Tourism Enterprise Company (Shams), the Saudi tourism and hospitality group listed on the Saudi Exchange (Tadawul), has reshaped its leadership with the appointment of Nasser Bin Khalaf Al-Barrak as Chairman of the Board and Majed Bin Nawwar Al-Otaibi as Vice Chairman and Managing Director, the company announced on 19 July 2026. Al-Otaibi will additionally assume the role of Chief Executive Officer, consolidating board and executive responsibility at the top of the company.
The changes represent a broad governance and management reset. Alongside the board appointments, directors approved the transition of the chief executive role to Al-Otaibi, who succeeds Abdullah bin Omar Al Suwailem. The board and Al Suwailem concluded his employment contract by mutual agreement, framing the handover as an orderly transition rather than an abrupt departure. The dual move gives the company a new chairman and a new chief executive in a single announcement.
As Chairman, Al-Barrak takes responsibility for board oversight and governance at a company operating in one of Saudi Arabia's fastest-evolving sectors. He also joins the company's Nomination and Remuneration Committee and its Development and Investment Committee. Al-Otaibi, in his combined role as Vice Chairman, Managing Director and Chief Executive, will carry both strategic and day-to-day operational authority, and chairs the Development and Investment Committee that is expected to guide the group's growth agenda.
The board also approved the formation of its principal committees, spanning audit, nomination and remuneration, and development and investment functions, and designated corporate representatives for all matters related to compliance with the regulations of the Capital Market Authority, the Saudi Exchange and the Securities Depository Center Company, known as Edaa. Establishing these committees is a standard step for Tadawul-listed issuers and signals an emphasis on formal governance as the leadership changes take effect.
The concentration of the chairman-adjacent vice chairman role and the chief executive mandate in Al-Otaibi is a structure boards typically weigh carefully, balancing decisiveness and continuity against the independent oversight that separate roles can provide. For a listed company navigating a leadership change, the committee framework approved at the same meeting is likely intended to reinforce that oversight while the new team establishes itself.
The appointments come as Saudi Arabia continues to expand its tourism and hospitality sector, a central pillar of the Kingdom's economic diversification strategy. Companies operating in the space have drawn heightened investor attention as domestic and international travel volumes rise. For Shams, a refreshed board paired with a clearly designated chief executive positions the company to pursue a more defined strategic direction under its new leadership.
