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A new CEO has been appointed to the UAE’s main financial regulator, the Securities and Commodities Authority (SCA), replacing Dr Maryam Al Suwaidi.
A decree was issued on Thursday by UAE President Sheikh Mohamed bin Zayed Al Nahyan to appoint Waleed Saeed Abdul Salam Al Awadhi, who until now has been Chief Operating Officer (COO) of Dubai Financial Services Authority (DFSA), and previously served as deputy head of retail banking at Emirates Islamic.
Al Awadhi will also hold the rank of Undersecretary.
Dr Suwaidi, who was appointed as the first woman to hold the role three years ago, is understood to have stepped down.
SCA, founded in 2000, is the federal financial regulation agency responsible for the UAE’s capital markets, and has overall regulatory responsibility for the UAE stock markets, Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX).
However, its remit extends to financial markets but not free zone companies such as those registered in Dubai International Financial Centre (DIFC), which are regulated by the DFSA, or Abu Dhabi Global Market (ADGM), which are regulated by the Financial Services Regulatory Authority (FSRA).
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
