UAE President issues law to establish Supreme Council for Financial and Economic Affairs

WAM

President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a law to establish Supreme Council for Financial and Economic Affairs.

The council will oversee all matters related to the financial, investment, economic, petroleum and natural resources affairs. It will be responsible for organising, setting and approving public policies for Abu Dhabi.

It will work directly with the Department of Finance, the Abu Dhabi Investment Authority and other entities within the scope of the council’s mandate.

The members of the Council will continue to exercise their role as ADNOC’s board members until the appointment of a new board of directors.

The law reaffirms the UAE’s commitment to establishing a comprehensive and sustainable financial, investment and economic system.

In his capacity as Ruler of Abu Dhabi, Sheikh Khalifa has also issued an Emiri decree to form the Board of Directors of the Supreme Council for Financial and Economic Affairs.

The Board will operate under his chairmanship, with His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, as Vice Chairman.

Members of the Board include His Highness Sheikh Hazza bin Zayed Al Nahyan, His Highness Sheikh Tahnoun bin Zayed Al Nahyan and His Highness Sheikh Mansour bin Zayed Al Nahyan.

The Secretary-General of the council is the Chairman of the Department of Finance.

The decree stipulates that the term of a member of the board is three years.

The Supreme Council for Financial and Economic Affairs is responsible for all matters related to financial, investment, economic, petroleum and natural resources affairs in the Emirate of Abu Dhabi.

His Highness Sheikh Hamed bin Zayed Al Nahyan, His Highness  Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Khaldoon Khalifa Al Mubarak, Dr Ahmed Mubarak Al Mazrouei, Jassem Mohammed Buatabh Al Zaabi, and Dr Sultan Ahmed Al Jaber are also included on the Board.

 

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