Orascom Investment Holding (OIH) Executive Chairman Naguib Sawiris will succeed Tamer El Mahdi as the company’s new CEO, after the latter submitted his resignation, effective December 31, while also maintaining his current position, Invest-Gate reports.

The move came during OIH’s board meeting, where it has been emphasized that Sawiris’ appointment “indicates his commitment to OIH and his keenness to drive the growth of the company forward and explore its full potential,” according to the company’s official statement on November 4.

During the meeting, the board also approved the resignation of Ayman Soliman and appointed Hassan Moustafa as the new non-executive expert board member.

In late October, the Egypt-based company revealed that it is in talks with Qatari Diar Real Estate Investment Company for a potential deal, after conducting several feasibility studies of different investment opportunities at the regional and global levels.

Negotiations are still underway with the Qatar-based company, aiming to reach a mutually-acceptable agreement. The partnership is hinging on prior government nod to amend the ownership structure and extend the project implementation period, OIH stressed in a previous bourse filing.