Emaar, The Economic City (Emaar, E.C.) announced that Fahd Al-Rasheed, who currently serves as chief executive officer, Emaar, E.C., has been appointed as a member of the company's Board of Directors. A company statement said on Wednesday that Al-Rasheed, a financial, investment and management professional, has several years of experience working with the Saudi Arabian General Investment Authority (SAGIA) to promote investments into the Kingdom and in managing Economic Cities. He has also worked in Saudi Aramco's finance division leading an array of investment and financial functions. He was appointed chief executive officer on Jan. 21, 2008 to oversee the on-schedule completion of King Abdullah Economic City (KAEC) and enhance its appeal to international and regional investors. The next annual general meeting of Emaar, E.C. will approve Al-Rasheed's membership. Al-Rasheed's appointment comes after the board of directors of Emaar, E.C. accepted the resignation of Dr Abdulraouf Mannaa. Emaar, E.C. is a Tadawul-listed company and is currently developing the 168 million sqm KAEC, which is located on the Red Sea Coast. The first phase of KAEC has been launched to overwhelming customer response and work on the various components is progressing as per schedule. KAEC has six zones: The Sea Port, Central Business District, Industrial Zone, Educational Zone, Resort Zone and Residential Communities. __
