Dubai ruler has issued a law converting Dubai Aluminium ( Dubal ) into a private joint stocks company under a Dubai Aluminium PJS with a declared capital of Dh3 billion ($817 million).

The new rule was passed by UAE Vice President and Prime Minister His Highness Sheikh Mohammed bin Rashid Al Maktoum in his capacity as Ruler of Dubai, reported the emirates 24/7.

Under the new decree, Dubai Aluminium PJS subrogates Dubal in all legal and business obligations and rights starting from the date of effective of this law, and the employees of Dubai Aluminium shall benefit from their vested right, it added.