Saudi Arabia’s MCDC names Mohammed Alnafea as new CEO
Makkah Construction and Development Company has announced the appointment of Mohammed Abdulkareem Alnafea as the new Chief Executive Officer, following approval from the company’s board of directors.
In announcing his appointment, the company stated in an exchange filing: "Further to the company's announcement on the Tadawul website on 30/06/2024 corresponding to 24/12/1445 AH regarding the acceptance of the resignation of the company's CEO, Makkah Construction and Development Company announces the decision of the company's Board of Directors by passing No. (287) dated 31/07/2024 corresponding to 25/01/1446 AH, based on the recommendation of the Remuneration and Nominations Committee, to appoint Board Member Mr. Mohammed Abdulkareem Alnafea as CEO of the company, to commence his role on 01/08/2024 corresponding to 26/01/1446 AH.”
In his new role, Alnafea brings over 15 years of leadership experience across finance and business strategy. He succeeds Fahd Muhammad Al-Fawaz, who stepped down from the position in June 2024 due to personal reasons. The company expressed its gratitude to Al-Fawaz, stating, “The Board of Directors and employees of the company extend their sincere thanks and appreciation to Mr. Fahd Muhammad Al-Fawaz for his active role and fruitful efforts in improving the company’s performance during his tenure, and we wish him success.”
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Effective August 1, 2024, Alnafea will lead the company into its next phase of growth with his extensive experience. He has been a member of the company's board since October 2023. In his previous roles, he served as Chief Financial Officer at Saudi Aramco’s Luberef Base Oils Company.
Academically, Alnafea holds an MBA degree from Missouri State University and a Bachelor’s degree in Accounting from Imam Muhammad bin Saud Islamic University. He also possesses several executive degrees in strategy, finance, and leadership from Harvard University and London Business School. His core competencies include leadership, management, strategic planning, and finance.