Saudi Arabia’s King Abdullah bin Abdulaziz Al Saud issued a royal order relieving Dr. Abdulrahman bin Abdulaziz al-Tuwaijri, President of Capital Market Authority (CMA), of his post on Tuesday.
The king went on to appoint Mohammed bin Abdulmalik bin Abdullah al-Shiekh as CMA President at the rank of Minister, reported the Saudi Press Agency.
The king instructed the appropriate authorities to carry out the order immediately.
The move comes in tandem with other new appointments in the Kingdom.
King Abdullah on Friday appointed his advisor and special envoy with the rank of minister to be the prime minister’s second deputy.
Since January, Abdullah has initiated many reforms including allowing women to be members of the kingdom’s Shura Council for the first time.
Also, in a move that signaled bringing in a younger generation of leadership, the king appointed new governors for the oil-producing Eastern Province and for Madinah, the second holiest city in Islam.
Saudi Arabia has also set new limitations on the powers of its religious police, charged with ensuring compliance with Islamic morality.