One of Saudi Arabia's top financial regulators has admitted there are "execution risks" surrounding the huge reforms the country is embarking on, but spoke of the opportunities the changes could deliver.

"We see an opportunity to reform and change the country like no time that we've experienced in the past," Mohammed El-Kuwaiz, the chairman of the Saudi Arabian Capital Market Authority, told CNBC Friday.

When asked broadly about any potential challenges, he said that the main risks are around execution.

"Whenever you have something which has this high an aspiration level, and this tight a timeline, the challenge is to get it done and get it done with the right level of quality and the right level of sequence," he said.

"Our belief, at least in the capital market realm is that actually, at least in the last year the capital market authority and the exchange have done a great job in translating, not just plans, but translating them into execution."