JEDDAH, 22 January 2008 — Emaar, The Economic City (Emaar EC), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has appointed Fahd Al-Rasheed as its new chief executive officer. He will implement strategies for the on-schedule completion of KAEC and further enhancement of its appeal as a global investment destination, the company said in a statement yesterday.
The board of directors of Emaar EC approved the appointment of Al-Rasheed at a meeting in Jeddah yesterday. Mohamed Ali Alabbar, chairman, Emaar EC said: “King Abdullah Economic City is ushering in a new dynamic to the investment climate of Saudi Arabia. Mr. Al-Rasheed, with his extensive experience of working with the Saudi Arabian General Investment Authority (SAGIA) and financing mega projects, will lend further momentum to the fast-growing reputation of KAEC as an investment destination for various high-growth sectors.
He will also channelize his energies for the on-schedule completion of the project, which has already unveiled its first phase.”
Al-Rasheed said: “Saudi Arabia is one of the most competitive economies in the world today and King Abdullah Economic City is one of the pioneering ventures that works to attract foreign and domestic direct investment. As the largest private sector led development in the region, KAEC is a magnet for investors already. We will focus our energies on further strengthening the project’s investment appeal.”
Prior to his appointment, Al-Rasheed was deputy governor for economic cities with SAGIA, the apex body responsible for managing the Kingdom’s investment climate, promoting inward investments, as well as overseeing the development of the economic cities.