Sheikh Khalifa is the next President of the United Arab Emirates

The death of Sheikh Zayed bin Sultan al-Nahayan, president of the oil-rich United Arab Emirates, is not expected to have a major impact on already climbing world crude prices, experts said Wednesday. The death of the ailing Sheikh Zayed "had been expected and will not take the markets by surprise", said Abdulkhalek Abdullah, who heads a research center in Sharjah, one of the seven members of the U.A.E. "Markets will not be greatly affected. ... Markets are usually affected by violent and unexpected events," he said. &to= english.pravda.ru/diplomatic/2001/12/24/24321.html ' target=_blank>Sheikh Zayed, who ruled the U.A.E. since its birth in 1971, died Tuesday. He was in his late 80's. The U.A.E. is ranked fourth within the Organization of &to= english.pravda.ru/economics/2003/03/11/44246.html ' target=_blank>Petroleum Exporting Countries with a production quota of 2.356 million barrels per day and is currently producing about 2.5 million bpd. The country has proven reserves of 97.8 billion barrels of oil (fifth in the world) and over six trillion cubic meters of gas, ranking it fourth in the world. French geophysics expert Alain Leron said there was no apparent reason for the markets to be troubled by Sheikh Zayed's demise. "Preparations have been under way for a while for a smooth succession," and his death should not have an impact on the country's production, he said. Walid Khadduri, editor of the Cyprus-based &to= english.pravda.ru/comp/2002/04/29/28086.html ' target=_blank>Middle East Economic Survey (MEES), said the U.A.E. is "a state of institutions" whose oil policy will not be affected by the death of its leader, informs the Daily Star. According to the Daily Times, Arab and Muslim leaders joined thousands of grieving Emiratis on Wednesday to pay their last respects to Sheikh Zayed Bin Sultan Al-Nahayan, president and founding father of the oil-rich United Arab Emirates. Afterwards, Sheikh Khalifa Bin Zayed Al-Nahayan, Sheikh Zayed’s eldest son, was elected president by UAE’s federal council, state-owned Abu Dhabi television said on Wednesday. A dozen heads of state took part alongside the ruling families of Abu Dhabi and other members of the seven-strong Gulf federation in the funeral prayers, as thousands of Emiratis crashed through barriers put up by police to enter the mosque courtyard in a ceremony broadcast live on television. Crowds ran behind the convoy which later carried the body of Sheikh Zayed, who died on Tuesday after 33 years at the helm of the federation, to a mosque bearing his name at the entrance of the UAE capital. He was buried there. Meanwhile, President Pervez Musharraf returned home from Abu Dhabi on Wednesday after attending Sheikh Zayed’s funeral. He was accompanied by Foreign Minister Khurshid Kasuri. A statement issued by the Office of the President said the new president was elected at a meeting of the Supreme Council, which is made up of the heads of UAE's seven emirates of Abu Dhabi, Dubai, Sharjah, Ajman, Fujairah, Ras al-Khaimah and Um al-Qaiwain. In accordance with Article 51 of the UAE Constitution, the council, at its meeting at Bateen Palace, Abu Dhabi in the evening, decided to elect Sheikh Khalifa bin Zayed Al Nahyan as the President of the &to= english.pravda.ru/diplomatic/2001/09/22/15894.html ' target=_blank>United Arab Emirates to succeed the late Sheikh Zayed bin Sultan Al Nahyan who died a day earlier, said the statement. The council members emphasized their keen desire to be loyal to the principles of leadership and the values of justice and right laid down by late Sheikh Zayed, according to the statement. It added that the council expressed its full confidence that the people of the UAE will continue to be the guardians of the UAE federation and of its achievements at all levels. Sheikh Khalifa expressed his appreciation for the trust and confidence shown in him by his colleagues and brothers, the Rulers of the Emirates, WAM said. He stressed that he was determined to adhere to the guidelines laid down by the founder of the UAE federation, cooperate and coordinate with his colleagues and the members of the Supreme Council, as well as continuing to foster the progress of the federation and of all that will contribute to its stability, prosperity and the welfare of its people, said the statement, publishes People`s Daily Online.

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