Knowledge Economic City (KEC), a special zone established during the time of late Saudi King Abdullah, has appointed Mohammad Abdulhameed Almubarak as acting chief executive officer from Oct. 1.

Almubarak is KEC's current chief investment officer, and he is replacing Sami Almakhdoub, whose contract expires on Sept. 30, 2021, the company said in a stock exchange filing.

The new acting CEO holds extensive experience in real estate investment and development areas, and has worked with Riyad Capital and the Capital Market Authority (CMA).

He has a masters in finance from the University of Cambridge, and a bachelor of science in finance from King Faisal University.

In April, KEC agreed to borrow SR782 million ($209 million) from the Saudi Tourism Development Fund and Riyadh Bank for the development of the Knowledge City Hub project in Madinah.

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