Abu Dhabi plans to develop its rural and urban transport systems, including rail, through a new company announced on Friday by the emirate's economic council.

Abu Dhabi's Supreme Council for Financial and Economic Affairs was formed in 2020 to oversee the emirate's economic direction, including investment, petroleum and natural resources.

The Abu Dhabi Transport Company will be an affiliate of the council and will implement, operate and develop sustainable transport systems in the emirate, the capital of the United Arab Emirates, the statement said.

The Council on Thursday reshuffled the top of its two biggest sovereign wealth funds, appointing senior members of the royal family as chairmen.