CEO of Saudi's Emaar the Economic City replaced after resignation

Deputy CEO Ahmed bin Ibrahim Linjawi has taken over as CEO following the departure of Fahd bin Rasheed, the developer confirmed

Fahid Al Rasheed has resigned from Saudi Arabia's Emaar the Economic City [image:].
Fahid Al Rasheed has resigned from Saudi Arabia's Emaar the Economic City [image:].

Saudi Arabia’s Emaar the Economic City (Emaar EC), the developer of King Abdullah Economic City (KAEC) has appointed a new chief executive officer (CEO) following the resignation of Fahd bin Abdul Mohsen Al Rasheed, it told Tadawul.

In a statement to the Saudi bourse, Emaar EC said its board of directors extended “its sincere thanks and appreciation” to Al Rasheed for his 11-year stint as CEO, during which he helped the company “develop the basic infrastructure of [KAEC], in addition to several major projects [that] have been or are still under development in the different sectors of the city”.

Al Rasheed’s former deputy, Ahmed bin Ibrahim Linjawi, who joined Emaar EC in December 2006, has been promoted to the CEO post. He joined the development firm after holding “several managerial positions at Procter and Gamble International in Saudi Arabia”, the last of which was as its chief executive.

In November 2017, Emaar EC reported $71.7m (SAR269m) as total revenues for Q3 2017, a 54.5% decline against corresponding figures for 2016, worth $157.3m (SAR590m).

Meanwhile, revenues for the nine months (9M) of 2017 were valued at $216m (SAR810m), 43% lower than last year's 9M revenue, worth $373.3m (SAR1.4bn).

Emaar EC leads the master-planning and development of KAEC, which is being built in the north of Jeddah.

KAEC comprises six components, which include a sea port, an industrial district, an educational zone, resorts, a residential area, and a central business district featuring commercial, mixed-use, and retail outlets, as well as a financial island.

Based on initial forecasts, KAEC will create up to one million employment opportunities in the various industries and service-oriented companies it will host, and will be home to two million residents.

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