A new company, Offsets Development Co, is the new equity holder in Dolphin Energy Ltd in place of UAE Offsets Group. The new firm, set up by the Offsets Group, will hold 51 per cent of Dolphin held by its parent, sources said.

Capitalised at Dh50 million, the new company will be fully financed by Abu Dhabi government. It will be based in Abu Dhabi and the board is empowered to set up branches elsewhere. The term of the board, including five members and a chairman, is five years.

Offsets Development's core business will include investment of its funds, establishing or subscribing to other local and foreign companies, exchange of expertise with other parties and related activities.

Sheikh Mohammed bin Zayed Al Nahyan is the chairman of the board. Other members are Mohammed Ahmed Al Bawardi, Ahmed Ali Al Sayegh, Nasser Ahmed Al Suweidi, Mohammed Saif Al Mazroui and Hamad Al Hur Al Suweidi.

The company's fiscal year starts on January 1. It can operate for 50 years, which can be automatically extended unless there is a decision to liquidate it.

The company and all its subsidiaries are exempt from taxes or fees. A decree was issued in the last quarter of 2002 to set up the company and appoint the board.