Saudi Arabia's Jabal Omar Development has appointed Yasser Al-Sherif as its new chief executive, the firm said in a statement on Wednesday.

The appointment comes in light of a new company strategy that depends on dynamic leadership to help support and improve its performance, Jabal Omar said.

Al-Sherif previously held various positions at a number of Saudi companies in the finance and banking sector, including heading risk management at Saudi banks and is a board member on other publically listed and private Saudi companies, the statement added.

Jabal Omar signed an agreement with the Ministry of Finance to defer payments on a SR3 billion ($800 million) loan, it said in February. - Reuters