Law
No. (6) of 2020
Amending
Law No. (16) of 2017
Concerning
the Knowledge Fund Establishment[1]
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We,
Mohammed bin Rashid Al Maktoum, Ruler of Dubai,
After perusal of:
Law
No. (3) of 2003 Establishing the Executive Council of the Emirate of Dubai; and
Law
No. (16) of 2017 Concerning the Knowledge Fund Establishment,
Do
hereby issue this Law.
Article
(7) of the above-mentioned Law No. (16) of 2017 is hereby superseded by the
following:
a. The KFE will have
a Board of Directors comprised of a Chairman, a vice chairman, and a number of
experienced and specialised members appointed pursuant to a resolution of the
Chairman of the Executive Council for a renewable term of three (3) years.
b. The Board of
Directors will undertake general supervision of the KFE and of the performance
of its functions under this Law and the resolutions issued in pursuance hereof.
In particular, the Board of Directors will have the duties and powers to:
1.
approve, and
supervise the implementation of, the general policy of the KFE and its
strategic and development plans, in line with the strategic plans of the Emirate;
2.
approve the
projects, programmes, and initiatives aimed at supporting education and
improving its quality, in line with the strategic plans of the Emirate;
3.
approve the
organisational structure of the KFE and the bylaws, regulations, and
resolutions governing its administrative, financial, and technical work;
4.
approve the
internal bylaws regulating the use of the KFE’s property, assets, and returns
on investment;
5.
approve the fees
and charges for the services provided by the KFE, and submit the same to the
competent entities in the Emirate for final approval;
6.
approve the draft
annual budget and financial statements of the KFE, and submit the same to the
competent entities in the Emirate for final approval;
7.
form permanent and
temporary sub-committees and work teams; and determine their duties, functions,
and tenures;
8.
approve the annual
report on the work, activities, and financial performance of the KFE; and
submit the same to the Chairman of the Executive Council;
9.
appoint auditors
and determine their annual remuneration; and
10.
exercise any other
duties or powers required for the achievement of the objectives of the KFE.
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
25 June 2020
Corresponding to 4
Thu al-Qidah 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.