Riyadh – Mubasher: Makkah Construction and Development Company named Fahad Mohammad Saleh Al Fawaz as its new CEO, according to a bourse disclosure.
The board members accepted Al Fawaz’s appointment on 7 September, yet he will take over his new role on 1 October 2023.
The new official holds a master’s degree in Business Administration from the British University of Surrey as well as a bachelor's degree in Industrial Management from King Fahd University of Petroleum and Minerals.
Al Fawaz has diverse practical and administrative experience in leadership positions across several business fields that focus on hotel operations and real estate development.
He also served as a board member and audit committee for a number of hotel and real estate companies. This is in addition to his expertise in the banking and industrial development field through working for the Industrial Development Fund.
In the first half (H1) of 2023, Makkah Construction witnessed 128.05% higher net profits after Zakat and tax at SAR 187 million, compared to SAR 82 million in H1-22.
Revenues hiked by 73.13% to SAR 348 million as of 30 June 2023 from SAR 201 million a year earlier, while the earnings per share (EPS) increased to SAR 1.14 from SAR 0.50.
