Biography

Education

  • PhD in Finance, February 2005, University of Newcastle upon Tyne (UK). The research title is “Initial Public Offering in Saudi Arabia: Motivation, Barriers, and Affects”.

  • MS in Finance, May 2001, University of Colorado at Denver (USA).
  • BA in Accounting, June 1997, King Faisal University (Saudi Arabia).

Experiences

  • Vice Chairman at Saudi Capital Market Authority, From 03/2017 till now
  • Commissioner at Saudi Capital Market Authority, From 05/2009 till 03/2017
  • Board Member at Saudi Organization for Public Accountants, From 01/2013 till 02/2017
  • Faculty Member, Dean, and Dep. Chairman at King Faisal Un, From 02/2005 till 05/2009

A- Board, Committee Membership & Advisory:

  • The Advisory Board for the Development of Makkah Region, From 11/2013 till now
  • Advisor to Makkah Region Development Authority, From 03/2016 till now

B- Capital Market Authority (CMA):

CMA is governed by a Board of five full-time Commissioners appointed by the Royal Decree. CMA’s Board functions are to regulate and develop the Saudi Capital Market by issuing required rules and regulations for implementing the provisions of Capital Market Law. The main objectives are to create an appropriate investment environment, boost confidence, and reinforce transparency and disclosure standards in all listed companies. Also to Issuing approvals for all public offerings of securities including IPO’s, Rights Issues, Debt/Sukuk Issuances and private placement applications for both debt and equity offerings, as well as merger and acquisition related transactions that involve publically listed companies., Moreover to protect the investors and dealers from illegal acts and unsound practices such as fraud, deceit, manipulation, insider trading, disclosure violations and carrying out securities business without license to achieve fairness, efficiency and transparency in securities transactions. Some of the decisions taken by the board during my membership are:

  • Approving more than 45 Initial Public Offerings, 120 capital increase, 3 capital decrease for listed companies, and 7 merger and acquisition transactions.
  • Approving more than 160 Mutual Funds offered to the public, 5 REITs offered to the public, and 10 public Sukuk issuances.
  • Approving more than 175 authorised persons licences and 4 credit rating agency licences.
  • Issuing and amending more than 17 regulations and rules. Most notably: Corporate Governance Regulations, Merger and Acquisition Regulations, Listing Rules, Investment Funds Regulations, Authorised Persons Regulations, Credit Rating Agencies Regulation, and Foreign Investment Rules.

Mr. Albarrak chaired a number of committees inside and outside the CMA, and represented the CMA in several local and international bodies; Chairman of the Audit Committee, Chairman of the Human Resources Development Committee, responsible for the financial and administrative affairs, Chairman of the Steering Committee to prepare a detailed study on the establishment of a commodities and minerals market, and Chairman of the Steering Committee on Studying the Development of the Saudi Bonds Market and Sukuk. Representative of the CMA on; the Board of Directors of the Saudi Organization for Certified Public Accountants (SOCPA), the Committee of Heads of Financial Markets Authorities in the GCC States, and the Union of Arab Securities Authorities (UASA).

C- Saudi Organization for Public Accountants (SOCPA):

  • Board Member, From 01/2013 till 02/2017
  • Chairman of the Audit Committee, From 04/2014 till 11/2016
  • Vice-Chair of the Executive Committee, From 12/2014 till 02/2017

D- King Faisal University (KFU):

  • Dean of Faculty Affairs, From 01/2008 till 05/2009
  • The Chairman of Finance Sciences Department, From 03/2007 till 05/2009
  • Member of the University board, From 01/2008 till 05/2009
  • Board member of Business School, From 03/2007 till 05/2009
  • A member of the engineering college establishing committee
  • Teaching number of academic courses such as: Derivative, Investment, Financial Management.

Executive Education

Participated in several training programs and workshops dealing with boards of directors, audit committees, governance, leadership and personnel management provided by universities such as Harvard and Stanford in America, and the Institute of IMD in Switzerland. For example:

  • “Audit Committees in a New Era of Governance”. Harvard Business School, from 31/07/2016 To 2/08/2016
  • “High Performance Leadership” IMD, from 7/10/2012 to 12/10/2012.
  • “leading and Managing People” in Wharton Business School, from 29/11/2010 to 2/12/2010.
  • “Changing The Game: Negotiation And Competitive Decision Making” Harvard Business School, from 11/4/2010 To 16/4/2010.
  • “Influence And Negotiation Strategies” Stanford Business School, from 11/10/2009 to 16/10/2009.
  • “Making Corporate Boards More Effective” Harvard Business School, from 22/7/2009 to 25/7/2009.
  • “The Corporate Governance of the Board” BDI, from 08/06/2009 to 11/06/2009.

Conferences:

Presented working papers and spoke at more than 15 local, regional, and international conferences; including the GCC Capital Market Authorities Conference, the World Finance Conference, the Family Business Conference in the Arab World, and the Saudi American Business Opportunities Forum. Also conferences dealing with commodity markets, derivatives, options and futures contracts, emerging markets of the International Organization of Securities Commissions (IOSCO) and the Institute of Certified Financial Analysts.