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Abu Dhabi Crown Prince Sheikh Khalifa bin Zayed al-Nahyan issued a decree on 27 July establishing a new holding company aimed at privatising state-owned industries in the emirate. The newly-created General Holding Company (GHC), a public joint stock company chaired by Sheikh Hamed bin Zayed al-Nahyan, will take control of assets formerly owned by General Industries Corporation (GIC). Scrapped in 2002, GIC owned six factories in various sectors producing fodder, pipes, cement, iron and steel.