Mazen Al Sudairi takes CMA’s lead amid reported scrutiny of IPO valuations

The CMA has a new chairman: Mazen Al Sudairi (LinkedIn) has been appointed chairman of the Capital Market Authority (CMA) board, replacing Mohammed Al Quwaiz, who had led the regulator since 2017.

Al Sudairi brings extensive capital markets research experience to the role. He previously headed research at Al Rajhi Capital before being appointed in 2024 as an adviser to the Cabinet General Secretariat.

IN CONTEXT- Al Sudairi’s appointment comes as the stock market faces structural challenges, including declining liquidity, while geopolitical uncertainty weighs on regional markets. TASI closed July down 1.95% at 10,590 points as trading value fell roughly 20% y-o-y to SAR 86.1 bn, while traded shares nearly halved to 4.55 bn from 8.6 bn a year earlier.

Tidying the house? The CMA is reportedly investigating the weak performance of recent IPOs and scrutinizing investment banks’ advice to companies selling shares, Semafor reported, citing unnamed sources. The probe has been underway for several months and covers IPOs dating back to at least early 2025, the sources said.

What they’re saying: The CMA requested detailed information from local and global investment banks on IPO pricing, investor allocations, and subsequent share trading. Saudi companies raised USD 3.7 bn through share sales in 2025, more than the rest of the Gulf combined, while nearly 100 companies are awaiting listings. No major IPOs have closed so far this year.

Part of a wider reorganization: The same decision relieved ex-industry and mining minister Bandar Al Khorayef of his position as chairman of the Local Content and Government Procurement Authority, with Prince Abdulaziz bin Salman bin Abdulaziz appointed as the authority’s new chairman.

This is the second time Prince Abdulaziz has replaced Al Khorayef in a senior position this year. The first was last month, when the prince’s Energy Ministry absorbed the industry and mining portfolios. Al Khorayef is presumably still in his position as governor of the General Authority for Military Industries.