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The CEO of the company developing and managing Riyadh’s King Abdullah Financial District (KAFD) has stepped down to be replaced on an acting basis by Saudi Public Investment Fund’s (PIF) investment manager Mohammed Alsudairy.
No reason was given for change, but a spokesperson for KAFD Development and Management Company (KAFD DMC) said CEO Guatam Sashiittal will be staying on in an advisory capacity, while Alsudairy of PIF’s Saudi investment division will be acting CEO until a permanent appointment is made.
Sashittal has been CEO of KAFD DMC since June 2021 and told Zawya earlier this year that the district is being “activated” in 2024, with 95 buildings, around 50% of the district, complete as of March.
Ownership of KAFD was transferred to the PIF from Saudi Arabia’s Public Pensions Agency in 2016. The project was launched in 2007.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
