The Emirates News Agency reported today, Wednesday, that the President of the UAE, Sheikh Mohammed bin Zayed Al Nahyan, issued a decree appointing his son Sheikh Khalid as Crown Prince of Abu Dhabi, the oil-producing capital of the state, which plays an active role in the Middle East. Sheikh Mohammed, who is also the ruling governor of Abu Dhabi, appointed his brother Sheikh Mansour bin Zayed as Vice President of the UAE alongside Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum.
Moreover, the president appointed his brothers Sheikh Hazza bin Zayed and Sheikh Tahnoun bin Zayed as deputies to the Governor of Abu Dhabi. Sheikh Mohammed became the ruler of Abu Dhabi and president of the UAE in May following the death of his half-brother Sheikh Khalifa bin Zayed, who also served as ruler of Abu Dhabi.
Earlier this month, Abu Dhabi announced a reshuffle of the boards of the two largest sovereign wealth funds it owns. The emirate has several sovereign wealth funds that together make it one of the wealthiest investment nations in the world. Sheikh Tahnoun, who is also the National Security Adviser of the UAE and oversees a vast business empire, was appointed chairman of the board of the Abu Dhabi Investment Authority, one of the largest sovereign wealth funds globally. He also continues to chair the third largest sovereign government fund in the emirate, known as ADQ.
Sheikh Mohammed appointed his brother Sheikh Mansour, the owner of Manchester City Football Club, as the chairman of the board of Mubadala Investment Company, the second-largest sovereign wealth fund in Abu Dhabi. The Abu Dhabi Media Office announced that the UAE president is restructuring the Executive Council of Abu Dhabi to be chaired by Crown Prince Sheikh Khalid bin Mohammed bin Zayed.
