The UAE Central Bank has announced the appointment of an Emirati as vice governor to help accelerate the transformation of the country’s financial landscape.

Khaleed Mohammed Balama Al Tameemi, who has held various roles in different government agencies, has assumed his new position effective February 1, 2021, the authority said in a statement on Tuesday.

His appointment, which is considered a “milestone” by the central bank, is in line with the strategy to further improve the financial sector in the UAE.

“In his capacity as vice governor [Al Tameemi] will oversee the execution of the [central bank’s] vision of promoting monetary and financial stability towards sustainable economic growth through effective supervision,” the central bank said.

“This milestone comes as part of the UAE’s policy to prepare Emirati cadres to take over key roles, ensuring proper business continuity and reaching desired goals,” it added.

The new vice governor has more than three decades of experience in different entities, including being a board member in the Central Bank, General Pension and Social Security Authority, as well as the Emirates Integrated Telecommunications Company (Du).

Previously, he held the position of executive director at the Abu Dhabi Investment Council’s real assets department.

The central bank had earlier forecast that the local economy would grow this year after contracting in 2020 due to the coronavirus pandemic. The non-oil gross domestic product is expected to post a 3.6 percent growth after declining by 4.5 percent in 2020.

(Writing by Cleofe Maceda; editing by Seban Scaria)

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