Business | Banking
Dubai Financial Support Fund board named
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued Decree 41 of 2009 appointing the chairman and members of the board of the Dubai Financial Support Fund.
- Staff Report
- Published: 23:11 August 12, 2009
Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued Decree 41 of 2009 appointing the chairman and members of the board of the Dubai Financial Support Fund.
The Dubai Financial Support Fund was established by Decree 24 of 2009 on July 21 as an independent legal entity to manage the proceeds of the Dubai Government's $20 billion (Dh73.5 billion) bond programme, or any other bond issues.
Abdul Rahman Al Saleh, Director General of Dubai's Department of Finance, was appointed chairman of the board of the Support Fund. The Support Fund is accountable to Dubai's Supreme Fiscal Committee (SFC) and is supported by the Dubai Department of Finance.
The board's principal duties include the responsibility for establishing the Support Fund's operating policies and procedures and for recommending to the SFC the criteria to assess loan applications by Government and Government-Related Entities ('GREs'). The board will nominate the strategic projects to be financially supported. It will also adopt financial, administrative and technical regulations.
"The Dubai government wa on its achievements of the past 30 years, notably [Dubai's] development as a regional hub for sectors including trade, transport, tourism and finance," Al Saleh said.
"The Dubai Financial Support Fund is central to the achievement of Dubai's long term strategy for economic growth. The new board's primary duty will be to prepare and adopt the criteria to be used in the allocation of funds for Dubai's strategic revenue-generating projects."
Meanwhile, Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Executive Council Chairman, issued Executive Council Decree 19 of 2009 appointing Marwan Iqbal Abedin as the executive director of the Dubai Financial Support Fund with the responsibility for managing the daily operations of the Support Fund.
The Fund was established to provide financial support to government and GREs undertaking projects of strategic importance within Dubai that contribute towards the emirate's economic development.
More from Banking
More from Business
Business Editor's choice
-
INR forecast to depreciate to Rs15 to a dirham
Intervention needed as sharp drop in country's stocks due to global risk aversion across international markets weaken currency
-
Fragile European economy sees car sales fall
Renault, toyota and fiat worst hit as consumers tighten spending
-
Finding solutions to the euro crisis
The European Union is the most successful model of economic blocs in the world
