VP decrees to boost Dubal performance

Vice-President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum has issued a law pertaining to the Dubai Aluminum Corporation. The law issued by His Highness in his capacity as the Ruler of the Emirate of Dubai replaced the name ‘Dubai Aluminum Company’ with the ‘Dubai Aluminum Corporation’ as a public institution with juridical personality enjoying financial and administrative independence and the necessary competence to direct all actions that ensure the achievement of its objectives. According to the law, the Corporation which works on a commercial basis and is attached to the Dubai Investment Corporation will be headquartered in the city of Dubai, and its board of directors will have the prerogative to open branches inside and outside the emirate. The law, which has 20 articles, defines the basic activity of the Corporation as aluminum production and manufacturing of final metal products. As part of its main activity, the Corporation will have the right for the possession and operation of smelters, refineries, mines and any other facilities related to melting metals or alloys and other related products, refining and re-production, acquisition, operation and setting up of stations projects and facilities needed for the production, power generation and desalination of water to be used in their production processes. The Corporation will also have the right to secure loans and credit facilities for its operations and the granting of guarantees and mortgages in place including mortgage assets, property, securities, etc. as well as the issuance of bonds and other instruments in coordination with the concerned authorities in the Emirate of Dubai.