Khalifa amends law on GHC establishment

The President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi, has issued a law amending some provisions of Law No. (5) of year 2004, on the establishment of General Holding Company, or GHC. 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. The public holding company was formerly owned under the establishment law by the Higher Corporation for Specialised Economic Zones. GHC, in cooperation with investors from the public sector, will establish private joint companies and industries with large capital to meet the requirements of local, regional and global markets. GHC includes several subsidiaries, including Abu Dhabi Basic Industries Corporation, Emirates Foodstuff and Mineral Water, 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.