The board of the Abu Dhabi Investment Council (Adic), an investment arm of the Abu Dhabi government, has been revamped with the emirate's crown prince named as its chairman, state news agency WAM reported on Sunday.

Sheikh Mohammed bin Zayed Al-Nahayan, who is also deputy supreme commander of the United Arab Emirates' armed forces, replaces President Sheikh Khalifa bin Zayed al-Nahayan at the head of the fund, according to a royal decree carried by the agency.

Adic, which holds majority stakes in some of Abu Dhabi banks including the largest, National Bank of Abu Dhabi, is responsible for investing part of the government's surplus financial resources.

It was spun off in 2007 from the Abu Dhabi Investment Authority, the emirate's main sovereign wealth fund, with all ADIA's stakes in local companies placed within it. However, the fund retains a global investment remit despite its local focus.

It has assets under management of around $111 billion, according to industry tracker the Sovereign Wealth Center.

The other board change announced on Sunday saw Isa Mohammed al-Suwaidi, who holds top positions in some of Abu Dhabi's financial institutions including chairman of Al Hilal Bank, named managing director of Adic. He replaces Khalifa Mohammed Al-Kindi.

The other board members have been retained, according to the decree.

It is the second time in recent months that the board of a top Abu Dhabi state-owned investment vehicle has been restructured.

In April, the UAE oil minister Suhail Mohammed Al-Mazrouei was named managing director of International Petroleum Investment Company (Ipic), which invests globally in energy and related sectors, replacing Khadem al-Qubaisi. – Reuters