Dubai Support Fund board appointed
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and
Prime Minister of the UAE and Ruler of Dubai, yesterday issued Royal
Decree 41-2009, appointing the chairman and members of the board of the
Dubai Financial Support Fund.
The fund was established by
Royal Decree 24-2009 on July 21, as an independent legal entity to
manage the proceeds of the Dubai Government's $20 billion (Dh73.4bn)
bond programme, or any other bond issues.
Abdulrahman Al
Saleh, Director-General of Dubai's Department of Finance was appointed
as Chairman of the fund. The fund will be accountable to Dubai's
Supreme Fiscal Committee and is supported by the Department of Finance.
The
following members were appointed to the board: Abdulaziz Rahmah Al
Muhairi, Managing Director of the Investment Corporation of Dubai, is
Deputy Chairman; while Mattar Mohammed Al Tayer, Chairman of the Board
and Executive Director of the Roads and Transport Authority in Dubai,
Majid Saif Al Ghurair, Chairman of Shuaa Capital, and Dr Riad Mohammed
Khalfan Belhoul, Legal Counsel, are board members.
The board's
principal duties include the responsibility for establishing operating
policies and procedures and for recommending criteria for assessing
loan applications by government and government-related entities. The
board will nominate projects that need to be financially supported.
Also,
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai
and Chairman of Executive Council, yesterday issued Decree 19-2009
appointing Marwan Iqbal Abedin as Executive Director of the fund with
the responsibility for managing daily operations.
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