Image Credit: WAM

Abu Dhabi: President His Highness Shaikh Khalifa Bin Zayed Al Nahyan yesterday issued a federal decree restructuring the board of directors of the UAE Central Bank.

Mubarak Rashid Khamis Al Mansouri has been appointed the new Central Bank Governor for a four-year term, replacing Sultan Nasser Al Suwaidi, who had held the office since 1991.

The decree stipulates that the members of the board will have a four-year tenure. The board members include Khalifa Mohammad Al Kindi as Chairman of the board, Khalid Juma Al Majid as Deputy Chairman, and Al Mansouri as Governor.

Board appointees

The decree named Younus Haji Al Khouri, Khalid Ahmad Humaid Al Tayer, Khalid Mohammad Salem Belama and Hamad Mubarak Bu Umaim as board members. The decree, which stipulates that all relevant bodies must abide by it and annuls any resolutions that contradict its bylaws, will be published in the official gazette and takes effect from the date of its issuance.

The newly-appointed governor Al Mansouri is the chief executive officer of Emirates Investment Authority, a federal investment fund. He has a Master’s degree in Finance from University 
of West Florida in the United States. Al Mansouri is also on the board of Abu Dhabi National Co. for Building Materials, Emirates Telecommunications Corp., Arab International Bank, and Etihad Etisalat Co. Besides, he is also a board member of Abu Dhabi Securities Exchange (ADX), Securities & Commodities Authority of UAE (SCA) and Etisalat Misr in Egypt. He was previously employed as General Manager by The Abu Dhabi Retirement Pensions & Benefits Fund.

During his tenure as governor, Al Suwaidi was able to introduce or modernise many banking regulations. In 1994, he worked on establishing the ‘UAESwitch’ which started operations in 1996 and was able to connect all bank ATMs in the UAE.

The main responsibility of the UAE central bank is to formulate and implement banking, credit and monetary policies, to ensure the growth of the economy in a balanced manner.