Abu Dhabi oil

Abu Dhabi restructures government

UAE

ABU DHABI, February 16, 2016 – Sultan Ahmed Al Jaber will replace Abdulla Nasser Al Suwaidi as general manager of state-run Abu Dhabi National Oil Company in a massive restructuring by Crown Prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces Sheikh Mohammed Bin Zayed Al Nahyan, Bloomberg reported on Monday.

 

The decree comes as part of an extensive sweep of position changes including officials in health, education, security, transport and climate change.

The largest and richest of the seven emirates that comprise the UAE is contemplating using its sovereign wealth fund and leveraging local and foreign debt to cover the deficit caused by low oil prices, according to US appraisal firm Fitch Ratings. It is actively seeking to diversify its economy by reaching into markets other than oil, which currently provides 50% of its revenue.

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