Business | Banking

The board behind the Support Fund

The Support Fund's board will be responsible for establishing general policy for the Fund and its subsidiaries and defining its projects and programmes, obtaining loans and financing, establishing institutions, companies, commercial projects and subsidiaries and buying and selling assets and equities.

  • Staff Report
  • Published: 21:57 July 22, 2009
  • Gulf News

Dubai: The Support Fund's board will be responsible for establishing general policy for the Fund and its subsidiaries and defining its projects and programmes, obtaining loans and financing, establishing institutions, companies, commercial projects and subsidiaries and buying and selling assets and equities.

It will also be responsible for recommending criteria for applicants requesting loans and proposing suitable applicants in the form of strategic projects or companies and recommending them to the Supreme Fiscal Committee (SFC).

The criteria depend on the strategic importance of the projects and applicant entities and their role in sustaining the Emirate's economy on the long term.

It will also adopt financial, administrative and technical regulations and submit them to the SFC for approval.

The SFC was established in October 2007 and has overall responsibility for overseeing Dubai's fiscal policies.

The SFC will review and approve the loan criteria required to grant the financial support to government entities, strategic projects and GREs in the emirate.

It will also evaluate applications recommended by the Fund's board, and determine the size and terms of each loan and the nature of the related securities and guarantees.

The SFC is chaired by Shaikh Ahmad Bin Saeed Al Maktoum and has the following board members: Mohammad Al Shaibani, Deputy Chairman of the SFC and Chief Executive Officer of Investment Corporation of Dubai; Abdul Rahman Al Saleh, Director General of the Dubai Department of Finance; Abdul Aziz Al Muhairi, Managing Director of the Investment Corporation of Dubai; and Dr Omar Bin Sulaiman, Governor of the Dubai International Financial Centre.

Gulf News
Retail Gold Rate
Business Editor's choice