With The Passing Of Hamdan Bin Rashid, UAE Lost An Inspiring Leader: UAE Central Bank Governor

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 25th Mar, 2021) Abdulhamid Saeed, Governor of the Central Bank of the UAE, stated that with the passing of H.H. Sheikh Hamdan bin Rashid Al Maktoum, the UAE has lost an inspiring leader who helped establish the country’s foundations and planned all stages of its development process.

The late Sheikh Hamdan was the first official to assume the responsibility of implementing the country’s fiscal policy, after being appointed as Minister of Finance of the first UAE Cabinet following the establishment of the Union in 1971, Saeed added, affirming that Sheikh Hamdan established the foundations of the Emirati fiscal system and oversaw its development, ensuring its ability to keep pace with the UAE’s development and enabling the country to attain a prominent position among the region’s and world’s economies.

Saeed pointed out that during the establishment of the first representation of the Central Bank of the UAE in 1973 upon Federal Law No.2 for 1973, under the name, the "UAE Currency Board," the late Sheikh Hamdan was appointed its first chairman, helping to draft the statute of the Central Bank of the UAE and overseeing the issuance of the AED.

After the UAE Currency Board became the Central Bank of the UAE in 1980, upon Federal Law No. 10 for 1980, its scope of work was enlarged to include the responsibilities of the board, he further added, noting that Sheikh Hamdan continued to help plan and advance the country’s fiscal and monetary policy as Minister of Finance, in line with the requirements of sustainable economic and social development, while reinforcing the efficiency of the Federal Budget and directing public spending to support vital economic sectors.

Saeed discussed Sheikh Hamdan’s key decisions that assisted the work of the Central Bank, including those related to solving the real estate loans crisis in the 1970s, through the establishment of the "Real Estate Bank." He noted Sheikh Hamdan’s role in managing fiscal crises and supporting fiscal institutions, which consisted of consolidating partnerships and reinforcing connections between fiscal and monetary policies.

Sheikh Hamdan had a key vision that contributed to the growth of the Central Bank and was constantly keen to ensure its independence in terms of its objectives, policies and legislation aimed at maintaining the resilience of the country’s fiscal system, Saeed further said while highlighting Sheikh Hamdan’s keenness to encourage innovation in the banking sector and support the Central Bank’s stances related to the development of the national fiscal and regulatory system and the Emiratisation of the banking sector.