Sheikh Khalifa bin Zayed Al Nahyan's death: The late UAE President's net worth and more
UAE President and ruler of Abu Dhabi Sheikh Khalifa bin Zayed Al Nahyan passed away on Friday, the Ministry of Presidential Affairs said.
UAE President and Ruler of Abu Dhabi Sheikh Khalifa bin Zayed Al Nahyan passed away on Friday, the Ministry of Presidential Affairs confirmed.
"The Ministry of Presidential Affairs condoles the people of the UAE, the Arab and Islamic nation and the world over the demise of His Highness Sheikh Khalifa bin Zayed Al Nahyan, the president of the UAE," an Emirates News Agency-WAM statement read.
Sheikh Khalifa served as the President of the UAE and Ruler of Abu Dhabi since November 3, 2004. The Gulf nation announced a 40-day mourning period following the tragic death of the Sheikh, who served as the President of the UAE and Ruler of Abu Dhabi since November 3, 2004. Flags will be flown at half-mast, and ministries, departments, and federal and local institutions will suspend work.
He had succeeded his father, Sheikh Zayed bin Sultan Al Nahyan, the first president of UAE, who had become President after the formation of UAE in 1973 and remained in the post till his death on November 2 2004.
Born in 1948, Sheikh Khalifa was the eldest son of Sheikh Zayed and handled several presidential duties as the Crown Prince since the late 1990s.
One of the wealthiest monarchs in the world, Sheikh Khalifa's net worth is estimated to be over 18 billion dollars, most of which came from his investments in the Abu Dhabi Investment Authority. According to Forbes magazine, he also controlled 97.8 billion barrels of oil reserves, and the Al Nahyan family's fortune is believed to be worth 150 billion dollars.
In Dubai, the world's tallest building, Burj Khalifa, was named after the late UAE President. Called Burj Dubai initially, the skyscraper was renamed after Abu Dhabi, and the federal government of UAE lent Dubai 10 billion dollars to pay off its debts.