahtani Group CEO for strategic affairs.
Last month, Jameel Al-Molhem, Saudi Telecom chief executive for Saudi Arabia operations, also resigned from his post.
Al-Ghoneim was previously a consultant for the defense and aviation ministries. He also serves on the boards of many local companies. Ghoneim joined STC from Riyadh-based Al Elm Information Security Company.
The STC is the second largest telecom operator, which serves more than 160 million subscribers in 11 countries.
In January, STC reported 6.7 percent increase in revenue. The increase in revenue is attributed to the growth in Broadband (fixed and mobile), Business and wholesales services domestically and from international operations.
STC has spent billions of dollars on foreign acquisitions in the past decade, according to Reuters calculations, buying into many markets including Turkey, Indonesia, Kuwait and Bahrain. Yet it remains reliant on home, with the Kingdom providing 68 percent of revenue in 2012.
The company’s shares have fallen 5.8 percent this year, underperforming the main Saudi index, which is up 3.7 percent.


Sakani program to add 11,000 homes in Jeddah

The Housing Ministry has deals with two real-estate companies. (Reuters/File)
Updated 18 October 2018
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Sakani program to add 11,000 homes in Jeddah

  • The first project, Rawabi Hijaz, is on private-sector land and will includes 9,502 units
  • The Ministry stressed its keenness to work with qualified developers to add to housing stock

JEDDAH: The Saudi Ministry of Housing has signed agreements with two real-estate development companies to add more than 11,000 homes in Jeddah for the Sakani program. The deals were signed on October 15 during an event announcing the program’s 10th batch of beneficiaries.
The first project, Rawabi Hijaz, is on private-sector land and will includes 9,502 units, while the second, Jeddah airport housing, is on land owned by the Ministry and will includes 2,203 units.
The agreements were signed in the presence of Minister of Housing Majid bin Abdullah Al-Hugail, National Housing Company CEO Mohammed bin Saleh Al-Bati, and officials from the ministry and the Real Estate Development Fund. They follow previous agreements signed by the Ministry of Housing with a number of developers to build housing in various regions of the Kingdom. Sixty projects providing more than 90,000 diverse homes, with prices ranging from SR250,000 to SR750,000 have already been launched.
The Ministry stressed its keenness to work with qualified developers to add to housing stock and support supply in the sector, to encourage competition between companies to meet the needs of citizens in a way that suits local markets and ensures the provision of continued maintenance services for the residential units.
“The real-estate developers with whom we signed contribute along with the Ministry to the service of citizens in order to provide a suitable residential environment on the levels of prices and specifications, while presenting the beneficiaries with the guarantees needed,” the Ministry said.
“These projects will be completed and handed over to the beneficiaries within a period not exceeding three years. These housing projects are integrated in terms of services and public facilities. They include mosques, public parks and green areas as well as government buildings.”