Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, in his capacity as Ruler of Dubai, has issued Law No 1 of 2014 converting Dubai Aluminium (Dubal) into a private joint stocks company. Pursuant to the Law, the name of the new company is “Dubai Aluminium P.J.S.” with a declared capital of Dh3 billion, headquartered in Dubai and may establish branches inside and outside the UAE.
Article 6 of that law stated that the Dubai Aluminium P.J.S. subrogates Dubai Aluminium in all legal and business obligations and rights starting from the date of effective of this law, and the employees of Dubai Aluminium shall benefit from their vested right.
The law nullifies Law No 17 of 2011 pertaining to setting up Dubai Aluminium, and Decree No 11 of 2013 pertaining the formation of the Board of Directors of Dubai Aluminium and any other legislation that contradict or challenge it; the rules and regulations applied currently in Dubai Aluminium, prior to this law, remains active to the limitation that do not contradict or challenge with it, unless replaced and/or amended. The law is considered active from the date of publication in the Official Gazette.
In his capacity as Ruler of Dubai, Shaikh Mohammad also issued Decree No (1) of 2014 attaching a representative from Dubai’s Road and Transport Authority (RTA) to the Supreme Council of Energy. The decree is considered active from the date of publication in the Official Gazette.
