Abu Dhabi to establish a new Supreme Council for Financial and Economic Affairs

Abu Dhabi is to establish the Supreme Council for Financial and Economic Affairs to oversee all matters related to the emirate’s financial, investment, economic, petroleum and natural resources affairs, WAM has reported.

The law was issued by UAE President Sheikh Khalifa bin Zayed Al Nahyan in his capacity as Ruler of Abu Dhabi.

Sheikh Khalifa bin Zayed also issued an Emiri decree to form the Board of Directors of the council, under his chairmanship, with Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, as Vice Chairman.

The other members are Sheikh Hazza bin Zayed Al Nahyan, Sheikh Tahnoun bin Zayed Al Nahyan, Sheikh Mansour bin Zayed Al Nahyan, Sheikh Hamed bin Zayed Al Nahyan, 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.

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 council will be responsible for organising, setting and approving public policies for Abu Dhabi concerning all financial, investment, economic, petroleum and natural resources affairs. The council’s mandate includes supervising the performance of the relevant entities to ensure compatibility with the general direction and plans approved by the council and the emirate’s leadership.

The council will work primarily and directly with the Department of Finance, the Abu Dhabi Investment Authority, Mubadala, ADNOC, ADQ, and other entities within the scope of the council’s mandate. The Supreme Petroleum Council’s regulatory powers will be merged with those of the Supreme Council for Financial and Economic Affairs. The Supreme Petroleum Council’s members will continue to exercise their role as ADNOC’s board members until the appointment of a new board of directors.

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Entities that fall under its purview will maintain the corporate autonomy to develop their strategies, which are then approved by the council.

It also allows them the independence to develop, approve and implement their annual plans. This, according to the report, 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.