A new Dh100 million Abu Dhabi-based private company with prominent shareholders will invest in key sectors across the UAE, creating new projects and employment opportunities.

Called the Al Rayyan Investment Company, it has several high profile private shareholders. Some one million shares of Dh100 each were issued to shareholders.

"We have completed all the formalities for incorporating the company as per the laws of the country and the aim of the company is to contribute effectively to the national economy by investing in different projects," said Chairman Saeed Eid Al Ghatli.

The first board meeting of the company was held on Wednesday.

"We have identified a number of projects for which feasibility studies will be undertaken. The company is also studying the market conditions and is currently drawing up a strategy for investments," Al Ghatli added.

Salem bin Mohammed Al Daheri, Under Secretary, Department of Economy, Abu Dhabi said the formation of such companies will boost investments in Abu Dhabi and the other emirates.

"The company plans to invest in various sectors such as construction, tourism, industry and others. We expect the company to play a major role in the economic development of the country," he said.

The meeting attended by board members approved the establishment of the company and the appointment of auditors, board of directors and others.

The idea of setting up such a company was proposed last December. Since then the founders progressed fast to set up the firm, said Al Ghatli.

"There is immense liquidity in the market and we see many such companies coming up in the UAE. Initially, such companies start off as private joint stock companies and later convert into public joint stock companies through listing," commented a senior banker.