A Saudi-listed property developer has appointed a new chief executive to lead its expansion in Makkah and Madinah, where new foreign ownership rules could unlock fresh demand.
Almajdiah named Raed Al-Naeem as CEO, effective November 1. He joins from Ayyan Investment, which he has led since 2019, steering it through major asset sales and a restructuring of its healthcare portfolio.
Al-Naeem replaces Abdulsalam Almajed, who remains managing director and a board member.
Behind the numbers
Almajdiah's first-half profit plunged 62% to 80 million Riyals ($21 million), while revenue fell 28%.
But property unit sales rose 33%, suggesting underlying demand held up. The company attributed much of the decline to land sales that inflated the previous year's results.
Why it matters
Almajdiah is involved in multibillion-riyal developments across Makkah and Madinah.
New foreign ownership rules in both cities could open the door to a new pool of buyers.
What to watch
Al-Naeem inherits rising construction costs, supply chain disruptions and regional uncertainty.
His challenge is to turn stronger property sales into sustainable profits while delivering an expanding project pipeline. Third-quarter earnings are still pending.
