RIYADH: The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz of Saudi Arabia 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 yesterday.
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.
Reuters
