UAE President Sheikh Khalifa bin Zayed Al Nahyan has issued a federal decree, ordering the reshuffle of the central bank’s board of directors.
Central bank governor Mubarak Rashed Khamis al-Mansoori has been reappointed for the next four years.
In pursuant to the federal decree, the Board of Directors of the CBUAE shall be reconstituted for a period of four years by the following Hareb Masoud Hamad Al Darmaki as the Chairman and will be deputized by Abdulrahman Saleh Al Saleh.
The other board members include Younis Haji al-Khoori, Khalid Mohammed Salem Balama as well as Khalid Ahmed al-Tayer and Ali Mohammed Bakheet al-Rumaithi.
Meanwhile, CBUAE said it is closely monitoring Invest Bank's financial developments for some time and has been working with the bank and the government of Sharjah to develop a plan to strengthen its capital base.
In this regard, the government of Sharjah is firmly committed to supporting the bank via a direct equity investment, and this plan will be presented at the bank's AGM on December 29 for approval.
CBUAE said it will support Invest Bank with all the available liquidity facilities, which remain at Invest Bank's disposal, if and when needed.
