Emaar Economic City Welcomes Abdulaziz Alnowaiser As Its New CEO

Emaar, the Economic City (EEC), the master developer behind the ambitious King Abdullah Economic City (KAEC), has announced a significant leadership change. Abdulaziz Ibrahim Alnowaiser has been named the new CEO, set to take the reins on May 1. This strategic decision was made public on April 3, highlighting Alnowaiser's extensive experience in finance, corporate governance, and his proven track record in driving strategic visions to fruition.

The outgoing CEO, Eng. Cyril Piaia, is transitioning to an advisory role to ensure a smooth handover of responsibilities. Alnowaiser's appointment comes at a crucial time for EEC and KAEC, as they navigate through ambitious development projects aimed at fostering innovation and sustainable growth within the city.

Alnowaiser brings over two decades of executive and board-level experience to his new role. Before joining EEC, he served as the CEO of Tahakom Investments Company, a subsidiary of the Saudi wealth fund PIF. His career also includes significant roles such as M&A Advisor and Vice President Finance (CFO) at Arabian Internet and Communications Services Co. (Solutions), and Vice President Finance (CFO) at Al Othaim Real Estate Investment & Development Company. Additionally, he has been leading Tawuniya Insurance Company as Chairman of the Board and the Executive Committee since 2020.

His academic background is equally impressive, holding degrees in accounting, finance, and information systems alongside a Diploma in International Financial Reporting Standards among other professional certifications. This blend of practical experience and academic achievement positions Alnowaiser as an ideal leader to steer EEC and KAEC towards their strategic objectives.

Fahad AlSaif, Chairman of EEC, expressed confidence in Alnowaiser's leadership capabilities. "This is an important moment for both EEC and KAEC as we pursue the implementation of our ambitious long-term strategy," AlSaif remarked. He praised Alnowaiser's diverse professional experience and leadership skills as key factors that will contribute to achieving operational, financial, and strategic goals for EEC and KAEC.

The board also extended its gratitude to Eng. Piaia for his dedication and successful tenure as CEO. His continued involvement as an advisor to Alnowaiser is expected to further enhance the transition process and contribute to the ongoing development projects.

This leadership transition marks a new chapter for EEC and KAEC as they aim to drive innovation and sustainable development under Alnowaiser's guidance. His appointment reflects the company's commitment to achieving its long-term vision and operational excellence.