Riyadh – Mubasher: Dar Al Majed Real Estate Company (Al Majdiah) has officially disclosed the resignation of Ziad Mohammed Makki Al Tunisi from his role as an independent board member, according to a bourse filing.
The announcement, released through a regulatory filing on the Tadawul platform, confirms that the resignation was accepted following a formal request from the director citing personal circumstances.
The resignation of Al Tunisi was submitted and became effective on 11 June 2026, concluding a brief tenure for the outgoing director, whose membership on the board originally commenced on 13 April 2026.
The timeline indicates that Al Tunisi served in his capacity as an independent director for approximately two months prior to his departure.
As an independent member, Al Tunisi held a position that is critical within the framework of Saudi corporate governance.
Independent directors are tasked with providing objective perspectives and ensuring that the interests of all shareholders, particularly minority investors, are protected. Their presence on the board is a requirement for listed companies to maintain transparency and adhere to the best practices of corporate management as outlined by the Capital Market Authority (CMA).
At the time of the announcement, the company had not provided further details regarding the potential appointment of a successor to fill the vacancy left by Al Tunisi.
Meanwhile, the board is expected to follow established regulatory procedures should they move to appoint a new independent member to maintain the required balance of board composition.
Investors and market participants typically monitor such changes for insights into the stability and continuity of a company’s strategic leadership. This transition comes at a time when the company continues to navigate the real estate development landscape in the Kingdom, where board-level expertise remains a key factor in corporate performance.
Earlier in June, Al Majdiah entered into a deal valued at SAR 211.61 million with Jadwa Al Manzel Real Estate Fund, represented by Ahdath Real Estate Data Company.
