Knowledge Economic City Company announced, in a strategic move aimed at strengthening its operational and developmental trajectory, that its Board of Directors has accepted the request of its CEO, Mr. Mohammed bin Abdulhameed Al-Mubarak, not to renew his employment contract with the company, dated December 1, 2025. This step signals the beginning of a new leadership phase aligned with the company's future aspirations.
Hazem El-Banna appointed as CEO
According to the official statement issued by the company and published on the Saudi Stock Exchange (Tadawul) website, the Board of Directors has appointed Eng. Hazem bin Tariq Al-Banna, currently serving as Chief Operating Officer, as the company's Chief Executive Officer. This appointment reflects the company's strong confidence in Al-Banna's capabilities and extensive experience, which qualify him to lead the company through this critical phase of growth.
Extensive leadership and engineering experience
Engineer Hazem El-Banna boasts a distinguished professional record spanning over thirty years, during which he held leadership positions in vital sectors including real estate development, engineering consulting, contracting, and general management. He gained this experience through his work with several leading regional companies, giving him a comprehensive understanding of managing large-scale projects and overcoming operational challenges.
On the academic level, Al-Banna combines engineering and administrative specialization, as he holds bachelor’s and master’s degrees in civil engineering, in addition to an advanced diploma in business administration, which makes him a leading figure who combines a precise technical understanding with a strategic administrative vision.
Knowledge Economic City: Context and Importance
These administrative changes are significant due to the strategic position of the Knowledge Economic City as one of the major economic cities in Saudi Arabia. Located in Medina, the city serves as a gateway to modernity, aiming to attract high-quality investments in the knowledge, hospitality, and trade sectors, leveraging its proximity to the Prophet's Mosque and the Haramain High-Speed Railway station.
The company is a cornerstone in achieving the goals of the Kingdom's Vision 2030, particularly in enriching the experience of visitors, pilgrims, and Umrah performers, and developing smart infrastructure. Engineer Hazem Al-Banna is expected to focus in the coming period on accelerating the pace of completion of existing projects, such as the Knowledge City Forum and various hospitality and accommodation projects, to ensure the desired returns for shareholders and enhance the city's position as a leading investment and tourism destination.
Expected impact on the real estate development sector
The appointment of a leadership team with strong engineering and operational backgrounds comes at a time when the Kingdom's real estate development sector is experiencing unprecedented growth. This appointment signals the company's focus on intensive field execution and timely project delivery, which reinforces investor confidence in the company's ability to meet its commitments and contribute effectively to the urban development boom in Medina.
