Saudi hires World Bank executive to head market regulator
Saudi Arabia replaced the head of its Capital Market Authority with Mohammad Al al-Sheikh, a World Bank executive representing Saudi Arabia. Former chairman Abdulrahman A Al Tuwaijri was relieved of his duties by royal decree, without giving a reason. The action caused speculation that the kingdom will move toward opening its equities market to foreign investors. Al-Sheikh is expected to start regulating the Saudi financial market with new laws and regulations.