Abu Dhabi: Abu Dhabi has issued a law establishing a media company with a capital of Dh100 million.
Law No 13 of 2007 was issued yesterday by President His Highness Shaikh Khalifa Bin Zayed Al Nahyan in his capacity as Ruler of Abu Dhabi.
The law states that the Abu Dhabi Media Company will be a general joint stock company wholly owned by the Abu Dhabi government.
The law is issued in line with Shaikh Khalifa's vision of media as part of the comprehensive development undertaken by Abu Dhabi, as well as with his belief in the major role played by the media and cultural sectors in achieving the social and economic growth.
General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, issued decision No 32 for 2007 regarding the formation of the board of the newly established company.
As per the decision, the company's five-member board will be chaired by Mohammad Khalaf Al Mazroui, and Ahmad Ali Al Sayegh, is the deputy chairman.
Mohammad Omar Abdullah, Mubarak Hamad Al Muhairi and Abdullah Musleh Al Ahbabi, are members.
Under the law, Abu Dhabi TV station, Abu Dhabi Sports TV station, Abu Dhabi Radio and Emirates FM, Holy Quran Radio, Al Ittihad newspaper, Zahrat Al Khaleej magazine, Super magazine and Majid magazine, will be transferred to the new company.
The company will be a corporate body enjoying financial and administrative independence with complete legal capacity to carry out its activities.
Based in Abu Dhabi, the company may establish branches inside and outside the emirate.
The company will carry out all TV and radio-related activities, including audio and visual transmission, production, marketing publicity and advertising and thereof activities.
It has the right to offer media services via internet or any other technological means, issuance of newspapers, magazines and other publications.
The company's board is responsible for drawing up and implementing the general policies of the company. It is also responsible for setting regulations and the statute of the company.
The new law takes effect from the date of its issuance and is to be published in the official gazette.