President H.H. Sheikh Khalifa bin Zayed Al Nahyan today decreed the incorporation of "the Emirates Aluminum Company Limited" as a private joint stock company owned equally by Mubadala Development Company and Dubai Aluminum Company Limited.
The Company will engage in development, construction, financing, and operation of aluminum smelters both within and outside the UAE, including one in Al Taweela area, Abu Dhabi, and promotion of aluminum-based industries within the UAE and abroad, and production of electricity. The Company shall also establish a centre in the UAE for quality, research and development in aluminum industries.The decree sets the company's capital at AED50 million divided into 50,000 shares of AED1,000 each. However, the decree permits disposition of shares by transfer, sale, mortgage and assignment subject to the Company's articles of association and bylaws.The decree, issued by President H.H. Sheikh Khalifa bin Zayed Al Nahyan in his capacity as Ruler of Abu Dhabi, authorizes the new company, either unilaterally or in association with others, to establish other corporate entities and finance them to engage or take part in any relevant trading or industrial activity. The Company is also authorized to acquire, lease, dispose of, develop and invest real estate and transferable assets, and to own and lease ships and carriers for export of aluminum products and import of raw materials.According to the decree, the agreement concluded between Mubadala Development Company and Dubai Aluminum Company shall remain fully valid as of the effective date of this decree, in so much as it does not contradict with its provisions.The Company is incorporated for a 99-year term with effect from the date of issue of an incorporation decree by the Minister of Economy, and shall be renewable for one or more similar terms unless dissolved by a resolution by an extra-ordinary general assembly.The decree exempts the company from all local taxes and levies.The decree shall become valid on its date of issue and shall be published in the official gazette. Source
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