Highest-paid executives, board members of Saudi-listed firms in 2023

More than 110 senior executives and board members were on the list of the highest-paid executives of Saudi-listed firms in 2023, data compiled by Argaam showed.

The list was led by executives from Saudi Research and Media Group (SRMG), Riyad Bank, Saudi Real Estate Co. (Al Akaria), Herfy Food Services Co., and Saudi National Bank (SNB).

Some companies did not provide detailed information regarding the compensation received by individual senior executives and board members.

SRMG’s Chairman Abdulrahman Ibrahim Rwaita led the list, earning SAR 6.31 million in 2023, which included SAR 6 million in chairman of the board’s remuneration.

Riyad Bank’s Chairman, Abdullah Mohammed Al-Issa, came second, earning SAR 5.81 million in 2023. The payment included a certain amount and allowances for attending the board meetings and committees, the chairman of the board’s remuneration, and an expense allowance.

Meanwhile, Al Akaria CEO Ibrahim Al Alwan rose to third place with a total salary, allowance and bonus of SAR 5.77 million in 2023, from his eighth rank in 2022.

The following table shows the ranking of the highest-paid executives, excluding the companies that have not disclosed details:

Top-Paid Executives in 2023 (SAR mln)
Company	Executive	2022	2023	Title	Notes
SRMG	Abdulrahman Ibrahim Rwaita	6.32	6.31	Chairman	SAR 6 mln in Chairman remuneration, and other allowances
Riyad Bank	Abdullah Mohammed Al-Issa	1.50	5.81	Chairman	Chairman remuneration and other allowances
Al Akaria	Ibrahim Al Alwan	5.76	5.77	CEO	Salaries, allocations, bonuses, in-kind privileges (car)
Herfy	Moataz Qusai Al Azzawi	5.34	5.28	Chairman	SAR 5 mln in Chairman remuneration, and other allowances
SNB	Saeed Al-Ghamdi	0.50	5.00	Chairman	SAR 4.5 mln in Chairman remuneration, and other allowances
AlJazira Takaful	Saqr Bin Abdul Latif Nader Shah	4.17	4.99	Executive Board Member & MD	Certain amount, other allowances, and MD remuneration
ACIG	Ali Yahya Ali Al-Jaafari	0.94	3.46	Executive Board Member & MD	A certain amount of SAR 2.1 million, other allowances, and periodic bonuses of SAR 1.25 million.
MRNA	Waleed Al Ghamlas	--	4.78	Executive Board Member & MD until Dec. 18, 2023	Certain amounts, other allowances, and offering and MD remunerations
Seera	Abdullah Nasser Abdullah Al Daoud	5.70	4.67	Executive Board Member & MD	SAR 4.17 million in MD remuneration
SASCO	Riyadh Almalik	6.47	4.37	CEO	Salaries, allowances, bonuses, and end-of-service benefits
MEPCO	Sami Safran	3.99	4.16	CEO	Salaries, allocations, in-kind privileges, and benefits.
Salama	Bader Khalid Dhaar Al-Anzi	0.02	3.90	Executive Board Member as of Sept. 11, 2022	Bonuses, end-of-service benefits, and other allowances
Alinma Bank	Abdulmalik Al-Hogail	3.50	3.89	Chairman	SAR 3 mln in Chairman remuneration, and other allowances
Banque Saudi Fransi	Mazin Abdulrazzak AlRomaih	3.80	3.79	Chairman	SAR 3.75 mln in Chairman remuneration, and other allowances
Red Sea	Khaled Ahmed Al-Faqih	1.81	3.76	Former CEO/current MD	Salaries, remuneration, and end-of-service benefits
Yanbu Cement	Ali Bin Abdullah Al-Ayed	3.64	3.70	CEO	Salaries, periodic bonuses, end-of-service benefits, and other allowances
SASCO	NA	--	3.65	CEO (Oil Company)	Salaries, other allowances, and end-of-service benefits
Al Othaim	NA	1.92	3.33	Chief business development officer	Salaries, periodic bonuses, and end-of-service benefits
SASCO	Sultan bin Muhammad Al-Hadithi	11.53	3.09	Executive Board Member & MD	Certain amount, other allowances and a profit share of SAR 2.69 million as MD
Northern Cement	Obaid Bin Saad Obaid Al Subaie	--	3.09	CEO	Certain amount, periodic bonuses, and other allowances
Dallah Health	Mohammed Rashid Al-Faqih	2.98	3.06	Executive Board Member	Certain amount, periodic bonuses, and other allowances
SACO	Abdel-Salam Bdeir	--	2.88	CEO	Salaries, other allowances, and end-of-service benefits
Gulf Union	Munir Hashem Al Borno	9.03	2.83	Executive Board Member	A payment of SAR 1.75 mln as Advisory Board Member, periodic bonuses of SAR 1.03 mln, and other allowances
Al Akaria	Moath AlMakhdob	2.71	2.82	CDO	Salaries, periodic bonuses, and other allowances
Al Akaria	Khaled Alsuhaibani	--	2.64	CCO	Salaries, periodic bonuses, and other allowances
Yanbu Cement	Waleed M. Baghdadi	1.34	2.56	Chief Human Resources Officer	Salaries, periodic bonuses, end-of-service benefits, in-kind privileges, and other allowances
MESC	Fadel bin Fawzan Al-Saadi	1.09	2.44	CEO	Salaries, periodic bonuses, and other allowances
SAIB	Abdullah bin Saleh bin Juma	1.80	2.43	Non-Executive Board Member	Certain amount and other allowances
Al Othaim	Muaffaq Mubarah	7.73	2.42	CEO	Salaries in 2023
SISCO	Khaled Soleimani	--	2.41	CEO	Salaries, periodic bonuses, end-of-service benefits, in-kind privileges, and other allowances
Al Akaria	Fahad Al-Aslami	2.22	2.39	CFO	Salaries, periodic bonuses, and other allowances
Maadaniyah	Shaker bin Nafel Al Otaibi	2.08	2.36	CEO	Salaries, end-of-service benefits, remuneration, and other allowances
MIS	Karthik Ramaswamy	1.84	2.33	CFO	Salaries, end-of-service benefits, and other allowances
Al Othaim	Marwan Ahmed Mohammed Ibrahim	2.18	2.32	CFO	Salaries and periodic bonuses
Thimar	Malafi Al-Marzuqi	0.23	2.30	Executive Board Member & MD	Salaries, end-of-service benefits, remuneration, and other allowances
Al Othaim	NA	--	2.24	CFO	Salaries and periodic bonuses
Al Othaim	NA	--	2.21	Vice President of Support	Salaries and periodic bonuses
Aslak	Abdullah Saad Al-Dosari	1.13	2.21	Executive Board Member	Remunerations, periodic bonuses, end-of-service benefits, and other allowances
Nayifat	Saleh AlOmair	0.84	2.19	Chairman	SAR 1.5 mln in Chairman remuneration, periodic bonuses, and other allowances
SARCO	NA	--	2.17	CEO	Salaries, end-of-service benefits, remuneration, compensations, and other allowances
SISCO	Mahmood Ahmed Hussain	2.07	2.15	CFO	Salaries, periodic bonuses, end-of-service benefits, in-kind privileges, and other allowances
Al Akaria	Mohammed Sari Anabtawi	2.25	2.13	CIO	Salaries, periodic bonuses, and other allowances
MIS	Khalid Sadaqa	1.75	2.13	Vice President Infrastructure & Technology	Salaries, end-of-service benefits, and other allowances
Yanbu Cement	Waleed Bin Mayouf	1.91	2.08	CFO	Salaries, periodic bonuses, end-of-service benefits, in-kind privileges, and other allowances
Al Akaria	NA	--	2.00	Chief Strategy Officer	Salaries, periodic bonuses, and other allowances
MIS	Salah Al-Wadi	1.74	2.00	EVP Cyber Security	Salaries, end-of-service benefits, and other allowances
Jamjoom Pharma	Mohammed Youssef Jamjoom	--	2.00	Chairman	Specific amount and Chairman allowances, as well as periodic bonuses worth SAR 1.75 billion for the Chairman.
Sumou	Jarallah Al Amrah	--	1.98	CEO	Salaries, allowances, and incentive plans.
MEPCO	Ahmed El Fazari	1.81	1.96	COO	Salaries, allowances, in-kind benefits, and end-of-service bonus.
Alujain	Mohammed Bin Saleh Al-Khalil	0.37	1.95	Chairman	Specific amount and board meeting allowances, as well as periodic bonuses totaling SAR 1.5 million.
MEPCO	Ahmed al fazari	--	1.86	CCO	Salaries, allowances, in-kind benefits, and end-of-service bonuses.
Saudi Electricity	Khaled Al Sultan	2.15	1.82	Former Chairman	Specific amount as well as allowances for attending the board and sub-committee meetings, in addition to bonuses for technical and administrative work, totaling SAR 1.2 million.
SASCO	Saud Alotaibi	2.18	1.79	COO	Salaries, allowances, periodic bonuses, and end-of-service bonuses.
Tabuk	Fahd Bin Abdullah Ali Al Samih	1.35	1.78	CEO	Salaries, allowances, as well as allowances for attending the board and sub-committee meetings, and bonuses for executives.
Batic	Mohammed Al-Zamil	1.77	1.76	Executive Board Member	Allowances for attending the board and sub-committee meetings, as well as periodic bonuses, end-of-service bonus, and bonus for executives related to administrative, technical, and advisory work.
Dallah Health	Tarek Othman Alkasabi	1.78	1.76	Chairman	Specific amount as well as allowances for attending the board and sub-committee meetings, along with the amounts received by the board members in their capacity as workers or administrators or for their technical, administrative, or advisory work.
MEPCO	Qadir Yaqoub	1.90	1.68	Chief Strategy Officer	Salaries, allowances, in-kind benefits, and end-of-service bonus.
Al Akaria	NA	--	1.66	Chief Corporate Support Officer	Salaries, allowances, annual benefits, and periodic bonuses.
Sumou	Jameel Al Mulhem	--	1.61	COO	Salaries, allowances, periodic bonuses, and incentive plans.
Yanbu Cement	Adeeb Bin Ahmed Al Tayyar	1.43	1.56	Vice President of Sales & Marketing	Salaries, allowances, in-kind benefits, periodic bonuses, end-of-service bonus, and expense allowance.
SIDC	Bandar Alhomaidhi	1.52	1.52	Executive Board Member	Specific amount and bonus for the Chairman and Managing Director.
Farm Superstors	Maher Hazem Al-Aswad	1.42	1.52	CEO & MD	Salaries, allowances, periodic bonuses.
Tawuniya	Abdulaziz Alnowaiser	1.10	1.50	Chairman	Specific amount as well as allowances for attending the board and sub-committee meetings, totaling SAR 1 million.
Red Sea	NA	--	1.50	Facilities & Services GM	Salaries and allowances.
Farm Superstores	Tarik Hazem Al-Aswad	1.39	1.49	COO & Board Member	Salaries, allowances, and periodic bonuses.
MIS	Simon Haidar	1.23	1.49	Vice President of Business Solutions	Salaries, allowances, annual variables, and end-of-service bonus.
Makkah Construction	Hamza Serafi	1.48	1.48	Executive Board Member & MD	Allowances for attending the board and sub-committee meetings, as well as periodic bonuses and bonus for the managing director if he is a board member.
Al Akaria	NA	--	1.47	Chief Governance, Risk and Compliance Officer	Salaries, allowances, annual benefits, and periodic bonuses.
Wafrah	NA	1.11	1.47	CEO	Salaries, allowances, and in- kind benefits.
Northern Cement	Saud Al Arifi	1.00	1.46	Executive Board Member	Specific amount and allowances for attending the board and sub-committee meetings, as well as the amounts received by board members in their capacity as workers or administrators.
SADAFCO	Mussad Al-Nassar	1.15	1.43	Executive Board Member	Specific amount and allowances for attending the board and sub-committee meetings, as well as end-of service bonus and allowances received by board members in their capacity as workers or administrators for their administrative or advisory work.
Red Sea	NA	--	1.43	CFO	Salaries and allowances.
Yanbu Cement	Ali Yahya Al-Zailaie	1.35	1.42	Vice President of Manufacturing	Salaries, allowances, in-kind benefits, periodic bonuses, end-of-service bonus, and expense allowance.
Raydan	Mansour Al-Salmi	2.40	1.39	MD and CEO	Salaries, allowances, and end-of-service bonus.
Wafrah	Maqid Alotaibi	--	1.39	Executive Board Member & MD	Allowances for attending the board and sub-committee meetings, as well as periodic bonuses, in-kind benefits and bonus for the managing director or board secretary if he is a board member.
Saudi Pipes	Renwar Berzinji	--	1.36	Executive Board Member	Specific amount and allowances for attending the board and sub-committee meetings, as well as allowances received by board members in their capacity as workers or administrators for their technical, administrative or advisory work.
Amana	Rachid Abi Nader	--	1.35	MD	Salaries, allowances, annual performance bonuses, and executive bonuses.
Red Sea	NA	--	1.31	Strategic Director	Salaries and allowances.
Retal	Abdullah Al-Braikan	--	1.30	Executive Board Member	Bonus for technical, administrative, and advisory work.
Farm Superstores	Mohamed Hazem Al-Aswad	1.19	1.29	Shared Services Head & Board Member	Salaries, allowances, and periodic bonuses.
Yanbu Cement	Nabil Mohammed Baghdadi	1.13	1.28	Advisor to CEO for Legal Affairs	Salaries, allowances, in-kind benefits, periodic bonuses, end-of-service bonus, and expense allowance.
Tabuk	Yahya Mobaraki	0.91	1.28	EVP	Salaries, allowances, and allowance for attending the board and sub-committee meetings, as well as executive bonuses.
Naseej	Monther Al-Sorayai	1.14	1.25	CEO	Salaries, allowances, in-kind benefits, and end-of-service bonus.
Bupa Arabia	Loay Hisham Nazer	1.25	1.25	Chairman	Specific amount, allowance for attending the board and sub-committee meetings, and Chairman bonus totaling SAR 750,000.
MIS	Dr Abdullah Al-Ghamdi	0.46	1.22	CEO	Salaries, allowances, annual variables, and end-of-service bonus.
MEPCO	NA	--	1.21	CFO	Salaries, allowances, in-kind benefits, and end-of-service bonus.
Maadaniyah	Abdulla Sulaiman	0.95	1.16	Assistant GM of Aslak Factory	Bonus, and allowance for attending the board meetings, technical work bonuses, end-of-service bonus, and periodic bonuses
Red Sea	NA	--	1.08	Engineering & Procurement Director	Salaries, allowances, and end-of-service bonus.
SASCO	Islam Ahmed	1.36	1.05	CFO	Salaries and allowances.
Al Akaria	NA	--	1.05	Head of Internal Audit	Salaries, allowances, periodic bonuses, and end-of-service bonuses.
Maadaniyah	Fath Al-Rahman Othman	0.79	1.04	CFO	Salaries, allowances, annual benefits, short-term incentive plans, and compensation.
Budget Saudi	Bassem Alim	0.51	1.01	Chairman	Salaries, allowances, and end-of-service bonus.
Lumi	Mohammed Al-Khalil	--	1.01	Chairman	Specific amount and allowances for attending the board meetings and Chairman bonus totaling SAR 500,000.
SACO	Amer Omar	0.93	1.01	CFO	Chairman bonus and allowance for attending the board meetings.
Al Yamamah Steel	Mohammed Abu Farha	1.01	1.01	CFO	Salaries, allowances, and end-of-service bonuses.
Maadaniyah	Faisal Al Dakhil	0.90	0.97	General Manager	Salaries, allowances, in-kind benefits, and end-of-service bonus.
Yanbu Cement	Abdulrahman Badahdah	--	0.92	Vice President of Supply Chain	Salaries, allowances, and end-of-service bonus.
MESC	NA	0.81	0.91	Operations Manager	Salaries, allowances, in-kind benefits, periodic bonuses, end-of-service bonus, and expense allowance.
Almarai	Prince Nayef bin Sultan Al Kabeer	0.88	0.88	Chairman	Salaries, allowances, and periodic bonuses.
National Gypsum	Khaled Al Ghadeer	0.81	0.87	CEO	Specific amount, allowances for attending the board and subcommittee meetings, as well as Chairman bonus totaling SAR 500,000.
Al Abdullatif	Adel Shaar	0.73	0.83	Director of Strategic Planning and Investment	Salaries and annual allowances.
Fitaihi	Yasser Yehia Abdelhamid	0.83	0.83	CEO and CFO	Salaries, travel allowances, in-kind benefits, periodic bonuses, and end-of-service bonus.
Arab Sea	Haitham Al-Suhaibani	0.85	0.82	CEO	Salaries, allowances, periodic bonuses, and end-of-service bonus.
Ash-Sharqiyah	Mohamed Al Hujailan	0.80	0.80	Acting CEO	Salaries, allowances, and periodic bonuses.
Tadawul Group	Sarah Al Suhaimi	0.35	0.80	Chairman	Salaries and allowances.
Aldrees	Abdullah Aldrees	0.50	0.80	Executive Board Member	Specific amount.
Makkah Construction	Seraj Abdullah Ateeq	0.81	0.79	Former CEO	Allowances for attending the board and subcommittee meetings, as well as periodic bonuses totaling SAR 750,000.
MESC	NA	0.55	0.78	Board Secretary	Salaries, allowances, and periodic bonuses.
Sumou	Ahmed Hashmi	--	0.76	Engineering Manager	Salaries, allowances, and periodic bonuses.
Naseej	Wissam Mohammed Surmani	0.76	0.75	GM of Sales and Marketing	Salaries and allowances.

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