Government development service companies in Abu Dhabi to be in $27.226m holdingStaff Writer | March 5, 2018
President Sheikh Khalifa bin Zayed Al Nahyan has issued, in his capacity as Ruler of Abu Dhabi, a law to establish the Abu Dhabi Development Holding Company, ADDHC, as a public joint stock company.
Emirates An independent corporate body
The ADDHC is mandated to monitor and guide development service companies in Abu Dhabi, to enable them to achieve excellence in terms of productivity, efficiency and quality, which will help to promote their businesses and realise the future goals, as outlined in the Abu Dhabi Vision.
Under the new law, the ownership of all government and quasi-government development service companies in Abu Dhabi, as well as of any shares held by government entities or government ventures in these companies, shall be transferred to the ADDHC.
The company will have a capital value of AED500 million, to be distributed in the same quantity of shares at a nominal value of AED1 per share.
The company’s issued capital will be valued at AED100 million ($27.226 million), distributed in the same quantity of shares at a nominal value of AED1 per share, which will be fully paid for and owned by the government.
A resolution shall be issued by the Abu Dhabi Executive Council to name the development services companies that will become subsidiaries of the ADDHC. ■