UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a law to establish the Abu Dhabi Development Holding Company (ADDHC) as a public joint stock company, Trade Arabia reports.

According to the law, ADDHC will be an independent corporate body that enjoys legal, financial, and administrative autonomy to practice its activities and achieve its objectives.

The new company will own, monitor, and guide all government and quasi-government development service companies in Abu Dhabi, enabling them to achieve excellence in terms of productivity, quality and efficiency and to promote their businesses and realize their goals, as outlined in the Abu Dhabi Vision.

The company will have a capital value of AED 500 mn (USD 136 mn) and its issued capital will be valued at AED 100 mn (USD 27.22 mn). Both will be distributed in the same quantity of shares at a nominal value of AED 1 (USD 0.27) per share, which will be owned and fully paid for by the government.

Another resolution will be issued by the Abu Dhabi Executive Council to announce the development service companies that will become subsidiaries of ADDHC.