SAIIC appoints former SABIC exec as CEO

03/09/2015 Argaam

Saudi Arabian Industrial Investments Co. (SAIIC) has named former Saudi Basic Industries Corp. (SABIC) executive Rasheed M. Al-Shubaili as CEO, the company said in a statement.

 

Al-Shubaili, who took on his new role on September 1, has more than 20 years of related industrial experience. He holds an MBA from the University of Houston and a Bachelor’s of Science in electrical engineering from King Fahd University of Petroleum and Minerals.

 

SAIIC was established in 2014 with SAR 2 billion in capital. It is 50 percent owned by the Saudi Arabian Public Investment Fund (PIF), and Saudi Aramco and SABIC, which each own a 25 percent stake.

 

SAIIC specializes in downstream industrial investments as it aims to help diversify the kingdom’s oil-dependent economy.

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