Speaking at a press conference, al-Suwaidi said, “It is just a period of time for me and the board, which will end, but this does not mean an automatic leaving of duties. We will continue to perform our duties as it will take time for a renewal to be effective.”

An anonymous source at the central bank told Dow Jones that al-Suwaidi would be replaced with the chairman of Abu Dhabi Commercial Bank, Saeed Mubarak Rashid al-Hajeri.

“I am energetic for a new federal government strategy,” al-Suwaidi told reporters.

The UAE’s Prime Minister Mohammed bin Rashid al-Maktoum has to make an announcement before al-Suwaidi can be replaced.