UAE President Sheikh Khalifa, who also heads Abu Dhabi's Supreme Council for Financial and Economic Affairs, appointed a new board of directors to govern the state-owned Abu Dhabi National Oil Company.
The new board will be chaired by Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and will include the company's group chief executive Dr Sultan Al Jaber, who has additionally been appointed managing director of Adnoc.
Dr Al Jaber, who is also the Minister for Industry and Advanced Technology, is also part of an executive committee of Adnoc's board which includes energy minister Suhail Al Mazrouei, Mubadala Investment Company chief executive Khaldoon Al Mubarak, chairman of Abu Dhabi's Department of Finance Jassem Al Zaabi and Minister of State, Ahmed Al Sayegh. The executive committee will be chaired by Sheikh Khaled bin Mohamed bin Zayed, who is a member of the Abu Dhabi Executive Council and the chairman of the Abu Dhabi Executive Office.
Adnoc's new board of directors includes Sheikh Hazza bin Zayed, Sheikh Mansour bin Zayed, Sheikh Khaled bin Mohamed bin Zayed, Dr Al Jaber, Khaldoon Al Mubarak, Ahmed Mubarak Al Mazrouei, Jassem Mohammed Al Zaabi, Suhail Al Mazrouei, Ahmed Ali Al Sayegh and Awaidha Murshed Al Marar.
The new board of directors takes over from the Supreme Petroleum Council, which previously governed Adnoc.
The council ratifies Adnoc's annual five-year spending plan, discoveries of new resources and allocation of concessions to international energy companies.
The SPC was replaced in December by the Supreme Council for Financial and Economic Affairs, with Sheikh Khalifa as the chairman and Sheikh Mohamed bin Zayed as its vice-chair.
The constitution of Adnoc's first board marks a significant milestone in the group's evolution from a national oil firm to an integrated energy company with a growing international reach.
The new council was established to support Abu Dhabi's competitiveness and its economic and financial sustainability.
It will set financial and economic policy and will oversee the approval of strategies for a number of state-owned entities including Adnoc, Mubadala Investment Company, Abu Dhabi Investment Authority and holding company ADQ.
The council has oversight on the Department of Finance but it will operate with autonomy on a day-to-day basis.
The UAE, Opec's third-largest producer, accounts for nearly 4.2 per cent of global output of oil. Most of the production comes from fields owned and operated by Adnoc in Abu Dhabi. The national oil company has streamlined its operations under Dr Al Jaber, who was appointed to his existing position in 2016.
Under his leadership, Adnoc invited partnerships from international investors into its upstream concessions and also opened up opportunities across its midstream and downstream assets to foreign capital.
Last year, the company forged a number of agreements with global asset managers across its value chain, attracting $16.8 billion in foreign direct investment into the UAE.
The Abu Dhabi firm also plans to spend $122bn over the next five years, of which $43.5bn will be directed towards the local economy.
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A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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Rating: 4/5
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
