Alkhabeer Capital appoints Musaad Mohammad Aldrees as Chairman

7 October 2015

Jeddah, Saudi Arabia, The Board of Directors of Alkhabeer Capital, a leading asset management and investment firm based in Saudi Arabia authorized by the Capital Markets Authority (license number 37-07074), announced today that it has accepted the resignation of Mr. Saleh Mohammed Binladen from his position as Chairman of the Board of Directors, for personal reasons. The board also announced the appointment of Mr. Musaad Mohammad Aldrees in his place as Chairman, effective October 7, 2015.

Mr. Binladen said he remains passionate about Alkhabeer Capital and is optimistic about the Company’s future prospects. He said he was stepping down to reduce his broad responsibilities.

Mr. Aldrees, a member of the board of Alkhabeer Capital since 2008, will serve as Chairman until the appointment of a new Board and Chairman in January 2016.

Ammar A. Shata, Executive Director and CEO of Alkhabeer Capital said, “Mr. Musaad Mohammed Aldrees brings significant expertise to Alkhabeer that will enable him to continue the strategic development of Alkhabeer and ensure its continued success.”

Mr. Shata added, “I want to thank Mr. Saleh Bin Mohammed Binladen for his years of service to Alkhabeer, without which the Company would not have reached the milestones and successes it has achieved to date.”