32 Days
Source:
الاقتصادية
Losses and resource issues threaten Shams Board
The General Assembly of Al Mashroat Tourism Projects "Shams" decided to dismiss its current Board of Directors after a request from shareholders owning 10.04% of the shares. This decision was due to financial and operational results falling below expectations, accumulated losses, and ineffective utilization of resources. A new Board of Directors was elected, including members such as Saif Al-Harbi and Majid Al-Otaibi, the latter of whom was appointed CEO effective July 17, replacing the previous CEO, whose contractual relationship was amicably terminated. The company recorded a loss of 4.5 million SAR in the first quarter of the year but increased its revenue by 11.6% to 1.5 million SAR. "Shams" owns the Palm Beach Resort with a market value estimated at 933 million SAR.
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