(Bloomberg) --
The United Arab Emirates restructured its government, merging 50% of federal agencies as the Persian Gulf nation seeks to shore up finances battered by the coronavirus pandemic and oil's slump.
The new government has a year to achieve its “new priorities” and there'll be “continuous changes” to improve efficiency and flexibility, Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum said in a tweet on Sunday.
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Gulf economies have come under pressure from the double whammy of lower oil prices and the Covid-19 crisis, driving governments to cut costs as they navigate the fallout.
Government Changes:
- The Ministry of Energy has merged with the Ministry of Infrastructure and Suhail Al Mazrouei will head the combined entity.
- Abu Dhabi National Oil Co. Chief Executive Officer Sultan Al Jaber has been named minister of industry and advanced technology, as well as head of Emirates Development Bank.
- Al Jaber will remain Adnoc CEO after assuming his new position, according to the company.
- The Ministry of Economy has been split between three ministers:
- Abdullah bin Touq Al Marri (economy)
- Ahmed Belhoul (entrepreneurship and small and medium-sized enterprises)
- Thani Ahmed Al Zeyoudi (foreign trade)
- NOTE: The outgoing economy minister, Sultan Al Mansoori, was appointed in 2008. He also chairs several government bodies such as the Securities and Commodities Authority and the Federal Civil Aviation Authority.
- The Federal Electricity and Water Authority, Emirates Transport, Emirates Post Group and Emirates Real Estate Corp. will be brought under the Emirates Investment Authority.
READ: Biggest Arab Economies Diverge as UAE Business Returns to Growth
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