Foreigners hold 18% of CEO positions at Saudi-based firms

A total of 30 foreigners are chief executive officers (CEOs) at companies listed on the Saudi Stock Exchange (Tadawul), accounting for 18 percent of the market, a recent study by Argaam Research showed.

Saudi nationals, on the other hand, make up a strong majority holding 136 CEO positions.

The kingdom’s insurance sector has the largest number of foreign CEOs at 16, compared to 18 chief executives who are Saudi nationals. Banking came second with six foreigners leading firms, a figure equal to the number of Saudi CEOs in the sector.

Three foreign CEOs represent 16 percent of the total executives working in building and construction, compared to 15 Saudis who account for 84 percent.

Within telecommunication, Lebanese nationals Ahmad Farroukh and Hassan Kabbani currently serve as CEO of Etihad Etisalat Co. (Mobily) and Mobile Telecommunications Company Saudi Arabia (Zain Saudi), respectively.

Two foreigners are working in the country’s agricultural sector. Georges Schorderet, a Swiss national, was named CEO of Almarai Co. earlier this year after Abdulrahman Al Fadley stepped down to take on the role of agriculture minister. German national Wout Matthijs holds the position of CEO of Saudia Dairy and Foodstuff Co. (SADAFCO).

Egypt’s Ossama Farouk Abdul Hameed of Basic Chemical Industries (BCI) is the only foreign chief executive in the industrial investment sector.

Other sectors such as petrochemical, cement, retail, energy, multi-investment, real estate development, hospitality, and media are fully dominated by Saudi CEOs. 

Argaam Reports