Saudi king names chair of CMA

The king of Saudi Arabia has elevated Mohammed El-Kuwaiz to the role of chairman of the Capital Market Authority (CMA), which regulates investments in the country.

El-Kuwaiz had previously served as vice-chairman, a role he assumed on August 2016. The top job had been occupied by Mohammad Al Shaikh.

The announcement came alongside numerous royal decrees that reorganised personnel in the kingdom, notably in the security and intelligence services. Analysts said the moves would consolidate more power in the hands of the king.

A former management consultant at McKinsey, El-Kuwaiz founded Derayah Financial, an investment company that began trading in 2009. Previously, he worked in investment banking and corporate finance for Samba Financial Group.

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