The Capital Market Authority announced that a royal decree had been issued to reconstitute the Authority’s Board of Directors, in accordance with the provisions of the Capital Market Law, specifically paragraph (b) of Article 7. The royal decree appointed:  Mohammed bin Abdullah Al-Qweiz as Chairman, Youssef bin Hamad Al-Balehid as Vice Chairman, Ahmed bin Rajeh Al-Rajeh as a member, Khalid bin Abdulaziz Al-Hamoud as a member, and Khalid bin Muhammad Al-Sulai’ as a member. Their terms of office on the Board will be five years, as stipulated by the Capital Market Law.

The Authority expressed its gratitude to the Custodian of the Two Holy Mosques and his Crown Prince for the significant support and ongoing attention the financial market has received. The Authority also thanked the former Board members Dr. Abdulrahman bin Mohammed Al-Barrak, Dr. Tariq bin Abdullah Al-Naim, and Mr. Wael bin Mohammed Al-Qahtani for their efforts during their tenure on the Board and their contributions to advancing a number of initiatives, decisions, and policies adopted during the past period. The Authority also extends its special thanks to His Excellency Dr. Abdulrahman Al-Barrak for his contributions and efforts during his nearly nine-year tenure on the Board, during which he proposed numerous initiatives and projects, shared his expertise with Board members in previous sessions, and played a significant role in supporting the Authority’s performance of its dutiesand its initiatives to regulate and develop the Kingdom’s financial market, as well as to develop entities operating in the financial market.