Mansour to head federal investment authority

Abu Dhabi: The cabinet, in line with the directives of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Tuesday approved the appointment of Shaikh Mansour Bin Zayed Al Nahyan, Minister for Presidential Affairs as board chairman of the Emirates Investment Authority.

Last week, President His Highness Shaikh Khalifa Bin Zayed Al Nahyan issued a federal law, setting up the Emirates Investment Authority (EIA).

The EIA shall be responsible for investments on behalf of the government.

The law mandates EIA to participate in drawing up and coordinating policies of investing Federal Reserve funds to provide viable returns on investment.