Saudi King Issues Decree Replacing Capital Market Authority Chief, Puts Energy Minister Atop Local Content Body

Saudi Arabia's Royal Court issued a package of royal decrees on Wednesday, August 12, 2026 (21 Mordad 1405), according to Mehr News as carried by Donya-e-Eqtesad, reshuffling the Council of Ministers under Crown Prince Mohammed bin Salman, with current cabinet members retaining their posts. Under a separate decree, Energy Minister Prince Abdulaziz bin Salman was appointed chairman of the Local Content and Government Procurement Authority, replacing Bandar Al Khorayef; the body is responsible for increasing the impact of state purchases and localizing industry.

Another decree concerned Saudi Arabia's Capital Market Authority, removing Mohammed El Kuwaiz as chairman and appointing Mazen Al Sudairy, currently an advisor to the Council of Ministers' secretariat and former head of research at Al Rajhi Capital, as the new chairman with ministerial rank. The Capital Market Authority is the regulator overseeing the Tadawul stock exchange, the largest stock market in the Middle East.