In early 1996,
the Privatization Committee for the Water & Electricity Sector (PCWES) was
formed. In addition to restructuring the industry, the Privatization of the Water
& Electricity Sector of Abu Dhabi was to accomplish the following principle
goals and objectives: - To
provide secure, safe, and reliable supplies of water and electricity;
- To
recover lost economic efficiencies;
- To
improve customer services and reduce costs to consumers;
- To
encourage private sector investment;
- To
develop employment opportunities for UAE nationals; and
- To
maximize returns from the sale of existing government owned assets.
The
Privatization Committee’s activities involved the extensive use of consultants
to prepare recommendations for the restructuring of the existing sector, formulate
plans for the implementation of the privatization activities, and recommend legislation
to accomplish the legal aspects of the privatization of the sector. Following
nearly two years of effort by the Privatization Committee, the Government of the
Emirate of Abu Dhabi approved legislation (Law No. 2 of 1998), establishing the
Abu Dhabi Water & Electricity Authority (ADWEA). By virtue of an Emiri Decree
issued at the same time, the Board of Management of ADWEA was formed under the
chairmanship of H.H. Sheikh Diab bin Zayed Al Nahyan. |
