Ahmed Reda Halawani resigned from office after steering private equity investment for Saudi Prince Alwaleed bin Talal. Halawani was an executive at the billionaire royal's Kingdom Holding Co.

Halawani resigned as a member of the board and investment committee. The reason disclosed behind the resignation was due to personal obligations and commitments. This was according to a statement from Kingdom Holding on the Saudi bourse. The statement added that Halawani's resignation took effect today after his 17 years of company service.

Ahmed Reda Halawani worked for more than 10 years in as Al Azizia Commercial Investment Company's CEO. The said company is one of Saudi's best known investment firm and also a Kingdom subsidiary. He holds a seat out of nine members at Kingdom's board of directors. He also worked in private firms including Procter & Gamble Co. and development for World Bank.

Kingdom shares fell by 1.3 percent at today's closing at Riyadh.