Law No. (8) of 2021 Concerning Emirates Nuclear Energy Company “Public Joint Stock Company”

Article 1 — In the implementation of the provisions of this Law, the following words and ¶

phrases shall have the meanings corresponding thereto, unless the context
requires otherwise:

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State : The United Arab Emirates.
Emirate : The Emirate of Abu Dhabi.
Holding Company : Abu Dhabi Developmental Holding Company “Public
Joint Stock Company”.
Company : The Emirates Nuclear Energy Company “Public Joint
Stock Company”.
Board of Directors : The Company's Board of Directors.
Corporation : The Emirates Nuclear Energy Corporation.
Legal Form of the Company

Article 2 — • The legal form of Emirates Nuclear Energy Corporation shall be amended ¶

from a public corporation to Emirates Nuclear Energy Company "public
joint stock company", and the Company shall replace the Corporation in
all rights and obligations as well as in all agreements and rights concluded
between the Corporation and third parties.
• The Company shall have an independent legal personality and full legal
capacity to act as well as a financial and administrative independence.
• The Company may use an abbreviated name as determined by the Board
of Directors.
• The Company’s name, abbreviated name and legal form may be changed
according to the procedures specified by its Articles of Association.
Main Office of the Company

Article 3 — • The Company’s main office shall be located in the city of Abu Dhabi, ¶

and the Board of Directors may establish branches, offices or agencies
thereof inside and outside the State.
• The Board of Directors may, after the approval of the Holding Company,
change the location of the main office of the Company to any city within
the Emirate.

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Objectives of the Company

Article 4 — • The objective of the Company is to develop, build, finance, operate, ¶

maintain, manage and own nuclear reactors for peaceful purposes, for
the purposes of power generation and water desalination, and to carry
out all other necessary and related activities in a manner that does not
contradict the provisions of the aforesaid Federal Law by Decree No. (6)
of 2009.
• The Company shall assume all the objectives stated in its Articles of
Association, particularly:
1. Establish companies or contribute to them, and engage in commercial
and industrial activities inside and outside the State.
2. Own, lease, rent, dispose of, develop and invest in movable and immovable
funds within the limits of the objectives prescribed for it.
3. Own, rent and lease ships, tankers and all other means of transportation
to export and transport nuclear materials or nuclear waste, and import
materials needed to generate nuclear energy.
4. Borrow funds from third parties, issue guarantees and grant any other
guarantees, including mortgages on the Company's movable and
immovable assets and funds in accordance with the legislations in force.
5. Open bank accounts and keep them at banks.
6. Carry out any other functions related to the Company's objectives and
activities that it deems necessary to achieve its objectives.
7. Any other competencies assigned by the Supreme Council for Financial
and Economic Affairs or the Holding Company.
Capital of the Company

Article 5 — 1. The authorised capital of the Company was specified at five hundred ¶

million Dirhams (500,000,000) and the nominal value of the share is
(100) Dirhams.
2. The issued capital of the Company was specified at three hundred seventy

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million Dirhams (370,000,000), divided into (3,700,000) shares.
3. All the Company’s shares, upon its establishment, shall be wholly owned
by the Holding Company.
4. The Company's capital may be increased or decreased by a decision of
the Holding Company.
5. The Holding Company may transfer some or all of its shares to any other
entity or shareholder, and may also offer the Company's shares for public
and private subscription, and list or merge its shares in one of the stock
exchanges in accordance with the Company’s articles of association.
Board of Directors

Article 6 — 1. The Company shall be managed by a Board of Directors consisting of ¶

at least five members, including the Chairman and his deputy. Their
appointment and determination of their fees and remuneration shall be
issued by a decision from the Holding Company. The Company’s articles
of association shall indicate the procedures for convening the Board of
Directors and method of voting on its resolutions.
2. The term of membership of the Board of Directors shall be three years,
renewable automatically, unless a resolution is issued by the Holding
Company otherwise.
3. The Board of Directors may delegate any of its members, committees,
or any of the Company’s senior employees, with any of the powers
and authorities specified for it in this Law or the Company’s articles of
association, and shall define the principles and rules for exercising such
powers.
Competencies and Powers of the Board of Directors

Article 7 — The Board of Directors shall assume all functions and exercise all necessary ¶

powers and competencies to achieve the objectives of the Company in
accordance with the provisions stipulated in this Law and in the Company’s

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articles of association. In particular, it may:
1. Carry out all acts and functions on behalf of the Company as the
Company is authorised thereto.
2. Suggest the Company's general strategic plan and submit it to the
Holding Company for approval.
3. Suggest the Company's articles of association and submit them,
in addition to any amendments thereto, to the Holding Company for
approval.
4. Develop the Company's strategies, plans and programmes and follow
their implementation to achieve its objectives.
5. Conclude agreements and contracts with natural or legal persons
for the purchase and sale of goods and services, and with any of the
public or private sector entities inside and outside the State within the
Company’s competencies.
6. Suggest the Company's budget, final accounts and financial statements
for each fiscal year and submit them for approval by the Holding
Company.
7. Borrow from banks and other financing entities, and issue bonds, debt
instruments and sukuk inside and outside the State to finance the
Company’s projects and activities, in accordance with the legislations
in force and the rules and procedures set by the Holding Company.
8. Issue policies, procedures, and rules related to administrative and
financial affairs, procurement, tenders and human resources affairs in
accordance with the rules and procedures set by the Holding Company.
9. Initiate all lawsuits, judicial procedures and arbitration proceedings
related to the Company's activity.
10. Any other competencies or tasks assigned by the Holding Company.
Auditor

Article 8 — The Company shall appoint one or more certified auditors, and the Company’s ¶

articles of association shall specify the method of their appointment and
determine their fees.

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Duration of the Company

Article 9 — The duration of the Company shall be ninety-nine (99) Gregorian years, ¶

starting from the date of its registration in the Commercial Register, to be
renewed automatically for other periods according to the provisions of the
Company's articles of association.
Fiscal Year

Article 10 — The fiscal year of the Company shall begin from the first of January and end ¶

on December 31st each year, with the exception of the first fiscal year which
shall begin from the date of registration of the Company in the Commercial
Register and end on December 31st of the following year.
Final Provisions

Article 11 — • All licences, permits, exceptions or approvals issued by the federal and ¶

local governmental entities in the State that the Corporation had on the
date of issuance of this Law, shall continue to be in effect and shall remain
valid after the enforcement of its provisions.
• Changing the legal form of the Corporation in accordance with the
provisions of this Law shall not prejudice any of its obligations or
the obligations of the subsidiary companies in accordance with the
agreements, contracts and documents concluded by the Corporation.
• The regulations, by laws and resolutions in force in the Corporation shall
remain enforceable to the extent that is not contrary to the provisions of
this Law, until the issuance of the regulations, rules and resolutions of the
Company.
• The national employees of the Company shall be subject to the Civil
Retirement Pensions and Benefits Law in force in the Emirate.

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Repeal of Violating Provisions

Article 12 — • Aforesaid Law No. (21) of 2009 shall be repealed. ¶

• Any provision contrary to the provisions of this Law shall be repealed.
Entry into force and Publication

Article 13 — This Law shall be effective from the date of its issuance and published in the ¶

Official Gazette.
Khalifa bin Zayed Al Nahyan
Ruler of Abu Dhabi
Issued by us in Abu Dhabi
On: 26 August 2021
Corresponding to: 17 Muharram 1443 Hijri

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Crown Prince Chairman
of the Executive Council
Resolutions
Crown Prince Chairman of the
Executive Council Resolutions

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