Law No. (5) of 2011
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. (24) of 2009 Establishing
Dubai Financial Support Fund,
Do hereby issue this Law.
Article (6) of the above
mentioned Law No. (24) of 2009 is hereby superseded by the following:
Article (6)
In order to achieve its
objectives, the Fund may undertake the following:
1. to provide loans and
credit facilities to Government and non-Government entities entitled to obtain financial support in
accordance with the provisions of this Law;
2. to issue bills, bonds, sukuk
and any other financial instruments on behalf of the Government, whether inside
or outside of the Emirate, in order to provide the necessary liquidity to
finance projects;
3. to guarantee the
performance of the obligations of Government and non-Government entities toward
third parties;
4. invest in commercial
projects, establish investment funds and manage corporations and commercial
companies solely or with third parties;
5. establish and wholly own
or hold shares in corporations and commercial companies related to the business
of the Fund, whether inside or outside of the Emirate;
6. open and manage bank
accounts inside and outside of the Emirate and obtain loans and credit
facilities as necessary to achieve the objectives of the Fund and the
objectives of its affiliated companies and corporations;
7. require the entities
entitled to obtain loans to provide real security and financial guarantees, and
to take the necessary action to secure the fulfillment of its rights including,
without limitation, converting these rights into shares and assets in such
entities; and
8.
undertake any other duties and activities related to
the objectives of the Fund.
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 17 March 2011
Corresponding to 12 Rabi al-Thani 1432 A.H.
©2014 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.