Al Majdiah appoints Raed Al Naeem as CEO

Saudi Arabia’s Dar Al Majed Real Estate Company (Al Majdiah) has appointed Raed bin Mohammed Al Naeem as its chief executive officer, effective November 1, 2026, bringing leadership experience across banking, investment, corporate transformation and mergers and acquisitions.

The company’s board of directors approved the appointment at a meeting held last week, according to a filing on the Saudi Exchange (Tadawul).

Al Naeem brings around 28 years of business leadership experience, including senior corporate finance roles at Riyad Bank and Bank Albilad. He most recently served as CEO of Ayyan Investment Company, a Saudi-listed joint-stock company, for more than six years.

During his tenure at Ayyan Investment, Al Naeem led business transformation initiatives, mergers and acquisitions, and governance improvements across healthcare, industrial and real estate businesses. His work included the acquisition of Al Ahsa and Al Salam hospitals in partnership with Dallah Healthcare and overseeing investment in the Al Salam Hospital project, valued at SAR1.2 billion.

He also served on the boards of Al Ahsa Medical Services Company, Al Salam Medical Services Company and Twareat Medical Services Company, alongside other leadership and governance responsibilities.

Al Naeem holds a bachelor’s degree in accounting from King Faisal University and has completed executive development programmes in leadership, finance and corporate structuring.

In a LinkedIn post announcing his appointment, Al Naeem thanked Al Majdiah’s board for its confidence and outlined his priorities for the company’s next phase of growth.

“I look forward to building on Al Majdiah’s achievements, strengthening its growth and position in the real estate development sector, and fulfilling the aspirations of its shareholders and customers,” he said.

He added that he would work alongside the company’s team to pursue new opportunities and deliver on its customer promise.

Al Naeem’s appointment comes as Al Majdiah continues to expand its real estate development activities. In September, the company signed a SAR2.80 billion agreement with Knowledge Economic City and Capital Hill Financial to develop a mixed-use real estate project in Madinah.

The board also approved the conclusion of Abdulsalam bin Abdulrahman Al Majed’s tenure as acting CEO, effective November 1, 2026. He will continue to serve as a board member and managing director.

Al Majed had held the acting CEO position since November last year. The board expressed its appreciation for his contributions during his tenure.

Al Naeem’s appointment marks a leadership transition as the real estate developer continues to pursue growth opportunities in Saudi Arabia’s property market.