Mubarak, who comes from outside the central bank and is a private-sector, market-focused figure, was previously chairman and managing director of Morgan Stanley Saudi Arabia. He has also held the position of chairman of the Saudi stock exchange. He played a role in the privatisation of Saudi Telecom and was a member of the team which discussed the partial privatisation of Saudi Arabia’s National Gas Industry with international oil companies. Mubarak, who is from the Eastern Province, served as a member of the Shura Council, a consultative body which advises the government on legislative matters, for six years.