Abu Dhabi shakes up leading company managers - FT.com

Abu Dhabi, the oil-rich emirate, has changed the senior management of some of its most strategic companies as the sheikhdom adjusts to a tougher economic environment and the government reassesses previous plans.

Since May, senior management changes have taken place at two of the emirate’s main investment arms: Abu Dhabi Investment Authority and Mubadala, as well as at Abu Dhabi National Oil Company, or Adnoc, energy company Taqa and at Tabreed, a district cooling company. Sheikh Khalifa bin Zayed Al Nahyan, president of the United Arab Emirates and ruler of Abu Dhabi, also reshuffled the Supreme Petroleum Council, a body charged with managing the country’s precious oil concessions.

The emirate, home to about 90 per cent of the UAE’s oil, is preparing for a new round of global economic uncertainty after property prices were hit in the emirate and projects were delayed. Despite its oil wealth, some of the companies in which the government has stakes were rattled by debt restructurings.

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