UAE appoints Khalid Mohammed Al-Tamimi as governor of the Central Bank

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Dubai: The United Arab Emirates, a veteran in financial services, has appointed Khalid Mohammed Al-Tamimi as governor of the central bank as it plans to exit the economic slowdown caused by the pandemic.

Al-Tamimi, who has worked in banking and financial services for more than three decades, previously held the position of Vice President of the Central Bank. Previously, he was a member of the Board of Directors of the General Pensions and Social Security Authority, and an Executive Director of Real Estate Asset Management at the Abu Dhabi Investment Council.

According to the official Emirates News Agency (WAM), he will succeed Abdul Hamid Saeed Al-Ahmadi, who became ruler last April at the height of the Corona virus outbreak and retires.

The UAE pledged billions of dollars last year to combat the impact of the virus – mostly cash programs aimed at reducing or waiving payments. Its economy is set to grow 3.1% this year, according to recent IMF estimates, a partial rebound from last year’s 6% contraction.

The role of the central bank governor in the Arab Gulf states differs from anywhere else, as the regulator pegs its currency to the dollar and politics tends to move closely with the US Federal Reserve.

More to track …
Bulletin Observer Business News

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