The Saudi stock exchange, Tadawul, has appointed Adel Saleh Al-Ghamdi as its chief executive, replacing Abdullah Alsuweilmy, the bourse said in a statement on Thursday.

The appointment of Al-Ghamdi, who was general manager in the corporate finance and issuance division of the Saudi Capital Market Authority, comes at a time when the country is preparing to open its stock market to direct foreign investment.

Officials have not set a date for the reform, which has been on the drawing board for years, but the CMA has been tightening listing standards and seeking to crack down on excessive speculation in the market.

In its brief statement, the exchange did not say why Alsuweilmy left, but thanked him for his contribution. - Reuters