Arriyadh Development transfers management powers to managing director

Arriyadh Development Co. (ARDCO) transferred all management powers to its newly-appointed managing director, Abdullah bin Al-Bahouth, the company said in a bourse statement.

Moreover, Ali bin Abdullah Al-Hassoun, the current CEO, will remain an advisor to the managing director and to the board of directors until September 25, 2021, and a board member until the end of the current session on June 24, 2022.

ARDCO’s board of directors appointed Albahouth as managing director and amended the membership status to an executive member as of April 21, 2021, Argaam reported.