Tabuk Agricultural Development Company (TADCO) announced that its Board of Directors approved on 15 October 2026 the resignation of Mr. Badr Abdullah Saleh Alhanaki from his posts as Independent Board Member and Chairman of the Audit Committee, and appointed Mr. Asim Mohammed S Alhattami to fill both positions, according to english.mubasher.info.
The changes took effect the same day and come at a moment when Saudi agribusiness is drawing close attention from Egyptian investors watching Gulf capital move into food security projects across the region.
What the board decided on 15 October 2026
The board accepted Alhanaki's resignation at his own request, citing professional circumstances that require him to step down from all board and committee memberships. His tenure had begun on 12 August 2025, when he also took over the audit committee chairmanship.
Acting on the recommendation of the Nomination and Remuneration Committee, the board appointed Asim Alhattami as an Independent Member of the Board and as Member and Chairman of the Audit Committee. His term runs until the end of the current board's mandate on 11 August 2028.
The company stated that the Nomination and Remuneration Committee reviewed Alhattami's qualifications and verified that he meets the independence requirements set out in the Corporate Governance Regulations issued by the Saudi Capital Market Authority, and that none of the circumstances affecting independence apply to him.
A finance veteran with U.S. and Saudi credentials
Alhattami brings 16 years of experience in financial and strategic planning, corporate governance, and corporate control across several sectors, according to the company's disclosure. He holds a Bachelor's degree in Accounting from King Fahd University of Petroleum and Minerals and an MBA from the University of Miami in the United States.
He is also a U.S. Certified Public Accountant and holds the qualification of the Saudi Organization for Chartered and Professional Accountants (SOCPA). For a company of TADCO's scale, whose shares traded at 36.20 riyals, down 0.70 percent, on the day of the announcement, the arrival of a chairman with this profile signals continued emphasis on disciplined oversight.
The appointment still needs shareholder approval
The board's approval of Alhattami's appointment is not final. The decision will be presented to the next General Assembly meeting for approval, in line with applicable Saudi laws and regulations.
TADCO's board thanked Alhanaki for his efforts and contributions during his tenure and wished him success in his future endeavors, while also extending its best wishes to Alhattami in carrying out his duties in a manner that serves the interests of the company and its shareholders.
Why this matters for Egypt and the region
For Egyptian readers, boardroom news from a Saudi agricultural developer is never just internal housekeeping. TADCO operates one of the region's largest agricultural schemes, and the governance standards it applies, shaped by the Saudi Capital Market Authority, are part of a wider movement toward transparency that Egyptian regulators and listed companies have also embraced in recent years.
Strong corporate governance is precisely what gives foreign investors the confidence to commit capital, a principle Egypt understands well as it courts Gulf money for its own development agenda. Major pledges such as Dangote's promise of up to $15 billion in investments in Egypt depend on exactly this kind of institutional reliability, and so do initiatives like Egypt's offer of 400 ready factories to investors across 10 governorates.
Food security has become a shared Arab priority, and agribusiness groups that combine large-scale farming with rigorous audit oversight are the model the region is converging on. Every appointment of a qualified, independent audit chairman strengthens that architecture, and every resignation handled by the book, with a documented successor and shareholder ratification to follow, shows the system working as intended.
Key facts at a glance
- Resignation approved and effective: 15 October 2026 (04/05/1448H)
- Resigned member: Badr Abdullah Saleh Alhanaki, Independent Member and Audit Committee Chairman since 12 August 2025
- New member and Audit Committee Chairman: Asim Mohammed S Alhattami, effective 15 October 2026 until 11 August 2028
- Share price at announcement: 36.20 riyals, down 0.70 percent
- Next step: General Assembly vote to ratify the appointment
Frequently asked questions
Who resigned from TADCO's board?
Badr Abdullah Saleh Alhanaki resigned as Independent Board Member and Audit Committee Chairman of Tabuk Agricultural Development Company, effective 15 October 2026, citing professional circumstances.
Who replaced him?
Asim Mohammed S Alhattami was appointed Independent Board Member and Audit Committee Chairman, effective 15 October 2026 until the end of the current board term on 11 August 2028, pending General Assembly approval.
Is the appointment final?
No. The board's approval will be presented to the next General Assembly meeting for ratification in accordance with Saudi regulations.