Riyadh - Mubasher: The board of Taiba Investments Company appointed Bader bin Abdullah Al Issa as the Chairman and Anas bin Mohammed Saleh Serafi as the Vice Chairman of the board, both in non-executive roles.
In its 28 December 2023 meeting, the board elected the two officials for a new term that started on 1 January 2024 and will end on 31 December 2026, according to a bourse disclosure.
The board also accepted the resignation of Saleh bin Hebden Al Habdan from his position as the CEO on 31 December 2023. Al Habdan, meanwhile, was appointed as the Managing Director.
Sultan bin Badar Al Otaibi was named as the new CEO. Taiba Investments said the implementation of these changes became effective on 1 January 2024.
Al Otaibi holds a bachelor's degree in accounting from King Saud University and a master's degree in hotel management from the Emirates Academy of Hospitality Management which is accredited by the University of Lausanne in Switzerland. He has over 20 years of experience in the fields of hospitality and real estate besides holding leadership positions at Dur Hospitality Company, most recently becoming its CEO.
In November 2023, the Capital Market Authority (CMA) greenlighted Taiba Investments' SAR 1 billion capital raise for the takeover of Dur Hospitality through a securities exchange offer.
Meanwhile, in the first nine months (9M) of 2023, Taiba Investments' net profits surged by 46.99% year-on-year (YoY) to SAR 143.51 million after Zakat and tax.
