Sheikh Mohammed forms Dubai Investment Fund to oversee government investments – News
![Sheikh Mohammed bin Rashid Al Maktoum. — Stock Photo](https://onlinelivenews24.com/wp-content/uploads/2023/12/Sheikh-Mohammed-forms-Dubai-Investment-Fund-to-oversee-government-investments-780x470.jpeg)
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Sheikh Mohammed bin Rashid Al Maktoum. — Stock Photo
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, has issued a new law establishing the Dubai Investment Fund as an independent public entity operating for commercial purposes. The law also grants the Fund the financial and administrative independence to pursue its objectives along with the legal mandate to do so.
Furthermore, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, issued Dubai Executive Council Resolution No. 94 of 2023 related to the formation of the Board of Directors of the Fund chaired by the Sheikh Maktoum bin Mohammed bin Rashid. Al Maktoum, first vice ruler of Dubai. Abdulrahman Saleh Al Saleh will act as vice-chairman of the Board, with Abdulaziz Mohammed Al Mulla, Rashid Ali bin Obood and Ahmad Ali Meftah as members.
The board has given its approval to the appointment of Abdulaziz Mohammed Al Mulla as managing director and chief executive officer of the Fund.
According to the Law, the Dubai Investment Fund will be responsible for investing the funds, surpluses and general reserve of the Dubai government locally and internationally. The investments thus made will seek to generate returns that benefit both current and future generations, implementing the best practices and the investment policy approved by the board of directors. The Fund also seeks to reinforce the financial stability of the Dubai government by financing the government’s deficit and establishing strong financial reserves, thereby promoting long-term financial sustainability.
The Dubai Investment Fund also strives to actively contribute to the realization of the emirate’s strategic priorities and supported public policies through efficient investments in strategic and development projects. Priority is given to initiatives that foster the sustainable development of Dubai in vital sectors, including the economic and social spheres, while diversifying sources of income.
The law specifies that, without infringing the powers and jurisdictions granted to the Dubai Investment Corporation, established under Law No. (11) of 2006 as amended, and in accordance with the regulations in force in the emirate, the Investment Fund of Dubai takes on various roles and responsibilities to meet its objectives. This includes investing government surpluses, establishing companies and investment funds independently or in collaboration with third parties, acquiring or merging companies, projects and funds, in addition to having interests in them.
The Fund will focus on investments in stocks, bonds and securities to achieve sustainable returns and may explore prospects in local or international financial markets following investment policies approved by the board of directors. In addition, it can deal in movable and immovable property, manage funds, grant mortgages and guarantees, as well as engage in the business of financial derivatives, all in accordance with the laws of Dubai.
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