JEDDAH, 27 March 2008 — Emaar, The Economic City (Emaar EC), has announced that Fahd Al-Rasheed, who currently serves as its CEO, has been appointed as a member of the company’s board of directors.
The next annual general meeting of Emaar EC will approve Al-Rasheed’s membership through voting. Al-Rasheed’s appointment comes after the board of directors of Emaar EC accepted the resignation of Dr. Abdulraouf Mannaa. The board thanked Dr. Mannaa for his visionary management practices as managing director, which helped the company make significant advancements in developing KAEC, its flagship project.
A financial, investment and management professional, Al-Rasheed has several years of experience working with the Saudi Arabian General Investment Authority (SAGIA) to promote investments into the Kingdom and in managing economic cities. He has also worked in Saudi Aramco’s finance division leading an array of investment and financial functions. He was appointed CEO on Jan. 21 this year to oversee the on-schedule completion of King Abdullah Economic City (KAEC) and enhance its appeal to international and regional investors.
Emaar EC is a Tadawul-listed company and is currently developing the 168 million square meters KAEC, which is located on the Red Sea Coast.
The first phase of KAEC has been launched to overwhelming customer response and work on the various components is progressing as per schedule. KAEC has six zones — The Sea Port, Central Business District, Industrial Zone, Educational Zone, Resort Zone and Residential Communities.