A royal order to reconstitute Saudi Capital Market Authority ‎board

The Capital Market Authority clarified in a statement issued today that based on what was stipulated in the Capital Market Law in Article 7 thereof that the Authority’s board is appointed by a royal order which issued to reconstitute the Authority’s board as follows:

His Excellency Mr. Mohammed bin Abdullah Al-Quwaiz, Chairman

His Excellency Mr. Youssef bin Hamad Al-Belahid, Vice-Chairman

His Excellency Mr. Khalid bin Abdulaziz Al-Hamoud, member

His Excellency Dr. Waleed bin Mohammed Al-Essa, member

His Excellency Mr. Abdulaziz bin Abdul Mohsen bin Hassan, member

The term of their membership in the Board will be five years, as required by the financial market system.

The Authority gives thanks to the Custodian of the Two Holy Mosques and the Crown Prince for great support and continuous interest received by the Capital Market Authority and the financial market in all its elements.

The Authority also thanked the former members of the Council, His Excellency Mr. / Ahmed bin Rajeh Al-Rajeh and His Excellency Mr. / Khalid bin Muhammad Al-Sulaie, for their efforts during their membership in the Council and their contributions to the promotion of many initiatives, decisions and policies taken during the last period.

The members of the Authority’s Board, in its new formation, have qualifications and experience that will support the Authority’s march and complete the development and regulatory efforts of the financial market to achieve the goals of Saudi Vision 2030, which establishes a new phase in the history of the Saudi economy and the financial market.

The Board includes in its formation specialists in the fields related to the financial markets, and they have the qualifications and skills that touch the requirements of the Authority and the financial market to achieve the objectives of the financial sector development program and the initiatives and programs related to it. The members of the board also have long experience in regulating and developing the financial market in the Kingdom and developing the work of the entities operating in it, as they enjoy qualification and experience in law, finance, economics, accounting, investment and research, in addition to experience in the fields of business and project management, whether at the public or private sector level