New council chaired by Sheikh Khalifa to oversee Abu Dhabi's economic and financial affairs

The entity will set and approve public policy and oversee Adnoc, Mubadala, Adia and ADQ

A new entity chaired by UAE President Sheikh Khalifa, also Ruler of Abu Dhabi, has been set up to oversee the emirate's financial, investment and economic affairs, and the management of natural resources including oil and gas.

The new council aims to support Abu Dhabi's competitiveness and its economic and financial sustainability.

A new law issued by the Sheikh Khalifa in his capacity as the emirate's ruler established the Supreme Council for Financial and Economic Affairs, the government announced on Sunday.

The council is chaired by Sheikh Khalifa and its vice chairman is Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

It will be responsible for setting and approving financial and economic policy.

It will also approve the strategies of key government-owned companies including Abu Dhabi National Oil Company, Mubadala Investment Company, Abu Dhabi Investment Authority and holding company ADQ.

It will also have oversight of the Department of Finance. But the entities will all continue to operate day-to-day with autonomy.

"This aims to cement a culture of governance that depends on clear and centralised policies and performance monitoring, and at the same time ensures independence and accuracy in delivery and execution," state news agency Wam reported.

The council will take over the regulatory powers of the Supreme Petroleum Council, which previously oversaw 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," Wam reported.

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 the Adnoc chief executive and Minister of Industry and Advanced Technology, Dr Sultan Al Jaber, Mubadala chief executive Khaldoon Al Mubarak, secretary general of the Abu Dhabi Executive Council Ahmed Al Mazrouei, and Department of Finance chairman Jassem Al Zaabi.

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