Law
No. (10) of 2019
Amending
Law No. (24) of 2009
Establishing the
Dubai Financial Support Fund[1]
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We,
Mohammed bin Rashid Al Maktoum, Ruler of Dubai,
After perusal of:
Law No. (5) of
1995 Establishing the Department of Finance;
Law No. (3) of
2003 Establishing the Executive Council of the Emirate of Dubai;
Law No. (24) of
2009 Establishing the Dubai Financial Support Fund and its amendments (the “Original Law”);
Law No. (1) of
2016 Concerning the Financial Regulations of the Government of Dubai;
Law No. (4) of
2018 Establishing the Financial Audit Authority; and
Decree No. (24)
of 2007 Forming the Supreme Fiscal Committee in the Emirate of Dubai and its
amendments,
Do hereby issue
this Law.
Articles
(2), (9), (11), (12), (15), and (17) of the Original Law are hereby superseded
by the following:
The following words and expressions,
wherever mentioned in this Law, will have the meaning indicated opposite each
of them unless the context implies otherwise:
|
Emirate: |
The Emirate of Dubai. |
|
Government: |
The Government of Dubai. |
|
Executive Council: |
The Executive Council of the Emirate
of Dubai. |
|
SFC: |
The Supreme Fiscal
Committee in the Emirate of Dubai. |
|
DOF: |
The Department of Finance. |
|
Director General: |
The director general of the DOF. |
|
DFSF: |
The Dubai Financial Support Fund. |
|
Executive Director: |
The executive director of the DFSF. |
The Director General will undertake the
general supervision of the administrative, technical, and financial affairs of
the DFSF, and will issue any resolutions and procedures he deems appropriate
for the achievement of the objectives of the DFSF. In particular, the Director
General will have the duties and powers to:
1.
approve
the general policy of the DFSF and its affiliated corporations and companies,
and determine their programmes and projects; and submit this policy to the SFC
for final approval;
2.
obtain
loans and the financing required for the achievement of the objectives of the
DFSF and its affiliated corporations and companies; and provide all guarantees
and security required for the
same;
3.
establish
corporation, companies, commercial enterprises, offices, and branches; and buy
and sell assets and shares, in accordance with the legislation in force;
4.
propose
the criteria and rules for provision of financial support by the DFSF and
submit the same to the SFC for approval;
5.
propose
the strategic projects and the entities eligible for support,
and submit the same to the SFC for approval;
6.
approve
the financial, administrative, and technical bylaws regulating the work of the
DFSF; and submit the same to the SFC for final approval;
7.
regulate
the procedures for contracting with third parties, including any loan agreements concluded by
the DFSF with the entities eligible for financial
support; and submit the same to the SFC for approval;
8.
form
permanent and temporary committees and work teams, and determine their duties
and powers;
9.
approve
the organisational structure of the DFSF, and submit the same to the Executive
Council for final approval;
10.
approve
the draft annual budget of the DFSF, and submit the same to the SFC for final
approval;
11.
approve
the annual report on the performance, activities, and investments of the DFSF and
its affiliated corporations and companies; and submit the same to the SFC;
12.
appoint, and determine the
remuneration of, external auditors; and review the reports and
notes submitted by these auditors at the end of each Financial Year; and
13.
exercise
any other duties or powers assigned to him by the SFC and required to achieve the objectives of the DFSF
and to enable it to exercise its duties and powers under this Law.
a.
The
DFSF will have an Executive Director appointed pursuant to a resolution issued
by the Chairman of the Executive Council upon the recommendation of the
Director General.
b.
The
Executive Director will have the duties
and powers to:
1.
propose
the organisational structure, and the bylaws regulating the administrative,
financial, and technical affairs of the DFSF; and submit the same to the
Director General for approval;
2.
prepare
the annual budget of the DFSF, and submit the same to the Director General for
approval;
3.
represent
the DFSF before third parties and conclude the contracts and agreements
required for the achievement of the objectives of the DFSF;
4.
supervise
the daily work of the DFSF;
5.
submit
regular reports on the workflow of the DFSF to the Director General; and
6.
exercise
any other duties or powers assigned to him by the Director General.
The financial resources of the DFSF will
consist of:
1.
the
funds allocated by the Government to the DFSF to enable it to perform its
duties;
2.
the
proceeds generated from the loans granted by the DFSF, and the returns on
investment of the DFSF assets and property;
3.
the
proceeds generated from the bills, bonds, and securities issued by the DFSF;
and
4.
any
other resources approved by the SFC.
The
Financial Audit Authority will, in accordance with the above-mentioned Law (4)
of 2018, audit the work and activities of the DFSF.
The
Government will not be liable towards third parties for any debts or
liabilities claimed from the DFSF, or its affiliated corporations or companies,
in respect of the exercise by the DFSF of its duties and functions under this
Law and the resolutions issued in pursuance hereof.
Articles (7), (8), and (16) of the
Original Law are hereby repealed.
This Law comes into force on the day on
which it is issued, and will be published in the Official Gazette.
Mohammed bin
Rashid Al Maktoum
Ruler of Dubai
Issued in Dubai on 14 November 2019
Corresponding to 17 Rabi al-Awwal 1441 A.H.
©2020 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.