Emaar Economic City announced the appointment of Eng. Muhannad bin Saleh Al-Azzawi as an independent member of its board of directors, filling a vacant seat. This appointment, aimed at strengthening its governance and leadership expertise, is effective immediately and will continue until the end of the current board term on February 8, 2026.
The company explained in an official statement published on the Saudi Stock Exchange platform that this appointment is still subject to final approval by the General Assembly of Shareholders, as the decision will be presented at the next meeting of the Assembly for final approval, which is a standard procedure that ensures transparency and compliance with corporate governance rules.
Historical background and context of national development
This appointment comes at a crucial time as Saudi Arabia undergoes a massive economic transformation under Vision 2030. King Abdullah Economic City, developed by Emaar, is one of the most important mega-projects playing a pivotal role in achieving the Vision's goals by diversifying income sources, attracting foreign investment, and creating high-quality jobs. The city was established to be a global logistics, industrial, and tourism hub on the Red Sea coast, making the competence and experience of the developer's board of directors of paramount strategic importance to ensure continued growth and the achievement of the set objectives.
Diverse expertise to support the next phase
Engineer Muhannad Al-Azzawi boasts a rich professional career spanning over 32 years, making him a valuable addition to the Board of Directors. He holds a Bachelor's degree in Computer Engineering from King Saud University, and his experience spans diverse and vital sectors, including contracting, technology, civil aviation, banking and investment, as well as real estate development and hospitality. This varied expertise aligns perfectly with the nature of King Abdullah Economic City's operations, which combine real estate development, port management, industrial zone development, and tourism services.
Expected impact on company strategy
Al-Azzawi’s appointment is expected to strengthen the company’s strategic direction, particularly in the areas of corporate governance and long-term planning. He currently serves as a managing partner in several leading companies and holds board memberships and committee positions in other publicly traded entities and organizations. Through his previous leadership roles, he has contributed to restructuring, business growth, investment diversification, and the creation of sustainable shareholder value. His presence on the board of directors of Emaar Economic City will therefore support the company’s efforts to address market challenges, capitalize on new opportunities, and bolster the confidence of local and international investors in the Economic City’s future as a leading national project.
