Dubai: The Dubai Aluminium Company (Dubal) has been renamed Dubai Aluminium Corporation.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has issued a law stating this. The law, issued in Shaikh Mohammad's capacity as Ruler of Dubai, replaced the name of the company as a public corporate body enjoying financial and administrative independence and the necessary competence to carry out all actions that ensure the achievement of its objectives.
According to the law, the corporation, which operates on a commercial basis and is affiliated to the Dubai Investment Corporation, will be headquartered in Dubai, and its board of directors has the right to open branches inside and outside the emirate.
The corporation's capital is Dh3 billion, which may be raised or reduced upon a decision by the Dubai Investment Corporation, based on a recommendation by the corporation's board.
The 20-article law defines the basic activities of the corporation as aluminium production and manufacturing of final metal products.
Financial freedom
As part of its main activity, the corporation will have the right to the possession and operation of smelters, refineries, mines and any other facilities related to melting metals or alloys and other related products, refining and re-production, acquisition, operation and setting up of stations projects and facilities needed for the production, power generation and desalination of water to be used in their production processes.
It will also have the right to get loans and credit facilities for its operations and the granting of guarantees and mortgages in place, including mortgage assets, property, securities, etc. as well as the issuance of bonds and other instruments in coordination with the concerned authorities in Dubai.
Investments
The agency may carry all forms of investments and commercial, industrial and real estate projects, and may set up companies and strike partnerships in projects related to the achievements of its purposes.
It has the right to acquire rights related to intellectual properties relations, trade names and patents, and can carry out any other activities deemed appropriate by its board.
The corporation will be run by a board of directors composed of a chairman, deputy chairman and a number of members to be appointed by a decree.
