Dubai: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, issued Law No. (10) of 2019, which partially amends Law No. (24) of 2009 on the establishment of the Dubai Financial Support Fund.
Pursuant to the new Law, Director General of the Dubai Department of Finance is authorised to supervise all administrative, technical and financial affairs of the Fund and issue any decisions or procedures he deems necessary to achieve its objectives. The Director General is also responsible for approving general policies, programmes and projects of the Fund and its subsidiaries, and submitting them to the Dubai Supreme Fiscal Committee for approval. He may also apply for and obtain loans to achieve the objectives of the Fund and its subsidiaries, set up new establishments and businesses and buy and sell assets on behalf of the Fund and its subsidiaries.
The new Law authorises the Director General of the Dubai Department of Finance to form the committees and teams of the Fund, and outline their tasks and functions. He is also responsible for approving the Fund’s organisational structure and budget and submitting them to The Executive Council of Dubai for final approval.
According to the Law, the Chairman of The Executive Council will appoint the Fund’s CEO based on recommendations from the Director General of the Dubai Department of Finance.
This new Law annuls any other legislations that contradict or challenge its articles. It is considered valid from its date of issuance and will be published in the Official Gazette.