Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, has issued Law No (11) of 2015 establishing Dubai World Central Corporation as a subsidiary of Dubai Aviation City Corporation.
Pursuant to the Law, Dubai World Central Corporation aims to attract investments to Dubai Aviation City, prepare adequate environment for investment, commercial, real estate and services projects, enhance aviation and cargo services within Dubai Aviation City Corporation, attract specialised international aviation companies and contribute in developing logistic services in Dubai.
Dubai World Central Corporation also aims to attracting and retaining aviation’s training, educational and research companies in addition to intermodal transport companies, logistic services companies and support services companies.
The Law also specified the authorities of Dubai World Central Corporation to include: developing, operating and overseeing infrastructures, planning and parcelling of land and properties, constructing and managing buildings, warehouses, hangars and any other facilities required for commercial, professional, residential or industrial purposes after obtaining the required permissions from Dubai Aviation City Corporation, developing and supporting intermodal transport and logistics services related commercial activities and supervising the development of the industries related to information technologies, e-commerce and communication.
Further, Dubai World Central Corporation is responsible for facilitating research, development and educational activities related to aviation, intermodal transport, logistic services and related support services and investing the funds allocated by Dubai Aviation City Corporation for such purposes and pursuant to the applied laws. Dubai World Central Corporation also issues licenses and permit for entities working inside the free zone according to the applied rules and regulations and monitoring the activities such entities.
The Law also authorised Dubai World Central Corporation to establish wholly owned subsidiary, own shares in established or under-establishing companies, sign contracts and agreements with other organisations, organise and participate in industry-related exhibitions and conferences.
Dubai World Central Corporation is also authorised to collect the fees and charges for the services provided within the free zone and coordinate with subsidiaries to enable Dubai World Central Corporation to carry out its delegated authorities and competencies.
Pursuant to this Law, Dubai World Central Corporation enjoys all the rights, obligations, responsibilities and authorities of Dubai World Central in Dubai Aviation City Corporation, and such rights are to be defined by CEO of Dubai Aviation City Corporation. Moreover, all employees of Dubai World Central are transferred to Dubai World Central Corporation without prejudice to their rights.
Law No (11) of 2015 annuls any other legislation that contradicts or challenges its articles. The Law is to be published in the Official Gazette and considered valid from the date of publication.
