Saudi Arabia Appoints Al-Ghamdi Bourse CEO Amid Opening Bets - Businessweek:
"Saudi Arabia appointed Adel Al-Ghamdi as chief executive officer of the Arab world’s largest stock exchange amid bets the kingdom will open its $415 billion market to foreign investors as early as next year.
Al-Ghamdi replaces Abdullah Al-Suweilmy, according to a statement posted on the exchange website today. He started as CEO on July 1 and was most recently general manager of the corporate finance and issuance division at the Saudi Capital Market Authority, it said.
Foreign investors outside the Gulf Cooperation Council countries can’t buy Saudi shares directly, and access the market through equity swaps and exchange-traded funds. Deutsche Bank AG and HSBC Holdings Plc are among banks that have predicted the market may loosen the restrictions. Such a move could attract as much as $30 billion of inflows, John Burbank, founder of $3.7 billion hedge fund Passport Capital LLC, said in February."
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