Islamic Finance

UAE appoints veteran Al Tameemi as central bank governor

Published 07 Apr,2021 via Bloomberg Markets - The United Arab Emirates appointed financial services veteran Khaled Mohammed Al Tameemi as the Gulf nation’s central bank governor as it plots a way out of the pandemic-driven economic downturn.

Al Tameemi, who has worked in banking and financial services for more than three decades, previously held the central bank’s vice chairman post. He was previously a board member at the General Pension and Social Security Authority, and an executive director of the real assets department at Abu Dhabi Investment Council.

He will take over from Abdulhamid Saeed Alahmadi, who became governor last April at the height of the coronavirus outbreak and is retiring, according to state-run WAM news agency.

The UAE pledged billions of dollars last year to combat the impact of the virus -- mostly monetary programs aimed at reducing or waiving payments. Its economy is set to grow 3.1% this year, according to the International Monetary Fund’s latest estimates, a partial recovery from last year’s 6% contraction.

The role of a central bank governor in Arab Gulf countries differs from elsewhere, as the regulator pegs its currency to the dollar and policy tends to move in lockstep with the U.S. Federal Reserve.

(Updates with more details.)

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Abeer Abu Omar