President Sheikh Khalifa appointed Khaled Mohamed Balama Al Tameemi as governor of the Central Bank of the United Arab Emirates on Wednesday.
The appointment was made during a meeting of the bank’s board of directors that is chaired by Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed, according to a statement carried by the state-run WAM news agency.
Mr Al Tameemi takes the helm of the regulator following the decision of governor Abdulhamid Saeed Alahmadi to retire after achieving the tasks entrusted to him in the wake of the Covid-19 pandemic, according to the statement.
Sheikh Mansour thanked Mr Alahmadi for his efforts “during his tenure, where he worked to absorb the negative repercussions resulting from the pandemic and to ensure that the monetary and financial system in the country was not affected by the repercussions of the crisis”.
“He also worked to remove many of the obstacles that were facing the banking sector, during the crisis period.”
Liquidity in the UAE’s banking system returned to pre-Covid-19 levels and banks have substantially reduced their use of the Targeted Economic Support Scheme, the Dh50 billion zero-cost funding programme set up a year ago to help lenders maintain funding flows through the economy, the central bank said last month.
The amount lenders are drawing down from Tess declined to Dh22bn, half of the maximum drawdown of about Dh44bn reached in the second quarter of last year.
The funding programme, which was extended to June 30 this year, is part of local and federal support packages worth Dh388bn, Minister of Economy Abdulla bin Touq said in December.
Mr Al Tameemi has more than 30 years of experience in banking, financial services, asset management and investments. He was appointed deputy governor of the central bank in February this year to help the regulator develop, support and supervise financial institutions in the country.
Mr Al Tameemi has worked with public and government sector entities and has been a board member of the central bank since 2008. He previously worked for the General Pension and Social Security Authority and Emirates Integrated Telecommunications Company. He was also executive director of the Real Assets Department at the Abu Dhabi Investment Council.
Mr Al Tameemi graduated in 1990 with a bachelor’s degree in finance from Indiana University in the US and has held the Chartered Financial Analyst (CFA) professional credential since 1995.
Updated: April 7, 2021 02:20 PM