Mr Fahd Al-Rasheed is Chief Executive Officer of Emaar, The Economic City

Jeddah, Saudi Arabia; January 21, 2008: Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC) has appointed Mr Fahd Al-Rasheed as Chief Executive Officer of the company. Mr Al-Rasheed will implement strategies for the on-schedule completion of KAEC and further enhancement of its appeal as a global investment destination.

The Board of Directors of Emaar.E.C approved the appointment of Mr Al-Rasheed at a meeting in Jeddah, yesterday. Dr Abdulraouf Mannaa will continue to be a member of the Board of Directors of Emaar.E.C. 

Mr Mohamed Ali Alabbar, Chairman, Emaar.E.C, said: “King Abdullah Economic City is ushering in a new dynamic to the investment climate of Saudi Arabia. Mr Al-Rasheed, with his extensive experience of working with the Saudi Arabian General Investment Authority (SAGIA) and financing mega projects, will lend further momentum to the fast-growing reputation of KAEC as an investment destination for various high-growth sectors. He will also channelise his energies for the on-schedule completion of the project, which has already unveiled its first phase.”

Mr Al-Rasheed said: “Saudi Arabia is one of the most competitive economies in the world today and King Abdullah Economic City is one of the pioneering ventures that works to attract foreign and domestic direct investment. As the largest private sector led development in the region, KAEC is a magnet for investors already. We will focus our energies on further strengthening the project’s investment appeal.”

A Saudi national, Mr Al-Rasheed, prior to his appointment, was Deputy Governor for Economic Cities with SAGIA, the apex body responsible for managing the Kingdom’s investment climate, promoting inward investments, as well as overseeing the development of the Economic Cities – essentially private sector developments that create competitive investment environments. He was responsible for implementing the four Economic Cities in the Kingdom that have a development value of over SR225 billion (over US$60 billion).

Mr Al Rasheed also served as SAGIA’s CFO, and was responsible for the creation of several private equity investment vehicles managed by the private sector and aimed at mobilizing sector-specific investments with a value of over SR6.3 billion (over US$1.7 billion). Prior to joining SAGIA, Al-Rasheed held several positions with Saudi Aramco giving him extensive experience in several areas including investments, corporate finance, and cash management. 

Al-Rasheed holds an MBA from the Stanford Business School and a BS in Business Administration specialising in Finance and International Business, from Washington University in St. Louis. 

The 168 million sq m KAEC is the single largest private sector development in the region and is located the Red Sea coast offering easy access to the two Holy Cities of Makkah and Madinah, and the commercial nerve-centre of Saudi Arabia, Jeddah. 

KAEC recently unveiled Bay La Sun Village, the first residential component of the project, to overwhelming investor response. Work is progressing on the first phase of the project including the Sea Port, Industrial Zone and Residential Communities.