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Mon 5 Mar 2018 03:36 PM

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UAE president issues law to set up new $136m firm

The Abu Dhabi Development Holding Company to guide government service companies

UAE president issues law to set up new $136m firm

UAE president and ruler of Abu Dhabi, Sheikh Khalifa, has issued a law to establish a new public joint stock company.

The Abu Dhabi Development Holding Company (ADDHC) will promote all government and quasi-government development service companies in Abu Dhabi, to enable them to realise their future goals, as outlined in the Abu Dhabi Vision.

According to the new law, ADDHC will be an independent corporate body with full legal status to achieve its objectives, along with financial and administrative autonomy.

Ownership of the companies, as well as of any shares held by government entities or government ventures in these companies, will be transferred to ADDHC.

The company will have a capital value of AED500m ($136m), which will be distributed in the same quantity of shares at AED1 per share.

Its issued capital will be valued at AED100m, also distributed in the same quantity of shares at AED1 per share, to be paid for and owned by the government.

ADDHC’s board of directors will be chaired by Jassem Bu Ataba Al Zaab, with Sheikh Theyab bin Mohamed bin Zayed Al Nahyan acting as deputy chairman.