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Abu Dhabi Crown Prince issues 5 decrees for Executive Council

Abu Dhabi Crown Prince issues 5 decrees for Executive Council
Abu Dhabi Crown Prince issues 5 decrees for Executive Council
Aldar
ALDAR
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Abu Dhabi – Mubasher: Abu Dhabi Crown Prince and deputy Supreme Commander of the UAE's Armed Forces Mohamed Bin Zayed Al Nahyan has issued five decrees for the Chairman of Abu Dhabi Executive Council.

The first decree, no. 58 of 2018, stipulates that Aldar Properties-owned companies will be entitled to directly and indirectly acquiring real estates at no less than 50% of capital. The right excludes firms set up as real estate investment portfolios.

The decision takes effect from the date of issuance on 25 July and will not be revoked if non-Emirati citizens, or the like, hold stocks in these companies, local media reported.

The second decree, no. 51 of 2018, entails the appointment of Rashid Ateeq Al Hameli as director general of the Social Care and Minors’ Affairs Foundation as of 5 June.

The crown prince also issued decree no. 53 of 2018 for the council regarding Abu Dhabi’s 18th investment zone, which should be implemented on 3 July, while decree no. 55 of 2018 is meant for restructuring the board of directors of the Environment Agency - Abu Dhabi under the chairmanship of Sheikh Hamdan Bin Zayed Al Nahyan.

Moreover, decree no. 56 of 2018 was issued to establish the board of trustees of Paris-Sorbonne University Abu Dhabi under the chairmanship of Zaki Anwar Nusseibeh, while decree no. 57 of 2018, effective 26 July, entails restructuring the board of directors of the Social Care and Minors’ Affairs Foundation under the chairmanship of Jaber Mohammed Ghanem Al Suwaidi.