A new public joint stock holding company is set to be established in Abu Dhabi under a law issued by UAE President and Abu Dhabi’s Ruler Sheikh Khalifa bin Zayed Al Nahyan.
The Abu Dhabi Development Holding Company (ADDHC) will be an independent corporate body with complete legal status and financial and administrative autonomy, official news agency WAM reported.
The company will have a capital value of Dhs500m, to be distributed in the same quantity of shares at a nominal value of Dhs1 per share. The issued capital will be valued at Dhs100m, with the same quantity of shares to be distributed at a value of Dhs1 per share – which will be fully paid for and owned by the government.
ADDHC is mandated to monitor and guide development service companies in Abu Dhabi, the report said.
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 ADDHC.
A resolution shall be issued by the Abu Dhabi Executive Council to name the development services companies that will become subsidiaries of the new firm.
A resolution has also been issued by Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan appointing ADDHC’s board of directors. It will be chaired by Jassem Bu Ataba Al Zaab, with Sheikh Theyab bin Mohamed bin Zayed Al Nahyan acting as deputy chairman and Mohammed Sultan Ghanoum Al Hamli serving as the company’s managing director.
The board members include 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.