Rawasi Albina names Faisal Alboqami as new MD as Al-Otaibi exits

Rawasi Albina Investment Co.’s board of directors approved the resignation of Mohsen Al-Otaibi as managing director, due to circumstances that prevent him from continuing his board membership, effective as of Nov. 13.

The board appointed board member Faisal Alboqami as the new managing director, effective Nov. 15, the company said in a statement on Tadawul.

Any updates regarding the appointment of a new CEO will be duly announced, it added, noting that the decision is final and does not require a general assembly resolution.

Moreover, Rawasi Albina added that Alboqami has over 15 years of experience in business development and establishing operational departments, with a strong track record in customer service and sales management. He has held several executive positions at major companies, including Zain KSA and Rawafed Investment.

Last week, the Capital Market Authority (CMA) convicted Mohsen Al-Otaibi of violating the Capital Market Law and the Market Conduct Regulations. The market regulator said Al-Otaibi provided false information in the share registration document of Rawasi Albina.

He was fined SAR 6 million and banned for three years from working in CMA-supervised entities.

Al-Otaibi’s ownership stake in Rawasi Albina stood at 37.10%.