What is newly-elected President of UAE Sheikh Mohamed bin Zayed's net worth?

Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed Al Nahyan was elected as the president of the United Arab Emirates on Saturday. The move by the Gulf nation's federal supreme council came a day after the death of President Sheikh Khalifa Bin Zayed Al Nahyan.

Also read: Sheikh Khalifa bin Zayed Al Nahyan's death: The late UAE President's net worth and more

"Sheikh Mohamed bin Zayed expressed his appreciation for the precious trust placed in him by his brothers, Their Highnesses the Supreme Council Members and Rulers of the Emirates, praying to the Almighty to guide and help him to bear the responsibility of this great trust," Emirates News Agency wrote on Twitter.

Sheikh Mohammed bin Zayed had been calling the shots for years behind the scenes while his half-brother Sheikh Khalifa was sidelined by poor health.

Sheikh Khalifa was laid to rest in Abu Dhabi's Al Bateen Cemetery just hours after his death was announced, as per Islamic tradition. His funeral prayers were conducted by his successor Mohamed bin Zayed.

Khalifa, born in 1948, had rarely been seen in public since suffering a stroke in 2014. The most visible testament to Sheikh Khalifa is the world's tallest building, Dubai's Burj Khalifa, which was renamed after he bailed out the debt-hit emirate when the global financial crisis struck in 2009.

The UAE president had long ceased having involvement in the country's day-to-day affairs. Instead, his half-brother Mohamed bin Zayed - known as MBZ - was seen as the de facto ruler and the decision-maker of major foreign policy decisions, such as joining a Saudi-led war in Yemen and spearheading an embargo on neighbouring Qatar in recent years.

Sheikh Mohammed bin Zayed was born in March 1961 and married Sheikha Salama bint Hamdan Al Nahyan. The couple has nine children. MBZ is the Crown Prince of Abu Dhabi and the Deputy Supreme Commander of the UAE's Armed Forces.

The newly-elected UAE President is also the Chairman of the Abu Dhabi Executive Council, which is responsible for the development and planning of the Emirate of Abu Dhabi. He is also head of the Mubadala Investment Company, the wealth fund of Abu Dhabi. It has been estimated that the Al Nahyan family's fortune is over 150 billion dollars. Some reports say that Sheikh Mohamed bin Zayed's wealth is close to 30 billion dollars.

The Al Nahyan family owns several yachts, including Rabdan, which Sheikh Mohamed bin Zayed owns. Currently, MBZ resides in a large palace complex in Abu Dhabi, situated close to Al Bateen Palace - the Presidential Palace of his late brother, the Ruler of Abu Dhabi. It remains to be seen if the newly elected President will move in to the palace anytime soon.