Saudi Arabia Appoints Al-Ghamdi Bourse CEO Amid Opening Bets
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Saudi Arabia appointed Adel Al-Ghamdi as chief executive officer of the Arab world’s largest stock exchange, amid bets the kingdom will open its $416 billion market to foreign investors as early as next year.
Al-Ghamdi replaces Abdullah Al-Suweilmy, according to a statement posted on the exchange website today. He started as CEO on July 1 and was most recently general manager of the corporate finance and issuance division at the Saudi Capital Market Authority, it said. The benchmark Tadawul All Share Index fell less than 0.1 percent in Riyadh today, after rallying 5.6 percent in July, the fifth consecutive monthly gain.