Emaar EC says 3 board members resign after subscription agreement with PIF

Logo of King Abdullah Economic City (KAEC) 

Emaar The Economic City’s (Emaar EC) board of directors approved changes in the board membership, after completing the subscription and debt conversion agreement that the company and a number of its major shareholders entered into with the Public Investment Fund (PIF) on Aug. 31, 2020. 

The company said that three board members, including Managing Director Ahmed Boshnak, resigned, according to a bourse filing.

The resigned board members are Falih Motasim Hajaj and Bader Hisham Ali Riza (independent board directors), as well as Managing Director Ahmed Boshnak (executive).

Emaar EC appointed Assim Mohammed Alsuhaibani, Majed Mohammed Al-Sorour (as non-executive members) and Qusai Abdullah Al-Fakhri (as independent member), the company noted.

The board decision is not final as the new appointments will be submitted to the upcoming general assembly meeting for approval.

Alsuhaibani holds a Bachelor’s degree in electrical engineering from King Fahd University of Petroleum & Minerals (KFUPM), and a Master’s degree in oil and gas industry management from Edinburgh Business School. Alsuhaibani held several engineering and administrative positions, the most recent of which was Vice President of Schlumberger, and CEO of MASIC Logistics Co.

He is currently the Senior Director (Local Real Estate Investment Division) in the PIF. He is also a member of the board and the executive committee in Umm Al Qura Development & Construction Co., and King Abdullah Financial District Co.

Alsuhaibani is also a board member of Sela Sports Co., and the Saudi Entertainment Ventures Co.

Al-Sorour holds a Bachelor's degree in finance, economics and management of information systems, as well as a Master's degree in public administration from Seattle University. Al-Sorour held the position of Assistant General Manager for Business Development at MedGulf Insurance and Reinsurance Co., CEO of Amana Cooperative Insurance Co., Managing Director of Middle East – Uptake Technologies. He currently serves as CEO of the Saudi Golf Federation. He is also a board member of the Saudi Golf Federation and the Saudi Golf Co.

Al Fakhri holds a Bachelor's degree in Finance from KFUPM. He served as Senior Manager Business Development – Investment Division – at Samba Financial Group, Vice President of Capital Markets at Shuaa Capital, Head of Brokerage at Jadwa Investment Co., Director, Head of Institutional Coverage at Societe Generale Saudi Arabia, and Managing Director and CEO of Tiraz Al Arabia, CEO of Al-Ajial Holding Co., and Investment Advisor to Minister of Tourism.

Al Fakhri currently serves as CEO of the Tourism Development Fund. He is also a member of the investment committee of Al Ula Development Co.