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About Capital Market Authority


The Capital Market Authority (CMA) in Saudi  Arabia unofficially started in the early fifties, and continued to operate successfully, until the government set its basic regulations in the eighties. The current Capital Market Law is promulgated and pursuant to Royal Decree No. (M/30) dated 2/6/1424H, which formally brought it into existence. The CMA is a government organization applying full financial, legal, and administrative independence, and has direct links with the Prime Minister


The CMA’s functions are to regulate and develop the Saudi Arabian Capital Market by issuing required rules and regulations for implementing the provisions of Capital Market Law. The basic objectives are to create an appropriate investment environment, boost confidence, and reinforce transparency and disclosure standards in all listed companies, and moreover to protect the investors and dealers from illegal acts in the market

Duties and Authorities

The CMA is entrusted with the following duties:

  • Regulate and develop the capital market and promote appropriate standards and techniques for all sections and entities involved in Securities Trade Operations.
  • Protect investors and the public from unfair and unsound practices involving fraud, deceit, cheating, manipulation, and inside information trading.
  • Maintain fairness, efficiency, and transparency in transactions of securities.
  • Develop appropriate measures to reduce risks pertaining to transactions of securities.
  • Develop, regulate, and monitor the issuance of securities and under-trading transactions.
  • Regulate and monitor the activities of entities working under CMA.
  • Regulate and monitor full disclosure of information related to securities and issuers.

CMA’s Board

The CMA is governed by a Board of five (5) full-time Commissioners appointed by the Royal Decree:

  • Mr. Mohammed bin Abdullah Elkuwaiz  Vice Chairman
  • Dr. Abdulrahman M. Al Barrak Member
  • Dr. Tariq bin Abdullah AlNaeem Member
  • Mr. Wail bin Mohammed AlKahtani Member

Executive Management

  • Mr. Rayed Abdullah Bin Ahmed CMA Deputy, Market Institutions
  • Mr. Ahmed Rajeh Al-Rajeh CMA Deputy, Corporate Resources
  • Mr. Khalid Abdulaziz Al-Homoud CMA Deputy, Strategy & International Affairs
  • Mr. Youssef Hamad Al-Bilihid CMA Deputy, Legal Affairs & Enforcement
  • Mr. Sabty Suliman Al-Sabty CMA Deputy, Listed Companies & Investment Products
  • Mr. Abdullah Abdulqader Shibatalhamd CMA Deputy Assistant, Corporate Resources
  • Dr. Bander Assad Alsajjan CMA Deputy Assistant, Strategy & International Affairs
  • Mr. Raed Ibrahim Alhumaid CMA Deputy Assistant, Market Institutions
  • Mr. Majeed Fahad Alabduljabbar Director, Risk Management
  • Mr. Majeed Fahad Alabduljabbar Director, Communication & Awareness
  • Mr. Dhary M. Al-Shammry Director, Internal Audit
  • Mr. Sulaiman Abdulmohsen Al-Sulaiman Director, Information Technology


Stock Exchange

The Saudi Capital Market Law provides for the establishment of the “Saudi Stock Exchange” as a Joint Stock Company that operates as the only authorized entity to carry out the trading of securities in the Kingdom of Saudi Arabia .

The exchange operations are currently conducted through Saudi Stock Exchange (Tadawul), purporting to continuously develop a full-fledged security market that provides comprehensive and diverse financial services to compete internationally. Consistent with its mission to produce top quality and highly efficient securities exchange market products and services, the exchange constitutes to be an added advantage for all beneficiaries and participants in the market.


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