The rulers of UAE have always been thoughtful of the advancement of their country, be it business or otherwise. Their leadership and vision for a progressive country make UAE one of the most attractive countries in the world for international business new and old. Recently, the Ruler of Abu Dhabi HRH Sheikh Khalifa Bin Zayed Al Nahyan, has issued a law allowing the corporation known as Abu Dhabi Energy Corporation to become a public joint-stock company.
This Law No. (3) of 2019 on the Abu Dhabi Power Corporation (ADP) grants Abu Dhabi Energy Corporation an independent legal personality and complete financial as well as administrative independence. The law allows for:
1. Abu Dhabi Energy Corporation to act in complete legal capacity
2. Transfer of all shares and the shares in the company to ADDC
3. All property (moveable or immovable),real estate, shares, shares and assets in companies owned by the Department of Energy to be transferred.
The law is being passed with the view that the company shall promote and encourage projects and activities in the water and electricity division, therein strengthening the future vision for Abu Dhabi.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.