Riyadh – Mubasher: Thimar Development Holding Company has announced the formation of its Audit Committee for the upcoming board of directors’ cycle, which commenced on 14 May 2026, according to a bourse filing.

The committee comprises two independent directors and one external financial specialist, tasked with overseeing the company’s financial reporting and internal control systems for a four-year period until 13 May 2030.

The members include Mohammed Saleiman Al Eisa and Sami Mohammad Al Helwah, both serving as independent board members.

Al Eisa brings professional experience in finance, investment funds, and portfolio management to the committee. He holds a Master of Business Administration in Finance and Banking from Bangor University in the UK.

Currently, Al Eisa serves as the Vice President of Alternative Investment Management and Head of Real Estate Development Funds at Alinma Investment. His extensive background also includes board memberships at the International Water Distribution Company, where he sits on the executive committee, and Hala Petroleum Services Company (GO Station).

Furthermore, his expertise encompasses financial structuring, investment fund management, and securities legislation.

The second independent member Al Helwah is an entrepreneur and executive with more than 20 years of experience in the technology, finance, and logistics sectors.

He is a graduate of Qassim University with a Bachelor’s degree in Computer Science, while his career is focused on founding and managing companies through various stages of growth and regional expansion.

Al Helwah has a professional history that includes strategic planning, executive management, and the development of operational models and corporate partnerships. He has previously served on the boards of multiple financial and technical entities.

Mohammed Musleh Al Khatib, meanwhile, is joining as an external member and a specialist in financial and accounting affairs. He is a seasoned financial expert with over 20 years of experience in financial management, governance, and internal controls.

Al Khatib currently serves as the Group Chief Financial Officer at Emdad Human Resources Company, where he leads digital transformation initiatives and the development of governance systems.

His previous career highlights include executive roles at several prominent Saudi-listed and major firms, such as Maharah Human Resources Company, the Saudi Research and Media Group (SRMG), and Aramex Media.

On the academic level, Al Khatib holds a Bachelor’s degree in Accounting from Yarmouk University in Jordan and is a Certified Management Accountant (CMA). His expertise is particularly focused on strategic planning, risk management, and compliance within the Saudi capital market framework.

Thimar Development Holding Company confirmed that the formation of the committee did not require non-objection clearances from other official regulatory authorities.

The appointment of these members, particularly the inclusion of an external specialist with a strong background in listed company governance, reflects the company's focus on maintaining high standards of transparency and financial integrity throughout the 2026-2030 cycle.

By combining independent board oversight with deep technical knowledge in accounting and alternative investments, the company aims to strengthen its internal audit functions and ensure robust financial reporting for its shareholders and the broader market.

The board members of Thimar recently decided to suspend the calculation of bonuses and attendance allowances for all members and the subcommittees.