Abu Dhabi: In his capacity as the Ruler of Abu Dhabi, President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, has issued a law establishing Abu Dhabi Development Holding Company (ADDHC) as a Public Shareholding Company.

The law stipulates that the company shall be legally independent legal and enjoy financial and administrative independence.

The company will be tasked with following up and guiding service development companies in Abu Dhabi to enable them to achieve excellence in productivity, efficiency and quality.

Under the law, the ownership of service development companies wholly owned by the government or any of governmental entities and companies shall be transferred to the newly established company.

Also to be transferred to the company is the ownership of shares of government and any governmental entities or companies in any service development companies not wholly owned by the government or any of its entities and companies as well as all rights of government and its entities and companies in loans granted to any of the service development companies.

Issued share capital

The law defines the company’s authorised capital at Dh500 million dirhams at a nominal value of one dirham. It also specifies the issued share capital at Dh100 million divided into 100 million shares, all of which are nominal paid in full and owned by the government. A decision is to be issued by Abu Dhabi Executive Council to identify the subsidiaries.

His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, also issued a decision setting up the board of directors of the Abu Dhabi Development Holding Company, under the chairmanship of Jasem Mohammad Bouataba Al Za’abi and Shaikh Dhiyab Bin Mohammad Bin Zayed Al Nahyan as vice-chairman.

The membership of the board includes Dr Mugheer Khamis Al Khaili, Major General Mohammad Khalfan Al Romaithi, Shaikh Abdullah Bin Mohammad Al Hamed, Dr Ali Rashid Al Nuaimi, Eng Awaidah Murshid Al Marar, Saif Mohammad Al Hajri, Falah Mohammad Al Ahbabi, Mohammad Khalifa Ahmad Al Mubarak, and Mohammad Sultan Ghannoum Al Hameli as Managing Director.