Banan Real Estate Company announced the decisions of its newly elected Board of Directors for the upcoming term, in a strategic move aimed at strengthening corporate governance and continuing its journey in the real estate development and investment sector. At its meeting held today, Sunday, the Board elected Abdulmohsen bin Abdulaziz Al-Haqbani as Chairman and appointed Ahmed bin Abdulaziz Al-Haqbani as Vice Chairman. The term begins on December 26th and extends for three years, concluding on December 25th, 2028.
According to the official statement issued on the Saudi Stock Exchange website, the administrative decisions included renewing confidence in the executive management, as the board approved the reappointment of Majid bin Abdulaziz Al-Nasser as CEO of the company, granting him all the necessary powers to manage daily operations and implement the company’s strategic plans, reflecting the board’s desire to maintain administrative stability and ensure the continuation of high-efficiency operational performance.
Forming the committees emanating from the Board of Directors
In accordance with regulations and to enhance internal oversight, the Council approved the formation of the main committees for the new session. The Nominations and Remuneration Committee was formed, chaired by Abdulaziz bin Mohammed Al-Qabbani, with Fahd bin Mubarak Al-Ghamdi and Khalid bin Saleh Al-Balawi as members. The Audit Committee was also approved, comprising Ahmed bin Ibrahim Al-Muzaini, Abdulaziz bin Mohammed Al-Arifi, and Abdulrahman bin Abdullah Al-Sultan.
The context of the real estate sector and the impact of governance
These appointments come at a time when the real estate sector in Saudi Arabia is experiencing rapid growth and qualitative development, driven by the objectives of Vision 2030. Real estate development and investment companies like Banan Real Estate play a pivotal role in meeting the increasing demand for diverse real estate products, both residential and commercial. The stability of boards of directors and the formation of specialized committees based on merit are essential steps to enhance investor and shareholder confidence in the parallel market (Nomu) and the main market.
This cycle is particularly important as it extends until the end of 2028, a critical period coinciding with the maturation of several major projects in the Kingdom. Therefore, having experienced leadership, supported by strong review and nomination committees, ensures the company's ability to adapt to market changes, capitalize on investment opportunities, and adhere to the highest standards of transparency and disclosure mandated by the Capital Market Authority.
Formal representation and legal procedures
The meeting concluded with the approval of the appointment of the Board Secretary, as well as the designation of the company's representatives to official regulatory bodies, including the Capital Market Authority, the Saudi Stock Exchange (Tadawul), and the Securities Depository Center Company (Edaa). This step aims to ensure smooth communication with regulatory authorities and facilitate all matters related to the implementation of the Capital Market Law and its executive regulations, thus underscoring Banan Real Estate's commitment to organized corporate governance.
