Riyadh – Mubasher: Naqi Water Company has finalized the composition of its Audit Committee for the upcoming Board of Directors term, following a board meeting on 10 June 2026, according to a bourse disclosure.
The appointments, which were ratified by the Board of Directors, are effective as of 4 June 2026. The committee will be responsible for overseeing the company’s financial reporting, internal controls, and compliance frameworks during the new cycle.
The newly appointed committee consists of three members with diverse backgrounds in finance, investment, and corporate governance, led by Mustafa Hasaballah Al Houfi as Chairman.
Al Houfi brings extensive professional experience and a suite of international certifications to his new role, holding a Bachelor’s degree in Commerce from Alexandria University and currently serves as the Chief Financial Officer of Al Shafia Water Bottling Company.
He is already an active member of Naqi Water Company’s Board of Directors and has served on its Audit Committee since 2021, assuming the chairmanship in April 2024. His external leadership roles include chairing the Audit Committee at International Trade Unions, a closed joint-stock company. His professional credentials include being a Certified Public Accountant (CPA) since 2009, a Certified Internal Auditor (CIA) since 2007, and holding both Certified Management Accountant (CMA) and Certified Financial Manager (CFM) designations since 2005.
The committee also includes Nawaf Yousef Al Qaffari, who holds a Bachelor’s degree in Finance and Investment. He currently serves as the Accounts Manager at Naqi Renchen and previously held the position of Assistant Procurement Manager at Amazon. His technical expertise is supported by several professional certifications, including the CME1, Forecasting for Retail, and MENA Retail Selection.
The third member of the committee is Abdulrahman Saleh Al Hudaif, who holds a Bachelor’s degree in Psychology. He provides significant high-level governance experience, having previously served as the Chairman of the Board for Qassim Holding Investment Company and the National Agricultural Marketing Company. His leadership background also includes the chairmanship of Al Bukiryah FC.
In addition to his executive roles, Al Hudaif has served as the Chairman of the Remuneration and Nominations Committee at Qassim Holding Investment Company and was a member of the Commercial Committee at the Saudi Arabian Football Federation.
The appointment of these members reflects the company’s focus on integrating financial expertise with broad corporate oversight.
By establishing the committee well in advance of the new term, Naqi Water aims to ensure a seamless transition in its governance processes. The committee will play a vital role in maintaining the transparency and integrity of the company’s financial operations as it enters its next board cycle in 2026.
The formation of the Audit Committee follows the announcement of appointing Chairman, Vice Chairman, and Managing Director of Naqi Water.
