Majed Al-Otaibi, Managing Director and CEO of Shams for Tourism Projects, said that the new board of directors is working on implementing an integrated investment strategy aimed at developing the company’s business and maximizing the utilization of its resources to keep pace with the rapid growth witnessed by the tourism sector in Saudi Arabia.

Al-Otaibi added in his first statement after his appointment that the strategy focuses on efficiently investing the company’s assets, enhancing sustainable growth opportunities, and capitalizing on the promising opportunities offered by the Saudi market.

The company operates in the consumer services and tourism sector, with its business mainly centered on managing and operating tourism and entertainment facilities. Its most prominent asset is "Palm Beach Resort" located on Half Moon Beach in the Eastern Province.

Al-Otaibi indicated that the actual implementation of this strategy is scheduled to begin in the fourth quarter of this year, supporting the achievement of the company’s targets and the development of its core businesses.

Sat, 18 2026

He revealed that the recent changes in the board of directors and executive management will not affect the company’s business operations or the execution of its projects and partnerships, noting that all operations are managed within clear governance and business continuity frameworks that ensure regular operations and contractual obligations.

Al-Otaibi explained that the executive management, in cooperation with the new board of directors, is working to ensure the continuity of existing projects and partnerships without any interruption, thereby enhancing the stability of the company’s business during the current phase.

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He revealed that Shams is currently conducting a comprehensive review of its business portfolio and operational plans as part of preparing an integrated investment strategy aimed at raising operational efficiency, enhancing financial sustainability, and improving resource allocation efficiency, thus supporting focus on activities with the highest economic feasibility.

Tue, 21 2026

Regarding the opportunities afforded by the tourism boom in Saudi Arabia, Al-Otaibi affirmed that the company views the rapid growth in the tourism sector as a strategic opportunity aligned with the goals of Saudi Vision 2030.

He stated that any new investment opportunities will be evaluated according to criteria including strategic fit, economic feasibility, operational capacity, and regulatory compliance, with a commitment to disclose any initiatives or partnerships upon completion of studies and obtaining necessary approvals.

On the accumulated losses representing about 15% of the company’s capital, Al-Otaibi explained that the financial statements are available through official channels, stressing that the board of directors and executive management are adopting an integrated vision to improve financial performance by implementing structural initiatives aimed at raising operational efficiency and creating new revenue sources, with full commitment to transparency standards and disclosure of any material developments.

He pointed out that the comprehensive strategy aims to maximize shareholder value and achieve sustainable growth, confirming that any material decisions or information will be announced through official channels in accordance with regulatory requirements.