THE Board of Directors of Alkhabeer Capital, a leading asset management and investment firm based in Saudi Arabia authorized by the Capital Markets Authority, announced Wednesday that it has accepted the resignation of Saleh Mohammed Binladen from his position as Chairman of the Board of Directors, for personal reasons. The board also announced the appointment of Musaad Mohammad Aldrees in his place as chairman, effective Oct. 7. Binladen said he remains passionate about Alkhabeer Capital and is optimistic about the company's future prospects. He said he was stepping down to reduce his broad responsibilities. Aldrees, a member of the board of Alkhabeer Capital since 2008, will serve as Chairman until the appointment of a new board and chairman in January 2016. Ammar A. Shata, executive director and CEO of Alkhabeer Capital, said, “Musaad Mohammed Aldrees brings significant expertise to Alkhabeer that will enable him to continue the strategic development of Alkhabeer and ensure its continued success.” Shata added, “I want to thank Saleh Bin Mohammed Binladen for his years of service to Alkhabeer, without which the Company would not have reached the milestones and successes it has achieved to date.” Alkhabeer Capital is a leading asset management & investment firm providing world-class investment products and services, that endeavors to help institutions, family groups and qualified investors access to and/or allocate capital in ways that deliver real and enduring economic value. The asset management area provides investment opportunities through a large and growing portfolio of public and private funds in the areas of real estate, private equity, capital markets and venture capital, while the investment banking area offers specialized Shariah-compliant capital raising and M&A advisory services to businesses, private investors and families. Alkhabeer Capital also provides advisory services on structuring Waqf entities and Waqf wealth management through its “Waqf” Program, which targets educational institutes, charitable foundations, family groups, high net worth individuals and other philanthropists who wish to establish Waqf entities. Alkhabeer Capital has offices in Jeddah and Riyadh. — SG
