Arabian Food and Dairy Factories Company (FADECO), the Saudi ice cream manufacturer, has appointed Fadel Fawaz as Chief Financial Officer following the successful completion of his probation period, the company announced to the Tadawul stock exchange in mid-January. Fawaz, who has been serving as Executive CFO at the Dammam-based company, moves into the permanent role as FADECO strengthens its financial leadership amid plans to expand operations in the region's competitive food and beverage sector.
FADECO said the appointment represents part of a broader effort to strengthen its financial framework, enhance financial performance efficiency, and apply best governance practices in support of the company's growth and expansion plans. The board made the confirmation following Fawaz's successful demonstration of his capabilities during the evaluation period. The company, which has been expanding its presence since its initial public offering in June 2022, appears to be taking steps to professionalize its finance function as it pursues more ambitious strategic objectives.
Fawaz brings more than 15 years of experience in financial management, financial reporting, budgeting, and strengthening internal control systems across the fast-moving consumer goods, industrial, construction, retail, and distribution sectors. He holds a Certified Management Accountant certificate, a Master of Business Administration degree from Beirut Arab University, and a bachelor's degree in accounting, along with additional certifications in leadership skills and forensic accounting. His previous roles include Chief Financial Officer at Alfransi Complex for Aluminum, Chief Financial Officer at DeliFrost Caterers Nigeria Limited, and Senior Financial Analyst at Medco SAL, giving him exposure to manufacturing operations across the Middle East and Africa.
FADECO, established in 1979, specializes in producing premium ice cream products sold under the Fadeco and Blumark brand names. The company is the food and beverage division of HAK Holding and operates from industrial facilities in Dammam in the Eastern Province of Saudi Arabia. FADECO went public on the Nomu parallel market in June 2022, offering 20 percent of its capital and raising approximately 20 million Saudi riyals from the initial public offering. The company employs between 200 and 500 people and generated annual revenues of approximately 22 million dollars as of 2026.
Fawaz's appointment at a publicly listed company signals FADECO's commitment to strengthening corporate governance structures, a move that may prove important for a consumer goods company seeking to maintain investor confidence in an increasingly competitive market. His international experience in Nigeria and Lebanon, combined with his expertise in enterprise resource planning implementation and financial transformation projects, suggests the company may be preparing for operational improvements or market expansion. For investors in the relatively small ice cream manufacturer, the formalization of leadership in the finance function could signal organizational maturity, though the modest scale of the company's operations means the appointment's strategic significance may be primarily internal rather than a signal of major external market moves.
