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Abu Dhabi Reshuffles Executive Council, Adds Sheikh Hazza

Dec. 12 (Bloomberg) -- Abu Dhabi, the oil-rich Gulf Arab emirate, reshuffled its cabinet or Executive Council, naming the ruler’s half brother Sheikh Hazza bin Zayed Al Nahyan as vice chairman.

Sheikh Hazza, also chairman of First Gulf Bank PJSC, was previously not part of the council. Majed Ali al-Mansouri, a board member at the Federal Authority for Nuclear Regulation and a member of the executive committee for Abu Dhabi environment agency was also added as a member, according to a decree published by the official WAM news agency today.

Abu Dhabi, the capital of the U.A.E. federation of seven emirates, had about 7.3 percent of the world’s oil supply at the end of 2009 according to BP Plc data. The emirate is trying to diversify its economy away from heavy reliance on crude exports and plans to raise the contribution of non-oil industries to half of total gross domestic product by 2015 from about 40 percent. Its economy suffered during the global financial crisis as real estate prices fell and local banks received funds from the government.

Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed Al Nahyan kept his position as chairman of the council, WAM reported. Six of the members in the lineup according to a list on the council’s website are not among those named as council members in the decree. The six former members are Sheikh Saeed bin Zayed, Sheikh Tahnoon Bin Zayed, Sheikh Diab bin Zayed, Sheikh Sultan bin Khalifa, Sheikh Ahmed bin Saif Al Nahyan and Rashid Mubarak al-Hajeri.

To contact the reporter on this story: Camilla Hall in Dubai at chall24@bloomberg.net or Zahraa Alkhalisi in Abu Dhabi at zalkhalisi@bloomberg.net

To contact the editor responsible for this story: Louis Meixler at lmeixler@bloomberg.net

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