Emaar the Economic City appoints new CEO 

New exec has more than two decades of experience in engineering, strategy, finance 

  
The corporate logo of EMAAR is seen in Dubai, United Arab Emirates, December 28, 2018. Picture taken December 28, 2018. Image for illustrative purposes.

The corporate logo of EMAAR is seen in Dubai, United Arab Emirates, December 28, 2018. Picture taken December 28, 2018. Image for illustrative purposes.

REUTERS/ Hamad I Mohammed

Saudi Arabia-based Emaar the Economic City, an affiliate of Dubai developer Emaar Properties, has appointed Cyril Piaia as its CEO.

Cyril Piaia, an executive in the tourism and development sector in Oman, is expected to assume his role on September 1, 2021, the company said in a bourse filing to the Saudi Stock Exchange (Tadawul) on Tuesday.  

Piaia has more than 20 years of experience in engineering, strategy, finance and business management. 

He has served as CEO of Musstir, a private Omani property developer that is part of the MB Holding Group, as well as CEO of Muriya Tourism Development Company, a joint venture between Orascom Development and Omran. 

He has also led the management and operations at Stratford & Russell, a network of independent real estate, finance, hospitality professionals and senior industry leaders across Europe, the Middle East, Africa and Asia. 

The company behind the King Abdullah Economic City had accumulated losses of more than 2.8 billion riyals ($746 million) as of March 31, 2021, representing 33.5 percent of the capital.  

(Writing by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@refinitiv.com

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© ZAWYA 2021

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