HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued Law No. 10 of 2019 amending some provisions of Law No. 24 of 2009 on the establishment of the Dubai Financial Support Fund.
The new law provides for the replacement of the provisions of Articles 2, 9, 11, 12, 15 and 17 of Law No. 24 of 2009 with other new provisions relating to the functions and powers The Director General of the Dubai Department of Finance, determining the financial resources of the Dubai Financial Support Fund, as well as the responsibility of the Dubai Government towards others.
In accordance with the amended Article No. (9), the Director General of the Department of Finance in Dubai shall supervise the administrative, technical and financial affairs of the Fund, and shall issue such decisions and procedures as it deems appropriate to achieve its objectives. In particular, it shall have a number of functions and powers, including: Approving the general policy of the Dubai Fund And to submit the general policy of the Fund to the Supreme Committee for Financial Policy in the Emirate of Dubai for approval, as well as obtaining loans and financing necessary to achieve the objectives of the Fund and the objectives of the Fund. Institutions and affiliated companies, and provide all kinds of guarantees and guarantees required for this.
The new law authorizes the Director General of the Department of Finance in Dubai to establish institutions, companies and commercial projects, offices and branches, and the purchase and sale of assets and shares, in accordance with the legislation in force, and to propose criteria and controls for the provision of financial support from the Fund, as well as to propose strategic projects and entitlements to support, and the approval of financial, administrative and technical regulations Regulating contracting procedures, including lending contracts entered into by the Fund with eligible financial support entities, forming permanent and ad hoc committees and task forces, Here and powers, and approve the organizational structure of the Fund, and submit it to the Executive Board for approval, and approve the annual budget of the Fund project.
The Director General of the Department of Finance in Dubai shall approve the annual report on the performance, activities and investments of the Fund, its institutions and affiliates, and submit it to the Higher Committee for Financial Policy in the Emirate of Dubai for approval, and shall be entitled, by law, to appoint external auditors and determine their fees, and review the reports and observations they submit. At the end of each fiscal year, any other functions or powers assigned to it by the Higher Committee for Financial Policy in the Emirate of Dubai shall be relevant to the achievement of the Fund's objectives and to enable it to carry out the functions and powers entrusted to it by this Law. .
Article (11) of the Law stipulates that the Dubai Financial Support Fund shall have an Executive Director appointed by a resolution issued by the Chairman of the Executive Council of the Emirate of Dubai upon the recommendation of the Director General of the Department of Finance. The Executive Director of the Fund shall undertake a number of functions and powers, including: Related to the organization of work in the administrative, financial and technical aspects of the Fund, preparing the annual budget of the Fund, submitting it to the Director General for approval, representing the Fund before others, concluding contracts and agreements necessary to achieve its objectives, as well as supervising the work of the Fund. The Fund's daily reports and periodic reports on the progress of the Fund to the Director General of the Department of Finance in Dubai.
Articles (7), (8) and (16) of Law No. (24) of 2009 on the establishment of the Dubai Financial Support Fund shall be repealed and shall be enacted by Law No. (10) of 2019 from the date of its issuance and shall be published in the Official Gazette.
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