1. The Federal Electricity & Water Authority (FEWA) shall be transformed into a public joint stock company called Union Water & Electricity Company (UWEC) to be fully owned by the Emirates Investment Authority (EIA) upon promulgating this Law by Decree. UWEC shall have an independent legal personality and full legal capacity to carry out its activities and achieve its purposes in accordance with the provisions of this Law by Decree and the Articles of Association, and shall be managed on commercial and investment bases.

2. In all legislation applicable in the State, "Federal Electricity & Water Authority" shall be replaced by "Union Water & Electricity Company."