The National Building and Marketing Company, one of the companies listed on the Saudi Stock Exchange “Tadawul”, announced significant changes at the top of its administrative pyramid, as the company’s board of directors approved the resignation of its chairman, Mr. Rayan bin Hamad Al-Khuwaiter, from his position and membership in the board and the Nominations and Remuneration Committee.
According to the company's official statement, the resignation, submitted yesterday, was due to personal reasons and became effective immediately. In a move aimed at ensuring business continuity and maintaining leadership stability, the Board of Directors has appointed the Vice Chairman, Engineer Mohammed Iqbal Daaboul, to assume the duties of Chairman on a temporary basis. Engineer Daaboul will continue in this role until a new member is appointed to fill the vacant seat on the Board in accordance with established procedures and subsequently approved by the General Assembly.
General context and importance of the sector
The National Building and Marketing Company is a key player in Saudi Arabia’s construction and real estate development sector, a sector experiencing unprecedented growth in line with the goals of Vision 2030. The company contributes to meeting the increasing demand for residential and commercial projects, capitalizing on the country’s economic boom. These leadership changes come at a crucial time, as the market demands a high degree of adaptability and the ability to seize new opportunities presented by major projects across the Kingdom.
Expected impact and business continuity
The appointment of Eng. Mohammed Daaboul, currently serving as Vice President, reflects the Board's desire to ensure a smooth leadership transition and to rely on internal expertise with a deep understanding of the company's strategy and market challenges. Investors and analysts are closely monitoring these developments, as senior management stability is a key indicator of the company's ability to execute its expansion plans and deliver meaningful returns for shareholders. The new president is expected to focus on continuing the growth trajectory and strengthening the company's competitive position amidst the intense competition in the sector.
Strengthening corporate governance
In order to strengthen corporate governance and activate the roles of the Board's subcommittees, the Board also decided to reconstitute the Nominations and Remuneration Committee. Mr. Abdullah Mutlaq Al-Shaya (Board Member) was appointed Chairman of the Committee, with Eng. Mohammed Iqbal Daaboul and Mr. Iyad Fawaz Taha as members. This committee plays a pivotal role in proposing candidates for Board membership and establishing clear remuneration policies, thus ensuring the application of best practices in governance and transparency within the company.
