Dubai's ruler named his uncle and close adviser Sheikh Ahmed bin Saeed al-Maktoum as chairman of Emirates NBD on Sunday, in a move that may signal changes to come in Dubai's banking sector. Sheikh Ahmed, chairman of Emirates airlines, replaces Ahmed Humaid Al Tayer, who is also governor of the Dubai International Financial Centre (DIFC), state news agency WAM said.
The two men also helm Dubai's Supreme Fiscal Committee and were key figures during the emirate's debt crisis.
The bank's shares rose 1.2 percent on the Dubai bourse. "It's an interesting change, it's a change that the market was not expecting," said Mohammed Ali Yasin, chief investment officer at CAPM Investments in Abu Dhabi.
"This could signal this summer will not be a dull summer after all. This could be signalling a new set of changes, going through local departments whether in Dubai or Abu Dhabi."