The Emirates Investment Authority's board of directors today held a video conference meeting under the chairmanship of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and the Chairman of the EIA.
The Cabinet in its decision No 19/8 of 2020 approved the restructuring of the EIA's Board under the chairmanship of Sheikh Mansour bin Zayed Al Nahyan.
The EIA's new Board of Directors includes Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future; Sultan bin Saeed Al Mansouri, Minister of Economy; Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs; Hareb Masoud Al Darmaki, Advisor – Managing Director Office at the Abu Dhabi Investment Authority; Mohammed Hadi Ahmed Al Hussaini, Chairman of the Emirates Integrated Telecommunications Company, 'du'; Eissa Mohamed Al Suwaidi, Managing Director of the Abu Dhabi Investment Council; Waleed Al Mokarrab Al Muhairi, Mubadala’s Deputy Group Chief Executive Officer and Chief Executive Officer of Alternative Investments and Infrastructure; and Kulthum Hamad Al Ghafli, Director of Investments at the Foreign Equity Department of the Abu Dhabi Investment Authority.
The meeting started with welcoming the board members in the presence of Mubarak Rashed Al Mansoori, Chief Executive Officer of EIA.
The board approved the minutes of the previous meetings of the EIA's Executive, Audit and Risk Management committees. The CEO presented the financial data which cover the summary financial statements of the period ended June 30, 2019. The board was then briefed on the investment activities and performance until December 31st 2019, during which the EIA's assets increased by 8 percent.
The investment activity and performance until March 31st, 2020, was also presented, during which a relatively better performance was logged against the backdrop of the state of economic downturn witnessed by the world market.
The Board approved all the financial statements presented, including all their articles. The recommendations of the Executive Committee were also approved, including the FY 2020 budget, which was passed earlier by circulation.
The Board issued a decision restructuring the Executive Committee under the chairmanship of Obaid bin Humaid Al Tayer and the membership of Hareb Masoud Al Darmaki, and Kulthum Hamad Al Ghafli.
A decision was also approved on restructuring the Audit and Risk management Committee under the chairmanship of the Sultan bin Saeed Al Mansouri and the membership of Waleed Al Mokarrab Al Muhairi and Salem Al Dhaheri.
Wrapping up the meeting the Board Chairman thanked the board members and the EIA's Executive Management for their efforts to enhance the diversification of the UAE economy and ensure long-term returns for the federal government's investment inside of the country and overseas.
The Emirates Investment Authority, an authority owned by the Federal Government, was established through Federal Decree Law No. 4 of 2007 as amended by Federal Decree Law No. 13 of 2009.
Its primary directive is to manage the sovereign wealth of the UAE by investing in a diversified portfolio of assets in key economic sectors and industries with the aim of delivering sustained financial gains for the UAE.
As a custodian of the Federal assets of the United Arab Emirates, the EIA is mandated to strategically invest funds allocated by the Federal Government to create long-term value for the UAE and contribute to the future prosperity of the country. In a short span of time, the EIA has uniquely positioned itself to become an invaluable partner for significant world-class investment opportunities locally, regionally and internationally