RIYADH Feb 5 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 U.S. 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.