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Abu Dhabi, March 4 (Agencies)
In his capacity as Ruler of Abu Dhabi, His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the State of Abu Dhabi, has issued a law establishing the Abu Dhabi Development Company Holding Company (PJSC).
The law stipulates that the company shall have an independent legal personality and enjoys financial and administrative independence and full legal capacity to exercise its activities and achieve its objectives.
The company will follow up and guide service development companies in the emirate to enable them to achieve excellence in levels of productivity, efficiency and quality, which will contribute to the development of these companies and meet the aspirations of the future vision of Abu Dhabi.
Under the law, the ownership of the service development companies wholly owned by the government or any of the governmental entities and companies and the ownership of the government and any governmental entities or companies shall be transferred to the company from shares or shares in any service development companies not wholly owned by the government or any of the entities and companies Government, and also all the rights of government and government entities and companies in the loans granted to any of the service development companies.
The issued capital is AED 100 million divided into 100 million shares, all of which are nominal shares paid in full by the government and owned by them. A decision of the Executive Council To identify the service development companies affiliated.
His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Executive Council of Abu Dhabi, issued a decree appointing the Board of Directors of Abu Dhabi Development Company under the chairmanship of HE Jassim Mohammed Buataba Al Zaabi and HH Sheikh Diab Bin Mohammed Bin Zayed Al Nahyan as Vice President.
The decision also included the membership of His Excellency Dr. Mughir Khamis Al Khaili, Major General Mohammad Khalfan Al Rumaithi, Sheikh Abdullah Bin Mohammed Al Hamed, Dr. Ali Rashid Al Nuaimi, Engineer Awaidah Murshid Al Marar, Saif Mohammed Al Hajri, Falah Mohammad Al Ahbabi and Mohammed Khalifa Ahmed Al Mubarak , and Mohammed Sultan Ghanoum Al Hamli as Managing Director.
