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Boutique Group embraces new chapter with leadership succession

Boutique Group is pleased to announce a leadership succession that will position the company for continued success in the years to come through the appointment of new Chief Executive Officer Christoph Mares. Building on the strong foundation laid by the group former CEO, Mark De Cocinis, Mares will
be instrumental in driving Boutique Group towards its goal of introducing Saudi hospitality and
culture to the world through its portfolio of iconic palaces, starting with the opening of its first
hotel, The Red Palace in April 2026. Boutique Group is confident in a seamless leadership transition as it welcomed Mares in January 2025. Mares comes with a wealth of experience, having previously held the position of Chief Operating Officer at Mandarin Oriental Hotel Group, where he has spent the majority of
his career. With over 25 years experience, Mares was also the COO for Emaar Hospitality Group LLC.

Christoph Mares said: “I am honored to join Boutique Group, a company that shares my
passion for hospitality excellence and cultural preservation. Prior to now, I have watched the
transformation of Saudi Arabia with a mix of admiration and fascination. As CEO of Boutique
Group, I look forward to playing a part in writing the next inspirational chapter in the legacy of
Saudi hospitality and sharing it with the world.”

Sabah Barakat, Member of the Board of Directors at Boutique Group, welcomed Mares to
the role, stating: “We are thrilled to welcome Christoph Mares to Boutique Group, as we
continue to reach new milestones in the development of our palaces. This is a period of
unprecedented growth for the emerging Saudi hospitality sector, and we are committed to
generating new opportunities through this dynamic industry. Christoph’s decades of leadership
experience in the luxury hotel sector will be invaluable as we embark on this next exciting stage
of our journey at the pinnacle of Saudi hospitality.”

Boutique Group is excited about the opportunities that will arise through a fresh perspective, in
alignment with the company growth.

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