By IANS
Abu Dhabi : UAE President Sheikh Khalifa bin Zayed Al Nahyan passed a law for the establishment of Abu Dhabi Media Company (ADMC) – a public joint stock company fully owned by the government of Abu Dhabi with a capital of Dh 100 million, the WAM news agency reported.
The law comes as part of Sheikh Khalifa's vision for media as an integral part of the comprehensive development drive in the emirate. It also stems from his deep belief in media and cultural sectors in the efforts made to achieve economic and social growth.
As per the law issued by Sheikh Khalifa, ownership of Abu Dhabi satellite channel, sports channel, radio, Emarat FM radio, Holy Quran radio, Al Ittihad newspaper, Zahrat Al Khaleej magazine, Al Super magazine and Majid magazine, shall be transferred to ADMC, along with their fixed and movable assets.
The law stipulates that the company shall have a corporate body status and enjoy financial and administrative independence, WAM said.
It shall be based in Abu Dhabi city. However, the board has the right to establish branches within and outside the emirate.
The law sets out the company's duties in carrying out all media-related activities, including broadcasting, production, marketing, advertisement and other associated services, plus provision of media services via internet or any other medium and publishing of newspapers and magazines in Arabic and other languages.
The company's duties also cover printing, publishing, distribution, promotion and advertisement, as well as training UAE nationals and inducing qualified and talented citizens to join the company's different fields of activities.
The law also provides for the role of board of directors in drawing up the company's policies and overseeing their implementation.