Ruler of Abu Dhabi forms a Supreme Council for Financial, Economic affair

Khalifa bin Zayed, Ruler of Abu Dhabi and his Highness has issued an order to fomra a Supreme Council to look after Financial and Economic affairs. The council has been formed to look after matters related to the finances, investments, petroleum and natural resource affairs in the emirate reveals a report in WAM. 

The council will be headed by the Ruler of Abu Dhabi while the Crown Prince of Abu Dhabi will be the Vice-Chairman of the council, states the law. 

The report also said that the council will also be responsible to organise and approve public policies of Abu Dhabi in addition to other financial requirements. The law also consists of provision to supervise the performance of the related sectors so that it ensures compatibility with other directives or developmental plans approved by the emirate leadership. 

It will be working in accordance 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 powers of the two departments will be merged and the Supreme Petroleum Council’s members will keep exercising their duty and ADNOC’s board members till other board members come onboard. 

All the relevant entities will be taken into account and they will be governed by corporate autonomy to develop their strategies and they will also abide by specific methodology which will be based on the approval of the council. 

Through autonomy, the council will be getting independence to make decisions in the interest of the development of the emirate. Their plans will be approved without any delays and the progress in the related field will come quicker. The step has been taken to strengthen the basis of the type of governance that depends on clear and centralised policies. 

This shows progress towards establishing leadership of not only directing but also preserving Abu Dhabi’s financial and economic position in the future. 


Source: https://www.wam.ae/en/details/1395302898123

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