An independent corporate body, with ownership of all government and quasi-government development service companies of the emirate, is being set up in Abu Dhabi with starting capital of AED 500 million.
The Abu Dhabi Development Holding Company, or ADDHC, will be a public joint stock company with full legal status as well as financial and administrative autonomy.
Its mandates include monitoring the development service companies in Abu Dhabi, and enabling them to achieve goals set in terms of productivity, efficiency and quality that will help promote their businesses and realise the goals as outlined in the Abu Dhabi Vision.
The company's AED 500 million capital is to be distributed in the same quantity of shares at a nominal value of AED 1 per share, while the company's issued capital of AED 100 million will be distributed in the same quantity of shares at a nominal value of AED 1 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.
According to a decree issued by HH Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, the board of directors of ADDHC will be chaired by Jassem Bu Ataba Al Zaab, with Sheikh Theyab bin Mohamed bin Zayed Al Nahyan acting as deputy chairman. Mohammed Sultan Ghanoum Al Hamli will serve as the company's managing director.
As per the decree, the ownership of all government and quasi-government development service companies in Abu Dhabi, as well as shares held by government entities or government ventures in those companies, shall be transferred to the ADDHC.