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Saudi developer Al Akaria appoints new CEO

Mamdouh Saud Al Sharhan now heads up the Saudi real estate giant following the resignation of Abdullah bin Ibrahim Saad Al Ayadhi, who held the role for three years

Al Akaria is one of the largest publicly listed real estate developers on the Saudi Stock Exchange.
Al Akaria is one of the largest publicly listed real estate developers on the Saudi Stock Exchange.

Al Akaria Saudi Real Esate Company (SRECO) has announced the appointment of a new chief executive officer following the resignation of Abdullah bin Ibrahim Saad Al Ayadhi.

Mamdouh Saud Al Sharhan has become the head of the Saudi real estate giant, replacing Ayadhi, who previously held the position for three years.

“The board directors of SRECO would like to sincerely thank Mr Al Ayadhi for his loyal service, strategic oversight, and contribution to the growth of the company, and wishes him success in his future endeavours,” SRECO said in a statement.

READ: Al Akaria Saudi Real Estate to double share capital to $640m

Before joining SRECO, Al Sharhan worked in the consulting department of Saudi Industrial Development Fund, as an expert in financing for Saudi Fund for Development.

Al Sharhan has also served as a vice chairman of the board and chairman of the executive committee of Bidaya Home Finance.

Bidaya is part of the Saudi Real Estate Refinance Company, a wholly owned subsidiary of Public Investment Fund, and a member of the steering committee of The Asian Infrastructure Bank.

READ: Saudi developer Al Akaria forms project management firm

“SRECO has a strong finance team, and Mr Al Sharhan has played a significant role in his previous role as chief financial officer in helping drive financial and operational improvement,” said SRECO chairman, Abdulrahman Al Mofadhi, speaking on the senior management change.

Al Sharhan holds a master’s degree in quantitative finance from George Washington University in the US, another in banking administration from the Institute of Public Administration in Riyadh and a bachelor’s degree in accounting from Riyadh’s King Saud University.

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Construction Week - Issue 733
Mar 14, 2019