Fahad Al Rasheed, the CEO of Emaar Economic City, has resigned from his position, the company announced through a statement on Tadawul, the Saudi stock exchange.
Emaar Economic City, a joint venture between the Saudi government and Dubai’s Emaar Properties, is the firm developing King Abdullah Economic City (KEAC) - a planned city for 2 million on a site the size of Brussels on the Red Sea coast of Saudi Arabia.
The announcement on Tadawul said the resignation will take effect from today, with deputy CEO Ahmed Linjawy taking over as CEO. A former exec with Procter & Gamble International in Saudi Arabia, Linjawy has been with Emaar Economic City since 2006.
Fahad Al Rasheed had been CEO of Emaar Economic City for 11 years.
Speaking earlier this year, Rasheed said the company is working on 45 leisure and tourism projects, 30 of which are set to be completed this year.
KAEC, named after the former Saudi ruler, covers 181 square kilometres (70 square miles) of desert, and will have KAEC will have a station on the Haramain high-speed railway connecting Makkah and Medina.
Emaar Economic City has invested 2 billion riyals ($533 million) so far in infrastructure, including a race track, golf course and wellness centre. It has also set up an office to attract exhibitions and shows and it’s working with the kingdom’s entertainment authority to host events that it promotes, including those with mixed-gender audiences.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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