Saudi Arabian Military Industries (SAMI), a wholly-owned subsidiary of the kingdom's Public Investment Fund (PIF), has announced its new board of directors under the chairmanship of Ahmed bin Aqeel Al Khateeb. Ghassan bin Abdulrahman Al Shibl has been named the Vice Chairman.

 

The announcement comes following its Extraordinary General Assembly Meeting held recently in the presence of SAMI’s board representative and Vice-Chairman Dr Al Shibl and PIF representative Omar Abalkhail. 

 

The new board will be effective for a three-year term. Its members include Bandar bin Ibrahim Alkhorayef; General Abdulrahman bin Saleh Albunayyan; Dr Khaled bin Hussain Albiyari; Dr Ghassan bin Ahmed Alsulaiman; Mosaed bin Sulaiman Al Ohali; Mazen bin Ahmed Al Jubeir; Abdulaziz bin Abdulrahman Al Sowailim and Yasir bin Abdullah Al Salman.

 

Having completed the legal quorum in accordance with Article 30 of the company’s Articles of Association and having reviewed the assembly’s agenda, based on the results of the vote, the assembly approved all items put up to a vote. 

 

This included the amendment of Article 12 of its Articles of Association, increasing the number of board members from nine to ten, and agreeing to restructure the company’s board of directors. 

 

Welcoming the new boaard, Al Khateeb said: "We congratulate the company for restructuring its board, and we welcome its new members in their roles, to whom we wish every success. We also thank the former board members for their hard work and efforts during a period of significant accomplishments."

 

"We would like to renew our commitment to all our customers and stakeholders that we will continue our journey of achievements and that the board will make every effort to ensure the company’s success in supporting the localization of more than 50% of Saudi Arabia’s military spending by 2030," he added.-TradeArabia News Service