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After nearly a decade, Saudi’s capital markets regulator 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 was previously head of research at Al Rajhi Capital before being appointed in 2024 as an adviser to the Cabinet General Secretariat.
Al Sudairi’s appointment comes as the Saudi stock market faces structural challenges, including declining liquidity amid the ongoing war in the Gulf. TASI closed July down 1.95% and trading value fell roughly 20% y-o-y to SAR 86.1 bn, while traded volumes nearly halved to 4.55 bn from 8.6 bn a year earlier.
DATA POINT- 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.
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. The CMA requested detailed information from local and global investment banks on IPO pricing, investor allocations, and subsequent share trading.
Part of a wider reorganization?
Exiting in the same shuffle: Former industry and mining minister Bandar Al Khorayef is no longer 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, with the first being last month when Abdulaziz’s Energy Ministry absorbed the industry and mining portfolios. It’s unclear whether Al Khorayef also remains governor of the General Authority for Military Industries.
