Dubai- Al Akaria Saudi Real Estate Company (SRECO), one of the largest publicly listed real estate developers on the Saudi Stock Exchange (Tadawul), announces the appointment of Mr. Mamdouh Saud Al Sharhan as Chief Executive Officer (CEO) of SRECO with immediate effect. This appointment follows the resignation of the former CEO, Mr. Abdullah bin Ibrahim Saad Al Ayadhi.
Mr. Abdullah bin Ibrahim Saad Al Ayadhi held the position of CEO of SRECO for three years. The Board of 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 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 improvements. I am confident that Mr. Al Sharhan’s new role will continue to build on our achievements thus far towards the company’s transformation,” said Abdulrahman Al Mofadhi, Chairman of SRECO.
“On behalf of the board of directors and management team, I would like to thank Mr. Al Ayadhi for his dedication and valuable contribution” he concluded.
Prior to joining SRECO, Mr. Al Sharhan was in the consulting department in the Saudi Industrial Development Fund (SIDF) as an expert in financing for The Saudi Fund for Development. He then joined the Public Investment Fund of Saudi Arabia (PIF) as the Assistant Secretary General and Secretary of the Board of Directors, where he was responsible for financial institutions portfolio local and international banks. Mr. Al-Sharhan has also served as a Vice Chairman of the Board and Chairman of the Executive Committee at Bidaya Home Finance, a leader of the establishment team at Saudi Real Estate Refinance Company and a member of the steering committee of The Asian Infrastructure Investment Bank.
In addition to his role at SRECO, Mr. Al-Sharhan serves on the board of the Real Estate Financing and Investment Committee of the Riyadh Chamber of Commerce and Industry.
Mr. Al-Sharhan holds a master’s degree in Quantitative Finance from The George Washington University in the United States, a master’s degree in Banking Administration from the Institute of Public Administration in Riyadh and a bachelor’s degree in Accounting from King Saud University in Riyadh.
About Al Akaria Saudi Real Estate Co. (SRECO)
Al Akaria Saudi Real Estate Company is a leading real estate developer in Saudi Arabia and one of the largest publicly listed developers in the Kingdom, trading on the Saudi Stock Exchange as the Saudi Real Estate Co.
Founded in 1976 by a Royal Decree, The Saudi Real Estate Co. is partially owned by the government of Saudi Arabia through the Public Investment Fund (PIF) with 65% and the Public Pension Agency (PPA) 5%. From its headquarters in the capital city of Riyadh, the company offers an integrated, full service approach to real estate development, encompassing finance, design, construction, facility and property management.
The company has worked on more than 32 residential, retail and commercial projects. These include many ground-breaking real estate projects in Saudi Arabia, such as Akaria 1, the first commercial centre in the Middle East, the Olaya Akaria Residential Complex, the first closed residential complex in Saudi Arabia and The Plaza, the first smart building in Saudi Arabia. Al Akaria Saudi Real Estate Co. aims to become a flag bearer for the Kingdom’s Vision 2030 by developing new and innovative model communities within the Kingdom and abroad.
For more information, please visit: http://www.al-akaria.com/en/
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