RIYADH: The Board of Directors of the Securities Depository Center Company (“Edaa”), a company fully owned by Saudi Tadawul Group and operates and maintains the Depository and Settlement System (DSS), announces the appointment of Raed Bin Ibrahim Alhumaid as Chief Executive Officer. 

Alhumaid, an Industrial Engineer, with an MBA from the University of Hull, has more than twenty years of experience with the Capital Market Authority (CMA), in which he held numerous leadership roles. His responsibilities included overseeing operations and business administration, strategies for developing and formulating capital adequacy rules, Authorized Persons (APs) regulations, qualified foreign investor (QFI) rules, credit rating agencies regulations, margin lending guidelines, CMA’s infrastructure and market monitoring and market analysis.

On this occasion, Eng. Khalid Al-Hussan, Chairman of Edaa said: “Raed is a seasoned, well-respected and proven Chief Executive with an exceptional record. In his previous role with CMA, he delivered substantial strategic and operational progress over a sustained period, delivering value for all stakeholders in the Saudi capital market. The Board believes that Raed is a great fit for Edaa and is well qualified to lead the business into the next phase as we continue to transform into a world-class group of companies.”

Al-Hussan added: "I would also like to thank Mamdooh AlSedairy for his outstanding contribution to Edaa over many years, and particularly for his decisive leadership during the transformation and development of the Saudi capital market.”

Alhumaid succeeds Mamdooh AlSedairy, who led Edaa for over 5 years where he delivered highly complex and large-scale transformation projects throughout his tenure of office. Edaa’s Board and the Company’s employees are grateful for his leadership and contributions and wish him every success in the next stage of his career.

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