Al Akaria CEO and MD Ibrahim bin Mohamed Alalwan resigns
Al-Akaria, a Saudi-based real estate company, has announced the resignation of its Chief Executive Officer and Managing Director, Ibrahim bin Mohamed Alalwan, upon acceptance from the company's Board of Directors on May 27, 2024.
Ibrahim, who has been serving the company since 2019, cited personal reasons for his exit. He will serve the company in his current position until July 31, 2024. However, he will continue to serve as a member of the Board of Directors even after that. The real estate company will also announce a new CEO and MD during this time for a smooth transition of responsibilities.
Announcing Ibrahim’s exit and extending wishes for his future endeavors, the company stated in a filing to the Saudi Exchange Board (Tadawul), “Saudi Real Estate Co. (‘Al-Akaria’) (The Company) announces the Board of Directors' acceptance of the resignation of the CEO Mr. Ibrahim bin Mohamed Alalwan from his position as CEO and Managing Director on 27/05/2024, with the effective date being 31/07/2024. The reason for his resignation is due to personal reasons, while he will remain a member of the Board of Directors. The Board of Directors expressed its thanks and appreciation to Mr. Ibrahim bin Mohamed Alalwan for his distinguished role and efforts during his period of work at the company, wishing him continued success in his personal and professional life. The company will also announce any developments in the event of a new CEO being appointed or assigned to the company at the time.”
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Ibrahim possesses over 28 years of leadership experience across banking, investments, and real estate sectors. In addition to his current role with Al-Akaria, he also serves as the Chairman of Binyah, a Saudi Real Estate Infrastructure Company. In his previous roles, he worked with Watheeq Financial Services as an Executive Partner, Al Oula Real Estate Development Company as a CEO, and KASB Capital as a CEO. He also worked with Bakheet Investment Group and SIDF at the beginning of his career. Academically, he holds a Diploma in Credit and Finance from Chase Credit Programme (New York) and a BS degree in Accounting from King Saud University.