Abu Dhabi Investment Council
The Abu Dhabi Investment Council is the governing authority on internal and external investments in Abu Dhabi. The Council was created in June 2006. The Abu Dhabi Investment Authority's shares in the National Bank of Abu Dhabi, the Abu Dhabi Commercial Bank, and the Abu Dhabi Investment Company (ADIC) were transferred to it. Its focus is on national and regional investments. The Council plays a key role in coordinating and observing the investments made by state-owned enterprises and holding firms. The President of the United Arab Emirates and the Emir of Abu Dhabi, Sheikh Khalifa Bin Zayed Al Nahyan, is the Chairman of the Board of both the Council and ADIA. The Council, along with ADIC, offers guidance on possible investments. We believe that the Council is made aware of almost all investments made by the other firms before they occur. There is no basis in law for this, but it has become the accepted practice.