The UAE President Sheikh Khalifa bin Zayed, also ruler of Abu Dhabi on Sunday issued a law to establish the Supreme Council for Financial and Economic Affairs to organise and oversee all matters related to the emirate’s financial, investment, economic, petroleum and natural resources affairs.

The current Supreme Petroleum Council, which regulates petroleum-related policies, will be merged with this new council, the Abu Dhabi media office said in a tweet.

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.

Its mandate includes:

1.) Setting and approving public policy for the affairs for which it is responsible

2.) Approving strategies and policies by relevant entities to ensure compatibility with the emirate's general direction of and plans

3.) Reviewing the annual and executive plans for relevant entities and overseeing and evaluating their performance

4.) Overseeing the implementation of the general strategies with relevant entities in all affairs for which it is responsible

The council aims to enhance the competitiveness and sustainability of Abu Dhabi's financial and economic system.

Its members will continue to exercise their role as Abu Dhabi National Oil Co (ADNOC) board members until a new board is appointed, the media office said.

(Writing by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@refinitiv.com )

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