The Supreme Council for Financial and Economic Affairs has issued a resolution to reconstitute the boards of Abu Dhabi wealth funds Mubadala Investment Company and the Abu Dhabi Investment Authority, Abu Dhabi Media Office said.
Mubadala, Abu Dhabi’s sovereign investment arm, will be chaired by Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of the Presidential Court, the media office said in a statement on Thursday.
The other board members include Sheikh Theyab bin Mohamed, chairman of Crown Prince Court; Khaldoon Al Mubarak, who will serve as managing director; Suhail Al Mazrouei, Minister of Energy and Infrastructure; Dr Sultan Al Jaber, Minister of Industry and Advanced Technology; Abdulhamid Saeed; and Saif Saeed Ghobash.
Mubadala, which is at the centre of the UAE's efforts to diversify its economy, manages more than $284 billion in assets globally.
In recent years, it has stepped up its investments in health care, technology, mobility, clean energy and life sciences as it expands its portfolio.
This month, it bought a 20 per cent stake in US insurance broker Truist Insurance Holdings for $1.95 billion along with private equity firm Stone Point Capital and other investors.
In July, Mubadala also led a $400 million investment round in Berlin-based digital insurance company Wefox to help it grow internationally.
The Supreme Council also issued a resolution to reconstitute the board of directors of Adia, which will be chaired by Sheikh Tahnoun bin Zayed, National Security Adviser, the media office said.
Its board members include Sheikh Mansour bin Zayed; Sheikh Hamed bin Zayed, who will serve as managing director; Sheikh Khaled bin Mohamed; Khalil Foulathi; Jassem Al Zaabi; and Hamad Al Suwaidi.
Adia, one of the world's biggest sovereign wealth funds, makes investments across asset classes such as equities, fixed income, infrastructure, private equity and property.
In December, it launched its new innovation centre, starting operations with the announcement of a $100,000 research award that focuses on investment strategies.
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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