President Issues Law Concerning Abu Dhabi Power Corporation

Faizan Hashmi Published February 10, 2019 | 09:15 PM

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 10th Feb, 2019) 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.