ABU DHABI - Deputy Prime Minister and Minister of Presidential Affairs H.H. Sheikh Mansour bin Zayed Al Nahyan today presided over a meeting of the Emirates Investment Authority's Board of Directors.

The Board members approved EIA's operating budget for 2017 and the formation of the Authority's committee after the recent reconstituting of the board.

The board approved formation of the four-member executive committee, headed by Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs and the three-membre audit committee, headed by Sultan bin Saeed Al Mansouri, Minister of Economy. Both committees will serve for a 3-year tenure.

A presentation was made by EIA's CEO Mubarak Rashid Al Mansouri on the performance and achievements of the Authority since its establishment.

The board also discussed and approved reports and minutes of meetings of executive and audit committees. It also endorsed the EIA's risk management policy.

The meeting was attended by Sultan bin Saeed Al Mansouri, Minister of Economy, Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, Ahmed bin Bayat, Vice President and Managing Director of Dubai Holding, Kaltham Hamad Al Ghafli, Investment Director at External Equities Section of the Abu Dhabi Investment Authority (ADIA), Hareb Masoud Al Ramaki, Advisor at the Office of Managing Director of ADIA, Waleed Al Mokarrab Al Muhairi, Deputy Group CEO and Chief Executive Officer, Alternative Investments and Infrastructure of Mubadala and Mohamed Hamad Al Mehairi, Chief Executive Officer of Aabar Investments.

Also present were EIA's CEO Mubarak Rashid Al Mansouri and Mohamed Saif Al Suwaidi, Director of Assets Management at the EIA.

EIA was established by a federal decree on 13 November 2007 as the sole entity responsible for the future stewardship of federal government stakes in a number of corporations, including Etisalat, Du, etc.

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.

Source: Emirates News Agency