Saudi king replaces bourse regulator head

Ex World Bank executive director appointed head of Capital Market Authority

Saudi King Abdullah has replaced the head of the kingdom's capital market regulator, the Capital Market Authority (CMA), through a royal decree, state news agency SPA reported on Tuesday.

The CMA was set up by King Abdullah as part of a series of reforms aimed at deregulating Saudi Arabia's financial services industry and capital markets.

"Abdulrahman al-Tuweijri, chairman of the Capital Market Authority, is relieved of his post and Mohammed bin Abdulmalik Al al-Sheikh is appointed as chairman of the authority," said the decree carried by SPA.

The largest Arab economy is considering allowing foreigners to invest on the stock market directly, rather than under a swap system which is now in place.

Al al-Sheikh previously worked at US law firm Latham & Watkins in Riyadh and, from September 2012, as an executive director of the World Bank.

A Latham & Watkins press release issued when he joined the World Bank described him as having nearly two decades experience representing sovereign wealth funds and government bodies in Saudi Arabia, and said his practice focused on mergers and acquisitions, capital markets and project finance.

It said he graduated from Harvard Law School in 1996.

Saudi Arabia's all-share index has gained 2.81 percent since the start of 2013.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Danger zone: what would the wider impact of a slowdown in China have on the Gulf?

Danger zone: what would the wider impact of a slowdown in China have on the Gulf?

Last week’s stock market crash in China sent shockwaves through...

Blood on the bourse floor

Blood on the bourse floor

Arabtec’s share price collapse was the catalyst for a huge sell...

Taking stock

Taking stock

Gulf stock markets have seen a dearth of IPOs since the global...

Most Discussed