UAE President and ruler of Abu Dhabi Sheikh Khalifa bin Zayed al-Nahyan has issued an emiri decree appointing a new chairman and managing director for Abu Dhabi Investment Council (Adic).

The decree appoints Sheikh Mohamed bin Zayed al-Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, as the new chairman, replacing Sheikh Khalifa.

The other major change is the appointment of Isa Mohammed al-Suwaidi as managing director, replacing Khalifa Mohammed al-Kindi.

The other board members are:

• Sheikh Sultan bin Zayed al-Nahyan, the President’s Representative;
• Sheikh Mansour bin Zayed al-Nahyan, Deputy Prime Minister and Minister of Presidential Affairs;
• Sheikh Hamed bin Zayed al-Nahyan, Chief of the Abu Dhabi Crown Prince’s Court,
• Mohammed Habroush al-Suwaidi, Adviser to the President;
• Younis Haji Khoori, Undersecretary of Ministry of Finance.

The changes at Adic are the latest changes at an Abu Dhabi investment vehicle this year. UAE Energy Minister Suhail al-Mazrouei was appointed as managing director of the government-owned International Petroleum Investment Company (Ipic) in April.  Al-Mazrouei replaced chairman Khadem al-Qubaisi, who was appointed in May 2007.

The departure of Al-Qubaisi, who has also left the board of Ipic, comes soon after it emerged he is expected to leave his position as chairman of UAE construction company Arabtec.