RIYADH: Financial services company Lazard has hired the former chair of the Saudi Stock Exchange Sarah Al-Suhaimi as the chair of its financial advisory business in the Middle East and North Africa to boost its bank’s regional operations.
Al-Suhaimi will also be the chair of Lazard’s Saudi Arabia unit, Bloomberg reported citing a statement.
With a career spanning over 20 years in the financial industry, Al-Suhaimi was named Tadawul chair in 2017 and served as the CEO of SNB Capital.
She also held various roles at Saudi investment bank Jadwa Investment.
This appointment follows the appointment of Wassim Al Khatib, a former Citigroup banker who played a crucial role in Saudi Arabian Oil Co.’s 2019 initial public offering, as CEO for the region.
Lazard’s accelerated efforts to hire officials in Saudi Arabia reflects its move to match pace with the Kingdom’s plan to diversify its economy away from oil while investing in new industries.
Bloomberg said that Al Suhaimi’s appointment also marks a sign of women taking on more prominent roles in the Middle East’s biggest economy.