New law establishes the Dubai Investment Fund as an independent public entity operating on a commercial basis

UAE's vice president, prime minister, and ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has signed a new law making the Dubai Investment Fund an independent public entity functioning on a commercial basis. In addition to giving the Fund the legal authority to achieve its goals, the statute also grants it the financial and administrative freedom to do so.

The establishment of the Fund's Board of Directors, which will be led by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, is the subject of Dubai Executive Council Resolution No. 94 of 2023, which was issued by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Council.

Rashid Ali bin Obood, Ahmad Ali Meftah, and Abdulaziz Mohammed Al Mulla will be the board's members, while Abdulrahman Saleh Al Saleh will act as vice-chairman. Abdulaziz Mohammed Al Mulla has been appointed as the Managing Director and CEO of the Fund, with the agreement of the council.

The law states that the general reserve, surpluses, and funds from the Dubai government must be invested both domestically and abroad by the Dubai Investment Fund. In doing so, the investments will apply best practices, and the board of directors authorised investment strategy to provide returns that will benefit present and future generations.

By funding the government's deficit and building substantial financial reserves, the Fund also aims to support the long-term financial viability of the Dubai Government.

Through effective investments in strategic and development initiatives, the Dubai Investment Fund also aims to actively contribute to the implementation of the emirate's accepted public policies and strategic goals. Initiatives that support Dubai's sustainable growth in all important domains, the social and economic as well as economic, are given priority while generating a variety of revenue streams.

The law states that the Dubai Investment Fund takes on a variety of roles and responsibilities to achieve its goals, as long as it complies with current emirate regulations and does not interfere with the authority and jurisdiction granted to the Investment Corporation of Dubai, which was founded under Law No. (11) of 2006 and its amendments. This includes investing in public surpluses, starting businesses and investment funds on your own or in partnership with others, and buying out or combining businesses, initiatives, and funds in addition to owning stock in them.

While adhering to investment guidelines authorised by the board of directors, the Fund will concentrate on stock, bond, and securities investments to generate sustainable returns. It may also investigate opportunities in regional or global financial markets. In addition, it may engage in the financial derivatives industry while adhering to Dubai's legal requirements. It can also trade in both moveable and immovable assets, manage money, and offer mortgages and guarantees.