Saudi King Appoints Al-Furaih as Deputy Central Bank Governor

Saudi Arabia’s King Abdullah appointed Abdulaziz al-Furaih as deputy governor of the kingdom’s Central bank, state-owned Saudi Press Agency reported, citing a royal decree.

Al-Furaih’s appointment comes at a time while he serves as Deputy CEO in Riyad Bank (RIBL) and a member of the board of directors at Saudi Electricity Co.

Last year, the central bank appointed Abdulaziz Al-Helaissi, head of JPMorgan Chase & Co. (JPM)’s Saudi operations, as deputy governor of supervision. The world’s largest oil exporter appointed Fahad al-Mubarak, a managing director at Morgan Stanley, as governor of the Saudi Arabian Monetary Agency in December 2011 and also named Mohammad Al-Sheikh, a former World Bank executive, to lead the Capital Market Authority.

The appointments come as the government spends more than $500 billion to boost growth and create jobs, a plan that has led to the biggest expansion in bank credit since 2009 and record sales of Islamic bonds. Authorities are also weighing changes that would allow foreign investors to buy stocks directly.

To contact the reporter on this story: Deema Almashabi in Riyadh at dalmashabi@bloomberg.net

To contact the editors responsible for this story: Shaji Mathew at shajimathew@bloomberg.net John Simpson

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