The Middle East Financial Investment Company (MEFIC Capital) has appointed Abdulrahman Al-Tuwaijri as its chairman after being elected by the board of directors. This was announced by the board of directors, which held its first meeting at the company's headquarters in Riyadh on Sunday.

Ibrahim Al-Hedaithy, MD, MEFIC, said: "The board has set a strategic goal, which focuses on presenting new developed investment services and financial products, to maintain our existing clients and attract potential clients by presenting tailored services that meet their investment requirements.”

Al-Hedaithy added: "In his new role as chairman of MEFIC Capital, Al-Tuwaijri, is an added value to the company with his broad experience in the financial field. He will have a considerable impact on the company’s performance and will enhance the investor's confidence.”

Al-Tuwaijri has served as the chairman of the board for the Capital Market Authority (CMA) for a period of 7 years and prior to that as the secretary general of the Supreme Economic Council as well as executive director and representative of the Kingdom in the International Monetary Fund.

During the meeting, the board of directors formed the emanating committees and named its members. The committees formed are the nomination and rewards committee, the audit committee and the investment committee. The board also approved its governance list and organizational regulations.

The board expressed gratitude to the previous chairman and members for the important role they played and the efforts that contributed in leading the company at a critical stage.

The MEFIC is a holistic financial services company, with a paid capital of SR400 Million.

In 2007, the CMA allowed MEFIC to operate as a full service investment bank in the Kingdom with the licenses for dealing, custody, managing, arranging and advising.