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UAE Freezones Biz News Updates
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Mohammed issues law converting Dubal into PJSC
Dubai Aluminium to have Dh3bn capital
His
Highness Sheikh Mohammed bin Rashid Al Maktoum
In his capacity as Ruler of Dubai, UAE Vice President and Prime Minister
His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued Law No. (1) of
2014 converting Dubai Aluminium (Dubal) into a private joint stocks company.
Pursuant to the Law, the name of the new company is "Dubai Aluminium PJS"
with a declared capital of Dh3 billion, headquartered in Dubai and may
establish branches inside and outside the United Arab Emirates.
Article (6) of that law stated that the Dubai Aluminium PJS subrogates Dubai
Aluminium in all legal and business obligations and rights starting from the
date of effective of this law, and the employees of Dubai Aluminium shall
benefit from their vested right.
Law No. (1) of 2014 null and void Law No. (17) of 2011 pertaining Dubai
Aluminium, Decree No. (11) of 2013 pertaining the formation of the Board of
Directors of Dubai Aluminium and any other legislation that contradict or
challenge it; the rules and regulations applied currently in Dubai Aluminium,
prior to this law, remains active to the limitation that do not contradict
or challenge with it, unless replaced and/or amended. The law is considered
active from the date of publication in the Official Gazette.
The Supreme Council of Energy
In his capacity as Ruler of Dubai, UAE Vice President and Prime Minister
issued Decree No. (1) of 2014 attaching a representative from Dubai’s Road
and Transport Authority (RTA) to the Supreme Council of Energy. The decree
is considered active from the date of publication in the Official Gazette.
Jan 16, 2014 |
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Courtesy Dubai Media Incorporated
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