Riyadh - Mubasher: The board of Tourism Enterprise Company (Shams) approved the appointment of Majed bin Nawar Al Otaibi as the company’s new Chief Executive Officer (CEO).

The appointment was effective as of 17 July 2026, following a board decision reached on the same date.

Al Otaibi joins the company with over 25 years of experience in the investment and asset management sectors. He has previously held several leadership positions within the banking and investment industries, where he focused on investment strategies, governance, and risk management.

He holds a Master’s degree in Economics from Ohio University in the US.

The leadership change follows the board’s decision to terminate the contractual relationship with the outgoing CEO, Abdullah bin Omar Al Suwailam, by mutual consent.

The termination of Al Suwailam’s duties also became effective on 17 July 2026. The board expressed its gratitude to Al Suwailam for his period of service to the company.

Shams recently announced the resignation of three independent members from its board of directors and various sub-committees. The resignations, submitted for personal reasons, became effective on 14 July.