Abu Dhabi Recasts Government as It Grapples With Low Oil Prices - Bloomberg Business

Abu Dhabi Recasts Government as It Grapples With Low Oil Prices - Bloomberg Business:

"Abu Dhabi’s government replaced the head of its finance department and appointed a cabinet minister as general manager of state-owned oil company Adnoc as the oil producer grapples with low prices.
Sheikh Khalifa bin Zayed Al Nahyan, president of the United Arab Emirates and Abu Dhabi’s ruler, issued a decree late Monday naming Riyad Al Mubarak as head of the finance department in place of Hamad Al Hurr Al Suwaidi, state-run news agency WAM reported. In a separate decree, Sheikh Khalifa appointed Sultan Al Jaber as general manager of Abu Dhabi National Oil Co., replacing Abdulla Nasser Al Suwaidi.
The reshuffle comes as the producer of 6 percent of the world’s known oil reserves may consider tapping its sovereign wealth fund and issuing local and foreign debt to bridge a deficit wrought by low petroleum prices, according to Fitch Ratings Ltd. The emirate, which has deregulated fuel prices and increased utility prices, is also looking for measures to diversify its economy away from oil, which contributes about 50 percent of its economy."



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