Khalifa issues decree setting up energy firm

Khalifa issues decree setting up energy firm
WAM Last updated: September 19, 2007, 23:24

Abu Dhabi: President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi, issued a law setting up the Abu Dhabi Future Energy Company with a capital of Dh10 million.

Law No. 22 of 2007 sets up the Abu Dhabi Future Energy company as a private joint stock company specialised in the commercialisation of alternative energies through emissions reduction, and clean development mechanism solutions as provided by the UN agreement on climate change as explained in the Kyoto Protocol.

Research
It also sets up the Masdar Science and Technology Institute with the aim of developing and supporting scientific research and technology in the emirate.

According to the law, the company will be a corporate body that enjoys full financial and administrative independence to practice its activities and achieve its targets.
The institute, a corporate body, will also enjoy complete financial and administrative with legal capacity to practice its activities.

It will be offering specialised educational programs in renewable energy and sustainability. Based in Abu Dhabi, the energy company will have a capital of Dh10 million distributed as equity shares at a value of Dh1 per share.

Shares
The new company's shares are wholly owned by the Mubadala Development, which has the right to restructure the capital. Mubadala is also permitted to sell its shares in the newly established company.

The company may set up, invest in or enter into partnerships with others in the areas of agriculture, industry, water and electricity abiding by the principles of sustainable energy.

It will also have wide ranging business activities in Abu Dhabi and outside the emirate.