Emaar Economic City, the master developer of King Abdullah Economic City, announced the appointment of Eng. Muhannad bin Hilal Al-Azzawi as its new Chairman of the Board. This appointment follows the resignation of Fahad bin Abdulmohsen Al-Saif, marking the beginning of a new phase for the company under experienced leadership aimed at strengthening its growth trajectory and achieving the city's strategic objectives.
Historical background and strategic context
Emaar Economic City was established to be the mastermind behind one of the largest development projects in the Kingdom of Saudi Arabia, King Abdullah Economic City (KAEC). Launched in 2005 on the Red Sea coast, this ambitious project has become a cornerstone of Saudi Vision 2030. The city aims to diversify the national economy away from oil by creating a world-class hub for industry, logistics, tourism, and entertainment, in addition to providing a modern residential environment. With the Public Investment Fund acquiring a significant stake in the company, the project has gained further momentum as an integral part of the national economic agenda.
Extensive experience for ambitious leadership
According to the company's statement on the Saudi Stock Exchange (Tadawul), Engineer Muhannad Al-Azzawi boasts a distinguished career spanning over 32 years. 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, real estate development, and hospitality. This multifaceted expertise aligns perfectly with the integrated nature of King Abdullah Economic City, which features a world-class port, an industrial valley, luxury residential areas, and tourism and entertainment projects.
Al-Azzawi currently serves as Managing Partner in several prominent companies, including the Saudi Industrial Construction and Engineering Projects Company, the Saudi Technology and Trading Company, and Al-Wasata for Development. He also has a proven track record in corporate governance and strategic planning through his membership and chairmanship of boards and committees in several publicly traded companies and organizations, where he has actively contributed to restructuring processes, business growth, investment diversification, and the achievement of sustainable long-term value.
The importance and expected impact of the appointment
This appointment is seen as a highly strategic move. Locally, Al-Azzawi's leadership is expected to accelerate the implementation of existing projects and attract new, high-quality investments to King Abdullah Economic City, thus enhancing its role in job creation and driving development in the Western Region. Regionally and internationally, having someone with such experience at the helm of the board sends a strong message of confidence to investors and international partners, and underscores the firm commitment to transforming the city into a leading global destination for business, investment, and tourism, leveraging its strategic location on one of the world's most important trade routes.
