Thimar Development Holding Company, a Riyadh-based Saudi holding company, has appointed Sulaiman bin Naser Al-Hatlan as Chairman and Mohammad bin Saleiman Aleisa as Vice Chairman following the company's Ordinary General Assembly meeting held on May 12, 2026. The appointments became effective on May 14, 2026, for a four-year term extending to May 13, 2030. The board also formed a Nominations and Remuneration Committee, which Al-Hatlan chairs alongside independent director Sami bin Mohammad AlHelwah and non-executive director Saud bin Hassan bin Saeed.
The board selections reflected a transition in Thimar's governance structure. The company's Ordinary General Assembly approved five new board members as part of the election process, achieving 27.14 percent shareholder attendance. The decisions followed established corporate governance procedures, with the board meeting convened on May 17, 2026, to formalize the appointments and committee assignments. Shareholders also approved amendments to the company's Corporate Governance Regulations and Board Membership policies during the same assembly meeting.
Al-Hatlan brings substantial board experience to the role. He currently serves as an independent director at Arriyadh Development Co., Saudi Vitrified Clay Pipes Co., Lightweight Construction Co., and Lumi Rental Co., while sitting on the boards of Al Hilal Investment Co. LLC and Al Hilal Club Investment Co. Previously, he held the position of Executive Director at Maharah Human Resources Co. and served as an Independent Director at Arabian Shield Cooperative Insurance Co. He also founded and served as Chief Executive Officer and Partner at HNC Co., demonstrating entrepreneurial and operational experience across diverse sectors.
Thimar Development Holding Company is a publicly listed Saudi joint-stock company on the Tadawul stock exchange with an authorized capital of SAR 250 million. The company was originally established as the National Agricultural Marketing Company in 1987 and rebranded as Thimar Development Holding Company in October 2021. Through its subsidiaries, including Wasmi and Thimar Meat Company, the firm operates in food retail and meat production, wholesaling, and retailing within Saudi Arabia. The company actively manages its investment portfolio while holding real estate and movable properties necessary for subsidiary operations.
The appointment signifies a governance refreshment at a holding company navigating evolving market conditions. Al-Hatlan's multi-sector board background suggests the company may benefit from exposure to capital allocation and corporate governance expertise spanning construction, real estate, and investment sectors. The four-year term provides strategic continuity as Thimar, which recently underwent a capital increase process with Wasatah Capital as financial advisor, positions itself within Saudi Arabia's consumer staples sector. The composition of the new board, comprising both independent and non-executive directors, aligns with regulatory expectations for Saudi public companies, though broader strategic initiatives beyond governance changes remain unclear from available disclosures.
