RIYADH — Saudi Arabian Military Industries (SAMI), a wholly-owned subsidiary of the Public Investment Fund (PIF), has announced the outcome of its extraordinary general assembly meeting held recently, in the presence of SAMI’s Board representative and Vice-Chairman Dr. Ghassan Al-Shibl and PIF representative Omar Abalkhail.

Having completed the legal quorum in accordance with Article 30 of the company’s Articles of Association and having reviewed the assembly’s agenda, based on the results of the vote, the assembly approved all items put up to a vote.

This included the amendment of Article 12 of its Articles of Association, increasing the number of board members from nine to ten, and agreeing to restructure the company’s board of directors.

This will be effective for a three-year term as of the date of the extraordinary general assembly meeting. The following is SAMI’s restructured board of directors:

Ahmed bin Aqeel Al-Khateeb, chairman; Bandar Bin Ibrahim Alkhorayef, member; Gen. Abdulrahman Bin Saleh Albunayyan, member; Dr. Khaled Bin Hussain Albiyari, member; Dr. Ghassan Bin Abdulrahman AlShibl, vice-chairman; Dr. Ghassan Bin Ahmed Alsulaiman, member; Eng. Mosaed Bin Sulaiman Al-Ohali, member; Mazen Bin Ahmed Al-Jubeir, member; Abdulaziz Bin Abdulrahman Al-Sowailim, member; Yasir Bin Abdullah Al-Salman, member.

On this occasion, Al-Khateeb said: “We congratulate the company for restructuring its board, and we welcome its new members in their roles, to whom we wish every success.

“We also thank the former board members for their hard work and efforts during a period of significant accomplishments.

“We would like to renew our commitment to all our customers and stakeholders that we will continue our journey of achievements and that the board will make every effort to ensure the company’s success in supporting the localization of more than 50% of Saudi Arabia’s military spending by 2030.” — SPA