Former Sabic executive Rasheed M. Al-Shubaili has been appointed as cheif executive officer of the recently formed Saudi Arabian Industrial Investments Company (SAIIC), the company said on Thursday.
With more than 20 years of industry experience, Al-Shubaili will head the $532mn firm with effect from 1st of September.
SAIIC was founded last year by joint venture partners including Saudi Arabian Public Investment Fund (PIF) (50%), Saudi Aramco (25%) and SABIC (25%).
Its main purpose is to establish investments in the downstream sector and help develop diversified industrial value chains in Saudi Arabia.
Some of the company's values include creating positive impact on the Kingdom's economic diversification, utilisation of local resources, creation of quality jobs and attracting new technologies and external investments.
H.E. Engineer 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."
Commenting on the trust vested in him by the SAIIC board, Al-Shubaili said, "I'm honored 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 served as vice president for SABIC Engineering and Project Management in 2012.
He holds an MBA from the University of Houston, US, and a BS in Electrical Engineering from the King Fahd University of Petroleum and Minerals.