Page 32 - KAEC PR REPORT - APRIL 2024

4/12/24, 12:57 PM Emaar, the Economic City Appoints Mr. Abdulaziz Alnowaiser as CEO, Effective 1st May 2024 - mid-east.info
includes prestigious degrees in accounting, finance and information systems, as well as a
Diploma in International Financial Reporting Standards and other professional certifications.

Mr. Fahad AlSaif, Chairman of EEC, commented, “The appointment of Mr. Alnowaiser as CEO is

an important moment for both EEC and KAEC as we pursue the implementation of our
ambitious long-term strategy. His leadership skills and diverse professional experience are

precisely the attributes EEC and KAEC require to achieve their operational, financial and
strategic goals, and we are certain that his forward-thinking approach will drive meaningful

progress for our development projects. We would like to thank Eng. Cyril Piaia for his
commitment and success in the role of CEO over the years, and we are delighted that he will
remain with us to continue to advise our new CEO.”

The Board of Directors expresses its profound gratitude to Eng. Piaia for his outstanding

leadership and contribution to ECC and KAEC, and is confident that Mr. Alnowaiser will build on
this solid foundation to propel the Company forward.

About King Abdullah Economic City:

King Abdullah Economic City (KAEC) is an emerging destination centrally located on the Red

Sea coast of Saudi Arabia. Located a short distance north of Jeddah, KAEC is a 185 square
kilometer city anchored by King Abdullah Port—recently named by the World Bank as the most

efficient port in the world—and KAEC Industrial Valley, which is focused on logistics and light
manufacturing. Over 100 multinational and Saudi companies have already made their home in
KAEC, engaging in diverse activities ranging from advanced logistics to automotive,

pharmaceuticals, FMCG, packaging, and building materials manufacturing. KAEC is directly
connected to the Haramain high speed railway network and the Saudi National Highways grid,

making the city a key node along the Red Sea economic corridor.

KAEC also offers a modern leisure and tourism district which includes over 40km of pristine
coastline, several hotels and the award-winning Royal Greens international tournament golf

course. In 2021, the city welcomed over 1 million visitors, and has developed a range of
lifestyle residential communities for its growing population of full-time residents and second

home owners.

With its strategic location, advanced infrastructure and investor-friendly regulation, KAEC is a
ready-made platform for Saudi Arabia’s Vision 2030 initiatives. The city serves as a testbed for
new government initiatives, has been host of pioneering national events, and is a preferred

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