UAE/Abu Dhabi: Powerful new council to co-ordinate energy and the economy

Abu Dhabi has a new powerful council, created by presidential law in late December, which will oversee all financial, investment, economic, petroleum and natural resource affairs in the emirate. The Supreme Council for Financial and Economic Affairs (SCFEA) will supervise the functioning and performance of what the Emirates News Agency (WAM) called the “relevant entities”: the Department of Finance (DoF), Abu Dhabi Investment Authority (Adia), Mubadala, Abu Dhabi National Oil Company (Adnoc) and ADQ (previously known as Abu Dhabi Developmental Holding Company, established 2018) have been named so far.