Logo of King Abdullah Economic City (KAEC)
Emaar The Economic City’s (Emaar EC) board of directors accepted today, June 16, the resignation of Chairman Assim Al-Suhaibani, non-executive member, from his position as board chair and member, due to his business reasons.
The board also approved the appointment of Fahad Al-Saif, non-executive member, as the new Member and Chairman of the board, Emaar EC said in a statement to Tadawul.
The new appointment will be submitted to the upcoming general assembly meeting for approval.
Al-Saif holds a bachelor's degree in Management Information Systems (MIS) from King Fahd University of Petroleum and Minerals.
He has over 20 years of corporate, investment banking, global banking and markets experience with the Ministry of Finance, SABB and HSBC.
He was HSBC's Saudi Arabia principal contact person for corporate finance and capital markets, in relation to ECM (IPO, rights issues, private placements) and to DCM (Sukuk and bond issuances, banks loans and syndication and financing services solutions). Prior to that, Al-Saif spent 10 years in SABB Treasury managing trading, fixed income and risk advisory functions. Al-Saif currently serves as Senior Managing Director of Global Capital Finance Division, Public Investment Fund (PIF).
He is also a member of the board of directors and the executive committee in ACWA Power Co. and the Aircraft Leasing Co.. He serves as a member of the board of directors, the executive committee and the risk committee in Gulf International Bank; the nominations and remunerations committee in Saudi Real Estate Refinance Co. Al-Saif is also a member of International Islamic Trade Finance Corporation’s board and audit committee.
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