Published: October 2, 2014
Bank undergoes first change in governorship for 23 years.
Mubarak Rashid Al Mansouri has been appointed head of the Central Bank of the UAE for a four-year term. He replaces Sultan bin Nasser Al Suwaidi, who has held the role for the past 23 years. No explanation has been given for Al Suwaidi standing down.
Al Mansouri was previously CEO of the Emirates Investment Authority, a sovereign wealth fund that owns large stakes in Etisalat and Du, the country’s two telecoms companies. He has served as a central bank board member in the past, and currently sits on the board of telecoms company Etisalat and stock market regulator the Securities and Commodities Authority.
The move was announced by state media outlet WAM and is part of a decree by the country’s president Sheikh Khalifa bin Zayed al Nahyan which also mandates the introduction of four-year term limits for board members.