UAE’s ADNOC appoints new managing director, restructures to form executive board of directors

Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, issued a resolution to form a board of directors for the Abu Dhabi National Oil Company (ADNOC).

The board will be chaired by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and chairman of the Abu Dhabi Executive Council.

Sheikh Khalifa bin Zayed also issued a second resolution appointing Dr Sultan Ahmed Al Jaber as managing director of ADNOC, in addition to his current position as CEO of the company.

His Highness also issued a second resolution to appoint Dr. Sultan Al Jaber as the Managing Director of Abu Dhabi National Oil Company (ADNOC), in addition to his current position as the company’s Chief Executive Officer. pic.twitter.com/fHVjhb6Y8M

— مكتب أبوظبي الإعلامي (@admediaoffice) February 28, 2021

The board of directors includes Sheikh Hazza bin Zayed Al Nahyan, Sheikh Mansour bin Zayed Al Nahyan, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Dr Sultan Ahmed Al Jaber, Khaldoon Khalifa Al Mubarak, Dr. Ahmed Mubarak Al Mazrouei, Jassem Mohammed Al Zaabi, Suhail Mohamed Al Mazrouei, Ahmed Ali Al Sayegh and Engineer Awaidha Murshed Al Marar.

Sheikh Mohamed bin Zayed Al Nahyan meanwhile in his capacity as Chairman of the board of directors of ADNOC also issued a separate resolution to form an executive committee of the board of directors for the company chaired by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan.

Mohamed bin Zayed, in his capacity as Chairman of the board of directors of Abu Dhabi National Oil Company (ADNOC), has issued a resolution to form the executive committee of the board of directors chaired by Khaled bin Mohamed bin Zayed. pic.twitter.com/IPjDnyedfa

— مكتب أبوظبي الإعلامي (@admediaoffice) February 28, 2021

The other members of the executive committee includes Dr. Sultan Ahmed Al Jaber, Khaldoon Khalifa Al Mubarak, Jassem Mohammed Al Zaabi, Suhail Mohamed Al Mazrouei and Ahmed Ali Al Sayegh.

In February, ADNOC Distribution reported a net profit of Dhs2.4bn for 2020, of which Dhs851m was posted in the fourth quarter.

Read: UAE’s ADNOC Distribution records Dhs2.4bn in net profit for 2020

The company’s EBITDA (earnings before interest, taxes, depreciation and amortisation), however, totaled Dhs3.6bn.