UAE amend law on general holding company establishment

President His Highness Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as the Ruler of Emirate of Abu Dhabi, has issued the law amending some provisions of Law No. (5) of year 2004, on the establishment of the General Holding Company. Under the amendment law, the holding company is wholly owned by the Government of the Emirate of Abu Dhabi, and the nominal shares of the company will also be fully owned by the Government of the Emirate of Abu Dhabi. No share should be sold, mortgaged or disposed or waived except by a decision from the Executive Council. It is worth mentioning that the Public Holding Company was formerly owned under the establishment law by the Higher Corporation for Specialised Economic Zones. The General Holding Company, the largest industrial complex in the UAE, will in cooperation with investors from the public sector establish private joint companies and industries with large capital to meet the requirements of the local, regional and global markets. The General Holding Company includes several subsidiaries, among others, Abu Dhabi Basic Industries Corporation (ADBIC), Emirates Foodstuff '&' Mineral Water (AGHZIA), Al Foah Company, Khazna Tannery Factory, National Petroleum Construction Company, Emirates Steel Industries, Arkan for Building Materials Company, Ducab Private Cables Limited Company and DAMCO Abu Dhabi. The Public Holding Company contributes significantly to attraction of industrial investment and development of the industrial sector in the Emirate of Abu Dhabi. Hence, it boosts the Gross Domestic Product (GDP). The company has succeeded in the development of the private industrial sector through the privatisation of industrial assets. The General Holding Company includes several subsidiaries, among others, Abu Dhabi Basic Industries Corporation (ADBIC), Emirates Foodstuff