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Sharjah (WAM)
His Highness Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, issued Emiri Decree No.2 for 2003 forming the Arab Aviation Company.
According to the 10-Article decree, the new company is of limited liability and is owned by the Sharjah Civil Aviation Department, as first party, and the Sharjah International Airport Authority, the second party.
The company's capital, as defined in Article 3 is Dh10 million comprising 10,000 shares at a face value of Dh1,000 per share with the first party bearing Dh6 million or 6,000 shares and the second Dh4 million or 4,000 shares. All shares must be paid fully in cash.
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The company's objectives, as set out in Article 4, are to develop air transport within the context of the master economic development plan of the state and by launching air transport of passengers, mail and cargo domestically and abroad in a cost-effective and efficient manner.
The company will be headquartered in Sharjah and will have branch and representation offices in the other emirates and abroad.
The Emiri Decree grants the company the same air transport rights enjoyed by other national aviation companies in accordance with international rules and agreements ratified by the UAE.
The decree takes effect from the date of issue.
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