Saudi Fisheries appoints new CEO for the 4th time in under three years
The leadership reshuffle also includes the departure of Managing Director Saeed Abdullah Al-Muaither, who stepped down after nearly two years in the role due to “special circumstances.”
SAUDI ARABIA – Saudi Fisheries Company has dismissed CEO Mahmoud Abdel-Hay and appointed Rayan Mohammed Al-Mansour as his successor, marking the fourth leadership change in less than three years.
The company announced that Abdel-Hay’s termination became effective on 4 May. He had joined Saudi Fisheries in 2022 as chief financial officer and financial controller, and was promoted to CEO in April 2024. The board did not provide specific reasons for the abrupt leadership change.
In a statement, the board praised Al-Mansour’s qualifications, citing over two decades of executive experience in the industrial, investment, and food manufacturing sectors.
“Rayan Mohammed Al-Mansour has over twenty years of practical experience in executive leadership and operational positions… during which he has contributed to planning and developing strategies, improving operational efficiency, and developing businesses,” the company said.
Al-Mansour holds a Bachelor’s degree in Electrical Engineering from King Fahd University of Petroleum and Minerals, a Master’s in Business Administration from Qassim University, and a General Certificate in Securities Trading.
The leadership reshuffle also includes the departure of Managing Director Saeed Abdullah Al-Muaither, who stepped down after nearly two years in the role due to what the board described as “special circumstances.”
New aquaculture affiliate in its infancy
The executive overhaul comes as Saudi Fisheries, part-owned by the Public Investment Fund, attempts to revamp its operations and capitalise on Saudi Arabia’s growing aquaculture ambitions.
In 2023, the nation’s aquaculture output hit 140,000 metric tons, up from 120,000 metric tons in 2022, reflecting the government’s push to develop the sector along the kingdom’s 2,600-kilometre coastline.
In line with this national strategy, Saudi Fisheries established a new aquaculture affiliate in early October 2024.
The company, which will be fully owned by SFC and based in Riyadh, is launching with an initial capital of SAR 100,000 (US$26,600). The firm is still awaiting government approval before commencing operations.
According to Research and Markets, the Saudi Arabian aquaculture market, valued at US$ 375.72 million in 2024, is likely to continue blooming thanks to increasing demand for seafood in the Middle East, and is projected to reach US$396.29 million by 2030.
This growth makes it an opportune time for firms to continue investing in the aquaculture industry at various points in the value chain.
Sign up HERE to receive our email newsletters with the latest news updates and insights from Africa and the World, and follow us on our WhatsApp channel for updates.
Be the first to leave a comment