Law No. (5) of 2008
Establishing the
Mohammed bin Rashid Al
Maktoum Foundation[1]
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We,
Mohammed bin Rashid Al Maktoum, Ruler of Dubai,
With
a view to supporting and developing science and knowledge activities,
Do
hereby issue this Law.
This
Law will be cited as “Law No. (5) of 2008 Establishing the Mohammed bin Rashid
Al Maktoum Foundation”.
The following words and expressions will have the meaning
indicated opposite each of them unless the context implies otherwise:
|
Ruler: |
His Highness
the Ruler of Dubai. |
|
Emirate: |
The Emirate of
Dubai. |
|
MBRF: |
The Mohammed
bin Rashid Al Maktoum Foundation. |
|
Board of
Directors: |
The board of
directors of the MBRF. |
|
Chairman: |
The chairman
of the Board of Directors of the MBRF. |
|
Director: |
The director
of the MBRF. |
Pursuant to this Law, a foundation named the “Mohammed
bin Rashid Al Maktoum Foundation” is established. The MBRF will have legal
personality, financial and administrative autonomy, and the legal capacity
required to undertake the acts that ensure the achievement of its objectives.
The MBRF may enter into contracts with
other persons, and may sue and be sued in its own
name and appoint any other person to represent it for such purpose. The MBRF
will be affiliated to the Ruler.
The head office of the MBRF will be located in Dubai. The
MBRF may establish branches and offices within and outside of the Emirate.
The MBRF will have the objectives to:
1. design
and manage programmes for the creation and support of an advanced knowledge
base;
2. promote
scientific research;
3. support
and promote authorship, publication, and translation activities;
4. offer
scholarships in all fields of science;
5. develop
a new generation of leaders in the government and private sectors and hone
their skills in various scientific fields;
6. develop investment-oriented thinking amongst the younger generation
with a view to promoting their creativity and entrepreneurship skills by
launching specialised programmes and establishing funds in support of these
activities;
7. establish
specialised museums and libraries, research centres, and publication and
translation houses;
8. launch
international awards in the fields of culture, literature, knowledge, and
science;
9. issue
periodic reports and bulletins in various fields; and
10. promote
culture and support and encourage intellectuals in the Arab and Islamic worlds.
The capital of the MBRF is thirty-seven billion Dirhams
(AED 37,000,000,000.00). This capital will be developed and invested using the
most up-to-date techniques and in accordance with the legislation issued in
this respect.
The MBRF will be managed by a Board of Directors
comprised of a Chairman, vice chairman, and at least five (5) members,
appointed for a term of three (3) years pursuant to a decree of the Ruler.
The Board of Directors
will have the duties and powers to:
1.
approve the general policies of
the MBRF;
2.
approve the statements of account, draft
budget, and final accounts of the MBRF;
3.
appoint an auditor and determine his powers
and remuneration in coordination with the Director; and
4.
represent the MBRF before international
establishments and in international forums in coordination with the Director.
The Chairman or his
authorised representative will have the duties to:
1.
approve the plans and projects that are
required to achieve the objectives of the MBRF;
2.
approve the annual budget of the MBRF;
3.
establish the technical, financial, and
administrative regulations and bylaws that govern the work of the MBRF;
4.
obtain, in the name of the MBRF, credit
facilities and loans from local and foreign banks and submit the relevant
appropriate guarantees;
5.
contribute to the establishment of all types
of companies, and lease out, own, and sell land; and
6.
perform any other duties related to the
MBRF’s work.
The Board of Directors will convene twice a year or where
required. The Chairman may form permanent or temporary sub-committees to assist
him in performing his duties, and will determine the functions and powers of
these sub-committees.
The executive body of the MBRF will be comprised of a
Director appointed pursuant to a resolution of the Chairman, and a number of
technical and administrative employees appointed by the Director in accordance
with the regulations issued in this respect.
Except
in cases of fraud and gross fault, neither the Chairman, nor the vice chairman,
nor any member of the Board of Directors will, in the course of managing the
MBRF and its operations, be liable to third parties for any act or omission in
relation to such management. The MBRF will be solely liable to third parties
for such act or omission.
The financial resources
of the MBRF will consist of:
1.
profits and returns on investment
of the MBRF capital; and
2.
donations and gifts provided to the MBRF and
accepted by the Chairman.
In regulating its
accounts and records, the MBRF will apply the recognised rules and principles
of international accounting. The financial year of the MBRF will commence on 1
January and will end on 31 December of each year, except that the first
financial year will commence as of the date this Law comes into force and will
end on 31 December of the following year.
The MBRF will be exempt
from all local fees and taxes.
This Law will be
published in the Official Gazette and will come into force on the day on which
it is published.
Mohammed
bin Rashid Al Maktoum
Ruler
of Dubai
Issued
in Dubai on 5 March 2008
Corresponding
to 26 Safar 1429 A.H.
©2017 The Supreme Legislation Committee in the
Emirate of Dubai
[1]Every effort has been made to produce an
accurate and complete English version of this legislation. However, for the
purpose of its interpretation and application, reference must be made to the
original Arabic text. In case of conflict the Arabic text will prevail.