UAE President Sheikh Khalifa has issued, in his capacity as Ruler of Abu Dhabi, a law to establish the Abu Dhabi Development Holding Company, ADDHC, as a public joint stock company.
According to the law, the new company will be an independent corporate body that enjoys full legal status to practice its activities and achieve its objectives, as well as its financial and administrative autonomy, according to the state news agency WAM.
The ADDHC is mandated to monitor and guide development service companies in Abu Dhabi, to enable them to achieve excellence in terms of productivity, efficiency and quality, which will help to promote their businesses and realise the future goals, as outlined in the Abu Dhabi Vision.
Under the new law, the ownership of all government and quasi-government development service companies in Abu Dhabi, as well as of any shares held by government entities or government ventures in these companies, shall be transferred to the ADDHC.
The company will have a capital value of Dh500 million, to be distributed in the same quantity of shares at a nominal value of Dh1 per share. The company’s issued capital will be valued at Dh100m, distributed in the same quantity of shares at a nominal value of Dh1 per share, which will be fully paid for and owned by the Government. A resolution will be issued by the Abu Dhabi Executive Council to name the development services companies that will become subsidiaries of the ADDHC.
In relation to the law, Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, issued a resolution to appoint the ADDHC's Board of Directors, which will be chaired by Jassem Bu Ataba Al Zaab, with Sheikh Theyab bin Mohamed bin Zayed Al Nahyan acting as Deputy Chairman.
The resolution also names Mugheer Khamis Al Khaili, Major General Mohammed Khalfan Al Rumaithi, Sheikh Abdullah bin Mohammed Al Hamed, Ali Rashid Al Nuaimi, Owaida Murshid Al Marrar, Saif Mohammed Al Hajeri, Falah Mohammed Al Ahbabi and Mohammed Khalifa Ahmed Al Mubarak as board members. Mohammed Sultan Ghanoum Al Hamli will serve as the company’s Managing Director.