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Mon 1 Jul 2013 10:01 AM

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Senior exec at Saudi's Kingdom Holding resigns

Ahmed Reda Halawani was head of Prince Alwaleed-controlled firm’s private equity division

Senior exec at Saudi's Kingdom Holding resigns
Saudi Arabia’s Prince Alwaleed bin Talal, who owns Kingdom Holding.

Kingdom Holding, the investment vehicle controlled by Saudi Arabia’s Prince Alwaleed bin Talal, said that its director for private equity has resigned from the company.

A statement said that Ahmed Reda Halawani had stepped down from his roles as a member of the Riyadh-based firm’s board and investment committee after 17 years.

Kingdom Holding said that Halawani, whose resignation was effectively immediately, was leaving the company “due to personal obligations and commitments”.

Prior to joining Kingdom Holding he had worked for more than a decade as CEO of investment firm Al Azizia Commercial Investment Company, in addition to positions at the World Bank and Procter & Gamble.

Kingdom Holding is 95-percent owned by royal Prince Alwaleed, the Middle East’s richest businessman with a personal wealth of more than $28bn. The company owns significant shareholdings in the likes of Apple, Citigroup, News Corporation and Twitter.

The company is also behind plans to build the world’s tallest building in Jeddah, which will surpass Dubai’s Burj Khalifa. It is expected to be completed in 2017.

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