RIYADH: The recently formed Saudi Arabian Industrial Investments Company (SAIIC) has appointed Rasheed M Al-Shubaili as its chief executive officer (CEO) with effect from September 1.
Abdullatif Al-Othman, SAICC chairman, said: “I am happy to welcome Rasheed Al-Shubaili as SAIIC’s first CEO. He is well respected as an accomplished leader, and his knowledge and extensive experience will be valuable to all of us in the new company. I wish him every success.”
Al-Shubaili, a former Sabic executive, will lead the SR2 billion ($532 million) company, bringing with him more than 20 years of related industrial experience. Rasheed holds an MBA from the University of Houston, USA, and a BS in Electrical Engineering from the King Fahd University of Petroleum and Minerals.
“I’m honoured to have been appointed to this position and I thank the Board for their trust”. He added “I will be focused with my team on delivering the best outcomes for the company and the Kingdom,” Al-Shubaili said.
SAIIC was established last year by a Royal Decree as an organization with joint venture partners consisting of the Saudi Arabian Public Investment Fund (PIF) (50 per cent), Saudi Aramco (25 per cent) and SABIC (25 per cent).
The company will be dedicated to establish downstream industrial investments that catalyzes the development of diversified and strategic industrial value chains in Saudi Arabia. The company is aimed at creating positive impact on the Kingdom’s economic diversification, utilization of local resources, creation of quality jobs and attracting new technologies and external investments.
