JEDDAH, 16 December 2007 — The board of directors of Saudi Stock Market Company (Tadawul) has appointed Abdullah Saleh Al-Suwailami as executive director of Tadawul.
The Council of Ministers last month approved the company’s board of directors for a three-year term. The board members are: Mansour Al-Maiman from the Finance Ministry, Abdullah Al-Hamoudi from the Commerce and Industry Ministry, Abdul Rahman Al-Humaidi from the Saudi Arabian Monetary Agency, Dr. Fahd Al-Mubarak, Ahmed Al-Khateeb, Ahmed Al-Aulaqi, Abdul Rahman Al-Yahya (from licensed brokers), Saud Al-Dowaish and Taha Al-Quwaiz (from joint stock companies).
Dr. Abdul Rahman Al-Tuwaijeri, chairman of the Capital Market Authority (CMA), said Tadawul would sell part of its shares through an initial public offering. He said the new stock trading system, which was introduced in the end of October, would meet the market’s future requirements.
Under the new system, three types of trading orders will be processed: Market, limit (at which the purchase or sale price is predetermined) and hidden. Hidden orders are orders that are so large that if they were conducted in one go, they would distort the market. The CMA has licensed 80 investment companies and 50 of them have already obtained their licenses.