Law No. (24) of 2020 Concerning The Supreme Council for Financial and Economic Affairs

Article 1 — In the implementation of the provisions of this Law, the following words and ¶

phrases shall have the meanings corresponding thereto unless the context
requires otherwise:

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Emirate : The Emirate of Abu Dhabi.
Government : The Government of Abu Dhabi.
Executive Council : The Executive Council of the Emirate.
Council : The Supreme Council for Financial and Economic Affairs.
Board of Directors : The Board of Directors of the Council.
Secretary-General : The Secretary-General of the Council.
Department : The Department of Finance.
Chairman of the
Board
: The Chairman of the Board of Directors.
Governmental
Entities
: The local departments and every legal person affiliated to
the Government and having full legal capacity to act.
Strategic
Investment Entities
: 1. Abu Dhabi Investment Authority
2. Abu Dhabi National Oil Company
3. Mubadala Investment Company
4. Abu Dhabi Developmental Holding Company
5. Other Governmental Entities, Institutions and
Companies determined by a resolution of the Chairman
of the Board.
Governmental
Institutions
: The public legal persons wholly owned by the Government
or the Governmental Entities and practising operations of
commercial nature in their direct activities.
Governmental
Companies
: The companies which are wholly and directly owned by the
Government or Governmental Entities or Institutions, and
the companies in which the Government or Governmental
Companies or Institutions directly contribute, severally or
jointly, by more than 50% of the Capital.
Concerned Entities : 1. The Governmental Entities, the Strategic Investment
Entities and the Governmental Companies and
Institutions;
2. The institutions and companies in which the
Government contributes by less than 50% of the
capital; and they are determined by a resolution of the
Chairman of the Board.

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Article 2 — A council shall be established pursuant to the provisions of this Law in the ¶

name of the “Supreme Council for Financial and Economic Affairs”, having an
independent legal personality and enjoying full legal capacity, and affiliated
to the Ruler of the Emirate.

Article 3 — The main office of the Council shall be in Abu Dhabi City, and branches or ¶

offices may be established inside or outside the Emirate by a resolution of
the Chairman of the Board.

Article 4 — The Council shall be the supreme authority in charge for the economic, ¶

investment and financial affairs in the Emirate, and may in particular assume
the following:
1. Lay down and approve public policies and strategies for the regulation of
the financial, investment and economic affairs as well as the petroleum
and natural resources affairs of the Emirate, and follow up on their
implementation with the Concerned Entities including, without limitation,
the government policies related to ownership, public debt and asset
management.
2. Approve strategies and policies related to the economic, investment and
financial affairs, as well as the petroleum and natural resources affairs
of the Concerned Entities, and ensure their conformity with the public
policies and strategies of the Emirate.
3. Review the Concerned Entities’ annual and executive plans related to the
economic, investment and financial affairs, as well as the petroleum and
natural resources affairs.
4. Follow up on and evaluate the performance of the Concerned Entities as
well as the annual and executive plans related to the financial, investment
and economic affairs as well as the petroleum and natural resources
affairs, in accordance with the public strategies and policies approved by
the Council.
5. Any other competencies entrusted to the Council by virtue of the Law or
by a resolution of the Chairman of the Board.

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Article 5 — 1. The Council shall be managed by a Board of Directors under the ¶

chairmanship of the Ruler of the Emirate and the membership of:
• The Crown Prince, Chairman of the Executive Council - Vice-Chairman.
• A number of members not exceeding ten members to be appointed by
an Amiri Decree.
• Chairman of the Department of Finance - Member and Secretary-
General.
2. The term of membership at the Board of Directors shall be three
automatically renewable years for similar terms, unless an Amiri Decree
is issued for the reformation thereof.
3. The remunerations of the members of the Board of Directors shall be
determined by a resolution of the Chairman of the Board, and the internal
regulations shall indicate the procedures of holding the meetings of the
Board of Directors.

Article 6 — • The Board of Directors shall manage and conduct the affairs of the Council ¶

and shall have all competencies deemed required for this purpose, and
may in particular assume the following:
1. Issue the resolutions, take the necessary measures to carry out its duties
and competencies, and guide any Concerned Entities, in conformity
with the strategies and policies approved by the Council, including the
issuance of the government ownership policy as well as the investment
controls and borrowing policy.
2. Approve the draft annual budget of the Council.
3. Form subcommittees whose competencies, members, duties and powers
shall be determined by a resolution of the Chairman of the Board.
4. Seek the assistance of experts to support the aforesaid committees
and determine their allocations or remunerations, and invite whomever
deemed adequate to attend the meetings thereof for consultation and
advice in any subject-matters related to the duties or competencies of
the Council.
5. Any other competencies entrusted to the Board of Directors pursuant to

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the Law or resolution of the Chairman of the Board.
• The resolutions of the Board of Directors shall be issued by a resolution of
the Chairman of the Board.

Article 7 — • Without prejudice to the competencies of the Department of Finance and ¶

powers of the Chairman of the Department of Finance specified pursuant
to the aforesaid Law No. (1) of 2017 and Law No. (27) of 2019 or any
other legislation, the Secretary-General shall conduct the daily progress of
work and support whatever is related to the Council, and may in particular
assume the following:
1. Collect, study, analyse and prepare all information and whatever may
support the Council in carrying out its duties and competencies, and
raise recommendations in this regard.
2. Supervise the implementation and follow up on the duties and
competencies of the Council in accordance with the provisions of the
Law, regulations, resolutions and recommendations issued, as well as the
procedures taken pursuant thereto.
3. Prepare and approve the financial and administrative regulations of the
Council including the organisational structure and the regulation of the
human resources, in accordance with the legislations, regulations and
resolutions applied to the Department.
4. Prepare the draft annual budget of the Council and submit it to the Board
of Directors for approval.
5. Open, manage and operate banking accounts in the name of the Council.
6. Appoint experts and technicians, temporarily or permanently, and
determine their remunerations.
7. Represent the Council before the Courts and third parties.
8. Issue any circulars deemed necessary to inform the Concerned Entities
of the resolutions and instructions of the Council.
9. Any other competencies or duties entrusted by the Chairman of the
Board.
• The Department shall provide technical, advisory, administrative, financial
and operational assistance, and whatever may support the Council and

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enable it to assume and carry out its competencies.
• The membership of the Secretary-General at the boards of directors of
the Strategic Investment Entities shall be regulated by a resolution of the
Chairman of the Board.
• The Council shall determine any remunerations to be disbursed to the
Secretary-General, if any.

Article 8 — The Concerned Entities shall implement the policies and resolutions approved ¶

by the Council, and shall work and cooperate with the Secretary-General
and the Department in terms of implementation of their duties, pursuant to
the provisions of this Law.

Article 9 — Notwithstanding any provision stipulated in any other legislation, the boards ¶

of directors, the delegated members and the chief executive officers of each
of the Strategic Investment Entities shall be appointed by a resolution of
the Chairman of the Board. For this purpose, the Chairman of the Board
may request the Board of Directors to issue the recommendations deemed
adequate.

Article 10 — The financial resources of the Council shall consist of the following: ¶

1. Annual appropriations allocated thereto by the Ruler of the Emirate and
included in the budget of the Department.
2. Any other revenues approved by the Chairman of the Board.
Disbursement from the annual appropriations of the Council shall be carried
out by a resolution of the Secretary-General.

Article 11 — The fiscal year of the Council shall start on the first of January and end on ¶

the last day of December of each year, except for the first fiscal year which
shall start from the effective date of the provisions of this Law and end on
the last day of December of the following year.

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Article 12 — All documents, resolutions, data, information, reports, papers, records, ¶

plans, printed or electronic graphics, studies, and analyses presented to the
Council, as well as all the deliberations of the Board of Directors, shall be
confidential and shall not be disclosed or presented to or accessed by third
parties, unless as deemed adequate for the implementation of the duties of
the Council, in accordance with the provisions of this Law, or upon obtaining
the approval of the Chairman of the Board.
- Without prejudice to any more severe penalty stipulated in any other
law, whomever violates the provisions of the previous paragraph shall be
sentenced to prison for a duration of not less than one year and not more
than five years, and to a fine of at least (200,000) two hundred thousand
Dirhams and no more than (2,000,000) two million Dirhams, or any of these
penalties.

Article 13 — • Any reference to the Executive Council in any laws, regulations or resolutions ¶

governing any Strategic Investment Entities as well as the Governmental
Companies and Institutions (and other Concerned Entities determined
in a resolution issued by the Chairman of the Board from time to time),
or to which said entities are subject, shall be deemed as a reference to
the Council. The Council shall assume all the competencies and powers
prescribed for the Executive Council in the said laws, regulations and
resolutions.
• The aforesaid Law no. (1) of 1988 shall be repealed, and all competencies
and powers of the Supreme Petroleum Council shall be transferred to the
Council. The Supreme Petroleum Council shall continue to assume the
competencies prescribed for the Board of Directors of Abu Dhabi National
Oil Company until the appointment of a Board of Directors to the said
Company in accordance with the provisions of this Law.
• The employees of the Supreme Petroleum Council shall be transferred to
Abu Dhabi National Oil Company . All assets of the Supreme Petroleum
Council shall devolve to Abu Dhabi National Oil Company.
• Any provision contrary to the provisions of this Law shall be repealed.

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Article 14 — This Law shall not affect any of the undertakings, confirmations or agreements ¶

concluded or made by the government or any Concerned Entities for the
interest of, or with, any regulatory or supervisory authority outside the
State including, without limitation, those related to the exemption of any
Concerned Entities from the government ownership taxes.

Article 15 — This Law shall become effective from the date of its issuance and published ¶

in the Official Gazette.
Issued by us in Abu Dhabi
On: 24 December 2020
Corresponding to: 9 Jumada Al-Awwal 1442 Hijri
Khalifa bin Zayed Al Nahyan
Ruler of Abu Dhabi

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Decrees
Decrees

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