A new council has been established to manage Abu Dhabi’s financial, investment, and economic affairs and natural resources, including oil and gas.
The council will be chaired by the UAE President and the Ruler of Abu Dhabi, Sheikh Khalifa bin Zayed, and the Vice-Chairman is His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The goal of the new council is to promote the competitiveness of Abu Dhabi and its economic and financial sustainability.
Also, a new law establishing the Supreme Council for Financial and Economic Affairs has been issued by the President of the UAE, His Highness Sheikh Khalifa bin Zayed Al Nahyan.
The council will be responsible for formulating and approving financial and economic policy. And, it will also approve the strategies of key government-owned companies including Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company, Abu Dhabi Investment Authority (ADIA), and holding company ADQ.
According to the reports, “This aims to cement a culture of governance that depends on clear and centralized policies and performance monitoring, and at the same time ensures independence and accuracy in delivery and execution.”
The council will take over control of the Supreme Petroleum Council, which previously overseen Adnoc.
“The establishment of the council … serves as a proactive step to establish a comprehensive and sustainable financial, investment and economic system that preserves Abu Dhabi’s financial and economic position in the future,” as per the media reports.
Members of the Council
The council includes deputy chairman of Abu Dhabi Executive Council Sheikh Hazza bin Zayed, chairman of ADQ Sheikh Tahnoon bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed, Adia managing director Sheikh Hamed bin Zayed and Sheikh Khalid bin Mohamed, Chairman of the Abu Dhabi Executive Office.
It will also include Dr. Sultan Al Jaber, Adnoc Chief Executive and Minister of Industry and Advanced Technology; Khaldoon Al Mubarak, Mubadala Chief Executive; Ahmed Al Mazrouei, Secretary-General of the Abu Dhabi Executive Council; and Jassem Al Zaabi, Chairman of the Department of Finance.