Almarai Company, Saudi Arabia's dominant dairy and food-beverage conglomerate, has appointed Ikram UlHaque as Chief Financial Officer effective July 1, 2026, succeeding Danko Maras, who resigned after six years in the role citing family reasons. The appointment marks a significant promotion from within the company for UlHaque, who had been serving as Group Head of Finance and brings near two decades of tenure at the Riyadh-headquartered multinational. The move reflects a common corporate strategy in the Gulf region of promoting seasoned insiders to top financial roles rather than recruiting externally, signaling board confidence in institutional knowledge and continuity.
In announcing the executive change through the Tadawul stock exchange, Almarai's board emphasized UlHaque's extensive internal experience spanning commercial, operational, and corporate functions. The company described him as a prominent finance executive whose deep understanding of operations, business model and long-term strategy positions him well for the CFO chair. No search firm involvement was disclosed in the appointment process. Maras, a former executive at multinational consumer goods companies including Unilever and Leaf, had previously led Almarai's efforts on major capital markets transactions, including a USD 750 million Islamic sukuk offering in 2023 that won industry recognition.
UlHaque holds an MBA from the University of Sydney and a bachelor's degree in economics with accounting specialization from Macquarie University. He is a member of Chartered Accountants institutes in both Australia and New Zealand, credentials that align with his two decades of progressively senior roles across Almarai's finance function. Before his Head of Finance appointment, he accumulated experience across the company's diverse business segments, providing exposure to both the commercial realities of dairy production and the technical infrastructure of a vertically integrated global food enterprise.
Almarai Company is a publicly listed Saudi multinational ranking as the world's largest vertically integrated dairy enterprise and the leading food and beverage manufacturer and distributor across the Middle East and North Africa region. The company generates annual revenue exceeding SAR 20 billion from a portfolio encompassing more than 20 brands, including flagship products in fresh dairy, juices, bakery items such as 7Days and L'Usine, poultry, infant formula, and specialty foods. The company operates across Saudi Arabia, the broader Gulf Cooperation Council region, Egypt, and Jordan, serving millions of consumers daily. Almarai is majority-owned by Savola Group, the Saudi royal family's investment vehicles, and public shareholders via the Tadawul exchange.
The CFO transition occurs as Almarai's leadership has undergone recent changes, including the appointment of Fawaz Al-Jasser as Chief Executive in January 2026 after nearly two decades of internal career progression. Analysts have maintained steady valuations despite modest adjustments to growth and margin expectations. UlHaque's appointment as an internal candidate can be reasonably interpreted as emphasizing stability and operational continuity, particularly given the company's simultaneous expansion initiatives and capital-intensive investments. The promotion of a finance executive with deep familiarity with Almarai's complex operational and commercial ecosystem may provide the new CFO immediate credibility with both the board and international stakeholders as the company pursues further geographic expansion and product diversification under the multi-billion-riyal investment program announced for 2025 and beyond.
