Emirates: The UAE President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, has issued a law to establish the Supreme Council for Financial and Economic Affairs. It will organise and oversee all matters related to Abu Dhabi’s financial, investment, economic, petroleum and natural resources affairs.

The council is chaired by Sheikh Khalifa, 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 Armeed Forces.

The council will set public policy and strategy for these affairs in the emirate, and oversee the implementation by relevant entities.

The law also stipulates that the Supreme Petroleum Council’s regulatory powers will be merged with those of the new council and its members will continue to exercise their role as ADNOC’s board members until a new board of directors is appointed.

The council’s methodology allows the boards of the authorities concerned the corporate autonomy to develop their strategies to be approved by the council, and the independence to develop, approve and implement their annual plans.