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|10 February, 2019

UAE issues decree to convert Abu Dhabi Power Corp into joint stock company

The law stipulates that the legal status of the corporation will change to a PJSC, which will have full legal, financial and administrative independence.

United Arab Emirate President Sheikh Khalifa bin Zayed Al Nahyan attends the opening of the two-day Arab Summit in Damascus March 29, 2008.

United Arab Emirate President Sheikh Khalifa bin Zayed Al Nahyan attends the opening of the two-day Arab Summit in Damascus March 29, 2008.

REUTERS/Jamal Saidi

ABU DHABI - In his capacity as Ruler of Abu Dhabi, President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued, Law No. 03 for 2019, which relates to the Abu Dhabi Power Corporation.

The law stipulates that the legal status of the corporation will change to a PJSC, which will have full legal, financial and administrative independence. According to the law, the ownership of all the company’s shares and stocks will be transferred to the Abu Dhabi Development Holding.

The company will support projects, businesses and activities in the water and electricity sectors, which will strengthen its stature within the country and enable it to keep pace with Abu Dhabi’s future aspirations.

According to the law, all movable and non-movable assets, properties, shares and stocks in the companies owned by the Department of Energy will be transferred to the company, including the department’s control of the shares and stocks of any subsidiary companies listed in related legislation or decisions. The department’s other assets and inventories will also be transferred to the company, and a related decision will be issued by the relevant authority.

© Copyright Emirates News Agency (WAM) 2019.

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