Marwan Jreige has been appointed Acting Chief Executive Officer of Takween Advanced Industries, effective July 1, 2026, following the resignation of Majed Nofal as CEO at the end of June. The Saudi Arabia-based plastic packaging and nonwoven fabrics manufacturer announced the appointment on June 14 through Tadawul, the Saudi Exchange, a month into a period marked by operational pressure on the company's financial performance. Jreige's appointment marks a return to the helm for an executive who previously held senior financial positions within the publicly listed group, signalling the board's reliance on internal experience during a period of performance headwinds.
Takween's board of directors approved Nofal's resignation on June 14, less than 3.5 years into his tenure as CEO, which began in January 2023. The company did not disclose reasons for Nofal's departure or announce any search firm involvement in identifying Jreige as acting chief. In the absence of a permanent successor announcement, the appointment suggests the board may be evaluating options for longer-term leadership while stabilizing operations through Jreige's interim appointment. Nofal, who spent the prior decade in roles at major Saudi food companies including Almarai and Pure Beverages, had focused his CEO tenure on strengthening Takween's operations across its subsidiaries including Saudi Plastic Packaging Systems (Plastico), SAAF Advanced Fabrics, and regional manufacturing facilities.
Jreige brings a three-decade financial management background spanning the packaging, manufacturing, and food sectors across the Middle East. He holds a Bachelor's degree in Business Administration, an MBA from the University of Kaslik, and completed a Master of Science in Finance from ESA Business School and SDA Bocconi School of Management in 2024, indicating continued professional development despite holding an active operational role. Most recently, he served as General Manager of Saudi Plastic Packaging Systems (SPPS), a position held since 2023, where he oversaw the company's financial operations. Critically, the company noted that Jreige previously held multiple senior roles within Takween itself, including positions as CEO and Chief Financial Officer, as well as leadership of operating business units. This internal continuity is likely to reduce operational disruption during the interim period. Prior to his SPPS role, Jreige held various senior leadership and finance positions across regional companies in the industrial, packaging, and food sectors, building deep operational and financial expertise in capital-intensive manufacturing environments.
Takween Advanced Industries is a Saudi publicly listed manufacturer founded in 1993 that specializes in food and medical grade plastic packaging and nonwoven fabrics for local, regional, and global markets. The company operates ten manufacturing facilities across Saudi Arabia and Egypt through a portfolio of subsidiaries serving major clients in the food and beverage, medical, and hygiene sectors. Takween trades on Tadawul under ticker 1201 with a market capitalization of approximately 480 million Saudi riyals as of January 2026. The company has undergone significant capital restructuring, completing a follow-on offering in 2024 and increasing shareholding capital by 64.56 percent to 764.65 million riyals, though it maintains an approved cash dividend policy of 5 percent of capital.
Jreige's appointment arrives at a challenging juncture for the publicly listed company. Takween's financial trajectory has diverged substantially from its packaging industry peers, with earnings declining at an average annual rate of 20 percent over recent years while the broader packaging sector has grown 15 percent annually. Revenue trends have been similarly pressured, declining 7.4 percent per year on average, with first quarter 2026 results showing a net loss of 19 million riyals and a loss per share of 0.25 riyals, representing deterioration from the prior year quarter. The appointment of an executive with established financial management credentials and prior exposure to Takween's operational structure suggests the board expects that internal institutional knowledge and financial discipline may be instrumental in addressing operational performance and earnings pressure. Whether Jreige's interim appointment will lead to his confirmation as permanent CEO likely hinges on the company's ability to stabilize revenue trends and margin performance in the coming quarters, particularly given the competitive pressures facing the region's packaging manufacturers.
