Text size:

  • Small
  • Normal
  • Large
Emirates Airline was named in the top 10 first class cabins by therichest.com. Find out what position it came here.

Al Suwaidi to stay on as UAE Central Bank Governor

Sultan Al Suwaidi has been appointed to another term as Central Bank Governor, allowing him to continue with reforms of the financial system.

Sultan Al Suwaidi has been appointed to another term as Central Bank Governor, allowing him to continue with reforms of the financial system.

Mr Al Suwaidi was reappointed in September, a source at the Central Bank said yesterday.

The decision ends speculation about his future at the helm of the regulator after his official term as governor expired in July, with no announcement about a renewal. A former banker, Mr Al Suwaidi has already served more than two decades as governor and helped steer the UAE through the storm of the global financial crisis.

"Mr Al Suwaidi is an experienced figure so it's difficult to find anyone who could replace him. It is a relief that he will serve for another four years," said Mohamed Al Ansari, the chairman and managing director of Al Ansari Exchange and the industry body, Foreign Exchange and Remittance Group, who has known him personally for more than 10 years.

Mr Al Suwaidi will serve under a new chairman following the appointment of Khalifa Mohamed Al Kindi as chairman, according to a press release from the regulator on Monday. The managing director of Abu Dhabi Investment Council, Mr Al Kindi has a wealth of experience in the emirate's financial scene having also served as chairman of National Bank of Abu Dhabi and worked at Abu Dhabi Investment Authority).

Mr Al Kindi succeeds Khalil Foulathi, whose four-year term as chairman of the Central Bank also expired in July. Hamad Mubarak Buamim, the director general of Dubai Chamber of Commerce and Industry, was also appointed to the board.

While the chairman heads board meetings and oversees policy decisions, the governor handles the bank's daily operations and represents it at events and meetings.

Under Mr Al Suwaidi's stewardship, the regulator bought Dubai's US$10 billion (Dh36.73bn) bond in February 2009 as part of a $20bn package. Since then, the Central Bank has worked to push through reforms to reduce risks within the financial system at a pace that has sometimes sparked resistance from banks.

Last year, it brought in rules to curb personal lending and cap retail banking fees. More notably, this year it has introduced limits on the amount local lenders can offer government-related firms.

"We welcome the re-appointment," said Jaap Meijer, the director of equity research at Arqaam Capital.

"Under Sultan Al Suwaidi's leadership, the UAE Central Bank has become a stricter and more active regulator of the UAE banking sector."

tarnold@thenational.ae

Back to the top

More articles


Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Miele coffee maker making Cappuccino at Miele Gallery in Sama Tower in Dubai. The cost of this coffee maker is around Dh 17,000. Pawan Singh / The National

Space-age coffee comes at a price from Miele

Miele have taken the coffee machine to a new level with its Dh17,000 offering that is built into your kitchen.

 The bridge of Seajacks Hydra, as the wind farm installation vessel undergoes finishing touches and testing works at Lamprell’s Hamriyah facility in Sharjah before its planned delivery on June 2, 2014. Jeffrey E Biteng / The National

In pictures: Building the Seajacks Hydra

The Seajacks Hydra, a wind farm installation vessel, is undergoing finishing touches and testing works at Lamprell’s Hamriyah facility in Sharjah before its planned delivery on June 2, 2014.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 The rush of new supply of hotel rooms pushed Dubai occupancy rates down to 87 per cent. Sarah Dea / The National

Dubai hotel room rates rise 10 per cent

The rush of new supply pushed occupancy rates down to 87 per cent, a dip of 2.6 per cent from the previous year. Winter months are the strongest for Dubai hotels, with occupancy and prices falling to half their peaks by July.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National