ACWA Power announced on Tuesday 8 October 2013 the establishment of an International Advisory Board and the appointment of the Chairman and three members; Dr. Abdullah I. El-Kuwaiz (Chairman), Kim Jong-Yong, Henri Meyers and Rachid Mohamed Rachid.
Introducing an added depth to the company’s corporate governance, ACWA Power has created this International Advisory Board to provide an independent contribution to the Company’s strategic vision and expansion plans and to shed more light on specific knowledge on the wider geographic platform across which ACWA Power is already operating. The International Advisory Board will act as mentor and supplements the expertise of the Board of Directors in the wider field of ACWA Power’s operations and be an ambassadorial liaison that could support the operations of the business.
Mohammad Abunayyan, ACWA Power Chairman, stated “As the company grows rapidly, we have strengthened the company by recruiting seasoned experienced professionals in the main areas of operation. In assuring best practices in corporate governance and strategic development the Board is now seeking the advice of world renowned experienced professionals in economy, political risk, technology and international markets. We are sure the Advisory Board will contribute to the company overall strategies and mission and play an instrumental role in achieving the company’s next five year strategic objectives.”
Abunayyan added “The Advisory Board will advise the Board of Directors on strategies, vision, geographical growth and new market penetration. As ACWA Power expands into new regions and markets the Advisory Board will assist the Board of Directors in assessing the feasibility of new technology and fuel mixes beyond oil and gas to include coal and all forms of renewable energy. Its members will also advise on political risk parameters, market potential and expected economic viability and stability of new markets and expansion in markets where ACWA Power currently operates.”
Dr. Abdullah I. El-Kuwaiz, the Chairman of the Advisory Board has over 50 years’ experience and is a well renowned economist. He has held several positions regionally and in the Saudi public and private economic landscape including the position of Deputy Minister for Economic Affairs at the Saudi Ministry of Finance and National Economy of Saudi Arabia, Ambassador of the Kingdom of Saudi Arabia to the Kingdom of Bahrain. For many years he has served as chairman, CEO and a member of the board of regional development institutions such as Islamic Development Bank, Arab Monetary Fund and Arab Fund for Economic Development in addition to other banks and companies. He is currently the vice chairman of both Oxford Institute for Energy Studies and The Arab Energy Club.
Kim Jong-Yong, a Korean national, joins the ACWA Power Advisory Board after serving as the Korean Ambassador Extraordinary and Plenipotentiary to the Kingdom of Saudi Arabia. He holds degrees from Hangkuk University, Seoul and the University of Qatar and has a long distinguished career in the area of diplomacy and energy sector where he served as an ambassador of energy and resources in his country, Korea.
Henri Meyers, a Belgian national, joins the ACWA Power Advisory Board with forty years of experience in the international power business. He is a former Executive Vice President at GdF-SUEZ Energy International with overall responsibility of business development. Mr. Meyers has significant experience in board representation and in emerging markets in various senior positions.
Rachid Mohamed Rachid is a former Minister of Trade and Industry of Egypt. In addition he is a business entrepreneur. His career spans more than two decades in international business holding positions such as President of Unilever North Africa, Middle East, and Turkey and Chairman of the Board and consultant for a number of leading multinational companies based in the United Kingdom.