United International Holding Company, a Saudi-based finance firm, has announced the appointment of Mohamed Galal Ali Fahmy as Acting Chief Executive Officer, following the tragic passing of CEO Sakhr Abdulrahman Mohammed Almulhem on December 6, 2024.

In an exchange filing, the firm stated: “Further to the company’s announcement on the Tadawul website dated Sunday, December 8, 2024, regarding the passing of CEO Mr. Sakhr Abdulrahman Mohammed Almulhem (May Allah have mercy on his soul), and in the interest of safeguarding the company’s and its shareholders’ interests, United International Holding Company announces the Board of Directors’ decision, issued on December 15, 2024, to appoint the Vice Chairman, Mr. Mohamed Galal Ali Fahmy, as Acting CEO of United International Holding Company. He will manage the company’s affairs during the interim period until a new CEO is appointed. This decision is effective as of the date of the Board’s resolution.”

The company, which recently went public on the Tadawul stock exchange, operates as a subsidiary of the Saudi-listed United Electronics Company (eXtra), specialising in non-banking financial services. It began trading on December 3, following an IPO in which United Electronics Company (eXtra) divested a 30% stake in the firm, raising $264 million.

Sakhr was appointed CEO of UI Holding, also known as Tas'heel Finance, in 2021 and played a pivotal role in the company’s growth and expansion, as well as its debut on the trading platform. Writing condolence message, the company stated, “With hearts full of faith and content with His will and destiny, United International Holding Company and all its members extend their deepest condolences to the family of the CEO, Mr. Sakhr bin Abdulrahman Al-Mulhim (may God have mercy on him). We ask Allah to envelop him in His vast mercy.”

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Mohamed Galal, who has served as the MD and CEO of eXtra since 2016 and Vice Chairman of UI Holding since 2018, assumes these new responsibilities with immediate effect.