The decision follows the passing of Sheikh Khalifa bin Zayed on Friday.
The state news agency WAM announced that Abu Dhabi Crown Prince Mohamed bin Zayed Al Nahyan was elected as the United Arab Emirates (UAE) president on Saturday.
WAM tweeted, "The Federal Supreme Council has elected Mohamed bin Zayed as President of the United Arab Emirates."
The decision was made one day after the 73-year-old death of UAE President Sheikh Khalifa bin Zayed Al Nahyan.
Vice-President of the UAE Mohammed bin Rashid al-Maktoum promised loyalty to the new president.
Bin Rashid, the ruler of Dubai, tweeted, "Today, the Federal Supreme Council elected my brother, His Highness Sheikh Mohamed bin Zayed Al Nahyan, as President of the State." "We congratulate him and pledge allegiance on behalf of our people."