UAE Cabinet reshuffle: federal fund handed more assets and responsibilities – The National

UAE Cabinet reshuffle: federal fund handed more assets and responsibilities – The National

In a decision announced by Sheikh Mohammed bin Rashid, companies including Federal Electricity and Water Authority and Emirates Real Estate Corporation are now attached to the Emirates Investment Authority

















Emirates Investment Authority owns a 60% stake in the country's biggest telecoms company, Etisalat, and a 50.1% stake in the second-biggest operator, du. Courtesy Etisalat







Adding new assets to the Emirates Investment Authority will invigorate the role of an institution that manages the sovereign assets of the UAE's Federal government.



It has been instructed "to prepare a new government investment strategy for the next stage“, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid said as he announced that four significant entities were being attached to it; the national postal service Emirates Post, the Emirates General Transportation and Services Corporation, the Federal Electricity and Water Authority and the Emirates Real Estate Corporation. The EIA has held custody of, and managed Emirates Post and Emirates Transport on behalf of the government since 2013, according to its website. The Emirates Investment Authority did not clarify when contacted by The National if the decision meant that this status had now changed.





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