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Wed 28 Apr 2010 11:20 AM

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Kingdom Holdings' head of foreign investments resigns

PJ Shoucair has resigned for personal reasons, Saudi-based firm says in statement.

Kingdom Holdings' head of foreign investments resigns
KINGDOM TOWER: The firm is owned by Saudi billionaire Prince Alwaleed bin Talal. (Getty Images)

The head of international investments at Saudi-based Kingdom Holding Co has resigned, the firm said on Wednesday, a move that comes after the company lost 41 percent of its capital in the global market crisis.

PJ Shoucair has resigned for personal reasons, Kingdom said in a statement. The firm, which is owned by Saudi billionaire Prince Alwaleed bin Talal, did not elaborate.

According to Kingdom's website, Shoucair has since 1996 been employed as the international investment advisor to owner Prince Alwaleed, responsible for direct investments and capital market activities.

Kingdom, 95-percent owned by the nephew of King Abdullah, has minority stakes in some of the world's top companies and is a main shareholder in Citigroup Inc, which reported earlier this month its best quarterly results since 2007.

Earlier this month, the firm appointed Ali Tabbal as its deputy chief financial officer alongside Shadi Sanbar, its chief finance officer of about three years. Before joining Kingdom, Tabbal was chief financial officer at Dubai Holding.

In January, Kingdom cut its capital by 41 percent, a move analysts said was aimed at wiping out accumulated and unrealised losses which reached 65 percent of its capital at the end of the third quarter of 2009. (Reuters)

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