Khalifa bin Zayed issues a law establishing the Supreme Council for Financial and Economic Affairs
His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the State, in his capacity as Ruler of the Emirate of Abu Dhabi, issued a law regarding the establishment of the Supreme Council for Financial and Economic Affairs, which is concerned with all matters related to financial, investment, economic, petroleum and natural resources affairs in the Emirate of Abu Dhabi.
The law stipulates that His Highness, the Ruler of the Emirate of Abu Dhabi, shall be the Chairman of the Council, and His Highness, the Crown Prince of Abu Dhabi, as Vice President.
The council is considered the organizing body responsible for setting and adopting general policies for the emirate related to financial, investment and economic affairs, petroleum and natural resources affairs, and following up on the performance of the concerned authorities in this regard to ensure compatibility with the plans and general direction approved by the Council and the wise leadership.
The Council will work mainly and directly with the Finance Department, Abu Dhabi Investment Authority, Mubadala, ADNOC, and Abu Dhabi Development Holding "ADQ", and other bodies concerned with the scope of the Council's work .. It will also integrate the regulatory powers of the Supreme Petroleum Council with the powers of the Supreme Council for Financial and Economic Affairs, and members of the Supreme Petroleum Council will continue to exercise competencies. The decision for the ADNOC Board of Directors until a decision is made to form a new board of directors for it.
The work mechanism of the Supreme Council for Financial and Economic Affairs also includes giving the boards of directors of the concerned authorities the institutional privacy in developing their strategic plans and submitting them for approval by the council, in addition to giving them the independence to develop, approve and implement their annual plans, in order to establish a governance culture based on clarity and centralization in policies and follow-up of performance, independence and accuracy In execution.
The establishment of the Council comes as an affirmation of the wise leadership on the dedication of the pioneering role that funds and investment and financial institutions play in Abu Dhabi's development map, and its keenness to proactively establish an integrated and sustainable financial, investment and economic system that preserves Abu Dhabi's financial and economic position in the future.
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