His Highness 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 Department of Finance in Dubai, and determine the financial resources of the Dubai Financial Support Fund, as well as the responsibility of the Government of Dubai to 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: 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 its institutions and subsidiaries. M all kinds of warranties and guarantees necessary.
The new law authorizes the Director General of the Department of Finance in Dubai, the establishment of 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 propose criteria and controls for the provision of financial support from the Fund, as well as the proposal of strategic projects and entities eligible for support, and the approval of financial, administrative and technical regulations The procedures of contracting with others, including the lending contracts entered into by the Fund with the parties eligible for financial support, the formation of permanent and temporary committees and task forces, the definition of their functions and powers, and the approval of the structure Organizing the Fund, submitting it to the Executive Board for approval and approving the annual budget of the Fund.
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 subsidiaries and submit it to the Higher Committee for Financial Policy in the Emirate of Dubai for approval. It is also entitled, according to the law, to appoint external auditors and determine their fees, review reports and observations they submit at the end of each financial year, and any other tasks or powers assigned to it by the Higher Committee for Financial Policy in the Emirate of Dubai, related to the achievement of the objectives of the Fund, and enable it To carry out the functions and powers entrusted to him by this law.
Article (11) of the Law stipulates that the Dubai Financial Support Fund shall have an Executive Director appointed by a decision 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. Proposing the organizational structure and regulations 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 day-to-day activities of the Fund; 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 Law No. (10) of 2019 shall be effective from the date of its issuance and shall be published in the Official Gazette.
- The Director General of Dubai Finance is responsible for the overall supervision of the Fund's administrative, technical and financial affairs.