Bloomberg News

United Arab Emirates Appoints Al Kindi as Central Bank Chairman

November 05, 2012

The United Arab Emirates appointed Khalifa Mohamed Al Kindi as its central bank chairman, replacing Khalil Mohammed Sharif Foulathi.

The announcement was made through an e-mailed statement from the bank, which said: “The Board of Directors of central bank of the U.A.E. held its 7th meeting for the year 2012 at 10:00 morning on Sunday, 4 November, 2012 in Abu Dhabi under the chairmanship of H.E. Khalifa Mohammed Al Kindi.”

Al Kindi most recently served as managing director of Abu Dhabi Investment Council, which assists the holder of about 6 percent of the world’s proven oil reserves with its investments.

Bank Governor Sultan Bin Nasser Al-Suwaidi has been at the helm of the central bank for 21 years. Under his watch, the central bank bought Dubai’s $10 billion bond in February 2009 as part of a $20 billion bailout to help the emirate avert a default. The bank is in talks with individual lenders in the emirates to impose lending caps to government and government related entities.

While the Sept. 30 deadline to comply with the new rules wasn’t postponed, National Bank of Abu Dhabi PJSC received a six-month extension, according to chief executive officer Michael Tomalin.

The central bank still listed Foulathi as chairman on its website. A spokesman at the central bank’s press office, who declined to be identified because he isn’t authorized to speak publicly, referred back to today’s press release when asked if there had been a change and declined to provide additional comment.

The U.A.E.’s economic growth is projected at 4 percent this year, after a 4.2 percent expansion in 2011, according to central bank estimates. The broadest measure of money supply in the economy, M3, rose 1.5 percent in August from July to 1.05 trillion dirhams, the highest since May.

The emirate of Abu Dhabi, which is home to the capital of the U.A.E., holds most of the nation’s oil reserves. Its sovereign wealth fund, the Abu Dhabi Investment Authority, is one of the world’s richest.

To contact the reporter on this story: Dana El Baltaji in Dubai at delbaltaji@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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