< Previous50 Vol. 24/16, 16 – 31 December 2023 Dubai Investment Fund Dubai’s new fund will oversee all government investments, including its stakes in entities like the Dubai Electricity and Water Authority (DEWA), Salik Company, and Dubai Taxi Company The new Fund, established through a new rule issued by the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, will function as an independent public entity operating on a commercial basis. The law also endows the Fund with the nancial and admin- istrative independence to pursue its objectives along with the legal mandate to do so. The board, chaired by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, will have Abdulrahman Saleh Al Saleh as its Vice Chairman, and Abdulaziz Mohammed Al Mulla, Rashid Ali bin Obood, and Ahmad Ali Meftah are its members. Abdulaziz Mohammed Al Mulla is appointed as the Managing Director and CEO of the Dubai Investment Fund. The law specifies that, without infringing upon the powers and jurisdictions granted to the Invest- ment Corporation of Dubai, estab- lished under Law No. (11) of 2006 and its amendments, and in accordance with prevailing regula- tions in the Emirate, the Dubai Investment Fund will assume diverse roles and responsibilities to ful l its objectives. The new law also de nes the organ- isational structure of the Dubai Investment Fund, detailing the composition and responsibilities of its Board of Directors. In compli- ance with the newly stipulated law, the Dubai Investment Fund is obli- gated to uphold principles of justice, transparency, and fair competition in conducting its activ- ities and operations. The newly created Fund will be responsible for investing all Dubai Government funds, surpluses and the general reserve locally and inter- nationally. The investments are to be made to generate returns bene- ting both current and future gener- ations, while implementing best practices and the investment policy approved by the Fund’s Board of Directors, a Gazette notification announcing the new Fund said. OrganisationPowersBoards FoundedRolesNext >