Shams Appoints Majed Al-Otaibi as New CEO, Replaces Al-Suwailem

Tourism Enterprise Company (Shams), listed on the Saudi Exchange under ticker 4170, announced the mutual termination of its CEO, Eng. Abdullah bin Omar Al-Suwailem, effective July 17, 2026, as per a board decision on the same date. Concurrently, the board appointed Mr. Majed bin Nawwar Al-Otaibi as the new CEO, also effective July 17, 2026.

Background

Mr. Al-Otaibi brings over 25 years of experience in investment and asset management, having held multiple leadership roles in banking and investment sectors. He holds a master's degree in economics from Ohio University, USA.

Reasons for Change

The announcement did not specify reasons for the change, only stating that the termination was mutual.

Impact on the Company

This leadership change comes as Saudi tourism companies seek to capitalize on sector growth driven by Vision 2030. Al-Otaibi's asset management expertise may signal a focus on improving financial efficiency.

Market Reaction

No immediate stock price reaction was observed following the announcement, with no unusual trading activity reported.