Mashreq CEO Abdelaal joins 15-member Swift board

Mashreq Group CEO Ahmed Abdelaal joined Swift’s 15-member Supervisory Board in 2026 as the UAE Banks Federation’s nominee, Khaleej Times reported in an Oct. 11 news report citing the federation.

The appointment gives the UAE one seat on the 15-member oversight body and the only Middle East and Africa representation, within a Swift network UBF says links more than 12,500 financial institutions across over 200 markets.

Board role

Abdelaal is group chief executive of Mashreq and a member of the UAE Banks Federation’s CEO Advisory Council. The federation represents banks operating in the UAE and nominated him for the Swift role.

UBF said the appointment reflects global confidence in the UAE’s position and in the development of its payments ecosystem. The federation also said the UAE was the only country to receive a newly appointed representative on the Supervisory Board.

Swift, the Society for Worldwide Interbank Financial Telecommunication, provides secure financial messaging used by banks and other financial firms to exchange payment information. AbdulAziz Al-Ghurair, chairman of UBF, said Swift supports financial communication and information exchange for more than 12,500 financial institutions across over 200 markets.

How it works

Swift announced the Supervisory Board after changes to its governance model. The body is intended to oversee Swift’s management and help shape strategy for the next phase of global payments.

The new structure has two tiers. The Supervisory Board includes a chair, four independent directors and 10 shareholder-affiliated directors drawn from Swift’s global community; it is supported by a Management Board and a 25-member Swift Council.

The board will work with Swift management on transaction services, international standards, cybersecurity and operational resilience. UBF pointed to post-quantum computing, systems designed for a future in which quantum computers could challenge current encryption, and advanced artificial intelligence as technologies reshaping financial operations.

UAE payments context

Jamal Saleh, director general of UBF and chairman of the UAE Swift Users Group, said the appointment reflects the UAE’s contribution to payments development and use of advanced technologies under Central Bank of the UAE supervision.

Saleh said those efforts are aimed at meeting customer requirements and ensuring compliance with domestic and international rules. The central bank’s National Payment Systems Strategy, launched in 2019, seeks to develop payment solutions and improve the customer experience.

UBF also pointed to local payments infrastructure tied to Swift. The Swift Steering Committee and National Swift User Group were established in 2021 and described by the federation as the first such bodies in the Mena region.

The federation established the Swift Users Training Centre in 2022. UBF said the centre provides certification courses for Swift users from participating member banks and is the first of its kind in the Middle East.

What is still unclear

The available account does not say Abdelaal’s appointment changes Swift rules, voting thresholds or the Central Bank of the UAE’s regulatory powers. It also does not provide the term length, the selection vote or a specific policy agenda Abdelaal will pursue on the board.

Swift has selected Dubai to host the Sibos 2029 Conference and Exhibition. Sibos has been held annually since 1978 in major financial and banking centres, giving the 2029 event a 51-year history as a comparison point.

Dubai previously hosted Sibos in 2013. UBF said the UAE is the only country in the Middle East to have hosted the event.

What to watch

In 2029, Dubai is scheduled to host the Sibos Conference and Exhibition, a check on whether the emirate converts its Swift board representation into a larger payments-industry convening role.

At Sibos in 2029, the participant mix will show how financial institutions, economic organisations and technology providers use the event to discuss payments, technology and industry collaboration.

The 2029 agenda will also indicate how Swift’s governance changes are reflected in public priorities around resilience, cybersecurity, post-quantum computing and artificial intelligence.