Skip to content Skip to Search
Skip navigation

Sheikh Mohamed named new President of the UAE

Sheikh Mohamed bin Zayed al-Nahyan was elected president of the Gulf Arab state by a federal supreme council on Saturday.

The UAE’s de facto leader Sheikh Mohamed bin Zayed al-Nahyan was elected president of the Gulf Arab state by a federal supreme council on Saturday.

The council, which groups the rulers of the seven emirates of the UAE federation, elected Sheikh Mohamed, known as MbZ, a day after the death of his half-brother, President Sheikh Khalifa bin Zayed, who was also ruler of Abu Dhabi.

“We congratulate him and pledge allegiance to him as do our people…and the entire country will follow his leadership to glory,” Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, who is also UAE vice-president and premier, said in a Twitter post.

MbZ, 61, had already been wielding power for years in a period when Sheikh Khalifa suffered bouts of illness, including a stroke in 2014.

MbZ led a realignment of the Middle East that created a new anti-Iran axis with Israel. He also bolstered the military might of the UAE which, coupled with its oil wealth and business hub status, extended Emirati influence in the region and beyond.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]