Emaar, the Economic City (EEC), the master developer of King Abdullah Economic City (KAEC), has appointed Abdulaziz Ibrahim Alnowaiser as its new CEO effective May 1. 

 

Announcing the board decision, today (April 3), EEC said Alnowaiser, an industry veteran with an extensive background in turnaround, finance and corporate governance, has been picked up for the top post owing to his ability to drive the execution of the company's long-term strategic vision. 

 

Additionally, the current CEO, Engineer Cyril Piaia, has been appointed as an advisor to Alnowaiser, which will facilitate a seamless transition of responsibilities as of the date of joining of the new CEO.

 

With more than two decades of board-level and executive experience, his most recent role was the CEO of Tahakom Investments Company, a wholly-owned unit of the Saudi wealth fund PIF with several subsidiaries across different sectors including technology, aviation, traffic management, travel & visa solutions, human resources and real estate investments. 

 

He was previously the M&A Advisor and Vice President Finance (CFO) at Arabian Internet and Communications Services Co. (Solutions), prior to which he was Vice President Finance (CFO) at Al Othaim Real Estate Investment & Development Company and CEO of the House of National Consulting Company. 

 

He is currently the Chairman of the Board and the Executive Committee at Tawuniya Insurance Company since 2020, and was a board member from 2015 to 2019. 

 

His educational qualifications includes prestigious degrees in accounting, finance and information systems, as well as a Diploma in International Financial Reporting Standards and other professional certifications.

 

In the new role, Alnowaiser will be mandated by the board to bring strategic insight to EEC and KAEC’s long-term planning, fostering innovation and sustainable development across the organisation and the City. 

 

Welcoming the appointment, Fahad AlSaif, Chairman of EEC, said: "This is an important moment for both EEC and KAEC as we pursue the implementation of our ambitious long-term strategy."

 

"His leadership skills and diverse professional experience are precisely the attributes EEC and KAEC require to achieve their operational, financial and strategic goals, and we are certain that his forward-thinking approach will drive meaningful progress for our development projects," stated AlSaif.

 

"We would like to thank Piaia for his commitment and success in the role of CEO over the years, and we are delighted that he will remain with us to continue to advise our new CEO," he added.-TradeArabia News Service