Saudi Hires World Bank Executive to Head Market Regulator
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Saudi Arabia replaced the head of its stock market regulator with a World Bank executive amid speculation the kingdom, home to the largest Arab bourse, will move toward opening its equities market to foreign investors.
Mohammad Al al-Sheikh, a World Bank executive representing Saudi Arabia, replaces Abdulrahman A Al Tuwaijri as chairman of the Capital Market Authority, the Saudi Press Agency reported. Al Tuwaijri was relieved of his duties by royal decree, SPA said, without giving a reason. The benchmark Tadawul All Share Index dropped 0.1 percent at the 3:30 p.m. close in Riyadh.