By Shaimaa Hefzy

Saudi tourism projects company "Shams", listed on the Saudi Stock Exchange, has appointed a new CEO with an investment background and more than 25 years of experience in the investment and asset management sectors, namely Majid Al-Otaibi, according to a company statement to the stock exchange on Sunday.

According to the statement, Al-Otaibi began his duties on July 17, succeeding Abdullah bin Omar Al-Suwailem, who left his position by mutual agreement to terminate his contract.

About the company and Al-Otaibi

(According to company disclosures + official data)

Shams has been active in the tourism resorts sector for more than 30 years and has been listed on the Saudi Stock Exchange (Tadawul) since 1996. According to its official website, Shams is working on expanding and acquiring integrated projects and businesses within Saudi Arabia.

During the first quarter of this year, the company turned to record net losses of about 4.5 million riyals ($1.2 million) compared to a net profit of 726.2 thousand riyals in the same quarter of last year, despite revenues increasing by 11.7% year-on-year.

The company attributed this shift to losses to a decrease in its Islamic financing rate and a decline in the fair value of its financial assets. According to its latest financial statements, the company has accumulated losses exceeding 14% of its capital, amounting to SAR 84.8 million.

Al-Otaibi holds a master's degree in economics from Ohio University in the United States, and has held several leadership positions in the banking and investment sectors.

(Prepared by: Shaimaa Hefzy, Edited by: Fatima El-Kashef, Contact: zawya.arabic@lseg.com )

#Economic News