Law No. (7) of 2024
Amending Law No. (5) of 2009
Establishing the
Meydan City Corporation[1]
ــــــــــــــــــــــــــــــــــــــ
We, Mohammed
bin Rashid Al Maktoum, Ruler of Dubai,
After perusal of:
Law No. (5) of 2009 Establishing the
Meydan City Corporation (the “Original Law”);
Law No. (1) of 2016 Concerning the
Financial Regulations of the Government of Dubai and its amendments; and
Law No. (1) of 2023 Concerning the
Dubai Holding Company,
Do hereby issue this Law.
Articles
(2), (3), (5), (8), (9), and (11) of the Original Law are hereby superseded by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. |
|
Ruler: |
His Highness
the Ruler of Dubai. |
|
Government: |
The
Government of Dubai. |
|
Meydan: |
Meydan City. |
|
Free Zone: |
The free zone
of Meydan. |
|
MCC: |
The Meydan
City Corporation. |
|
Company: |
The Dubai
Holding Company. |
|
Chairman: |
The chairman
of the MCC. |
|
CEO: |
The chief
executive officer of the MCC. |
|
Subsidiaries: |
The companies
owned by the MCC, its affiliates, and its spin-offs. |
|
Establishments: |
These include
all kinds of sole proprietorships and commercial companies licensed to
operate within Meydan and the Free Zone in accordance with the provisions of
this Law, the resolutions issued in pursuance hereof, and other legislation
in force in the Emirate. |
Pursuant to this Law, the following entities are established in the
Emirate:
1.
a city named
"Meydan City" in which a free zone will be established. The location,
areas, and boundaries of Meydan and the Free Zone are demarcated on the maps
attached to this Law; and
2.
a public
corporation wholly owned by the Government named "Meydan City
Corporation”. The head office of the MCC will be located in Meydan. The MCC
will be managed on a commercial basis and will have legal personality,
financial and administrative autonomy, and the legal capacity required to
undertake all acts and dispositions that ensure the achievement of its
objectives.
a.
The MCC will
supervise Meydan to enable it to achieve its objectives. In particular, the MCC
will have the duties and powers to:
1.
determine
land and real property use within Meydan; construct buildings, structures,
facilities, and retail outlets to cater to the various needs of the equestrian
industry; designate land and real property for commercial, professional,
industrial, residential, educational, health, tourist, sports, recreational,
and other uses; and invest and manage such land and real property, in line with
the urban master plan of the Emirate, the legislation in force, and the
objectives and activities of MCC;
2.
establish,
develop, and manage the infrastructure and administrative services required for
conducting business in the Free Zone, including grandstands, race tracks,
training areas, stables, breeding and fodder farms, hotels, health resorts,
marinas, golf courses, residential and commercial buildings, in alignment with
the infrastructure development plans prepared by the concerned Government
entities;
3.
perform all
the transactions and work related to the activities of the MCC and required for
achieving its objectives, including conducting commercial, industrial, services,
and professional business within and outside of the Emirate;
4.
establish
institutes and centres specialising in equestrian coaching, training, and
qualification;
5.
organise and
participate in holding exhibitions and conferences specialised in equestrian
sports;
6.
establish,
solely or in partnership with other persons, companies, establishments, and
investment ventures; hold shares in the companies, establishments, and
investment ventures that engage in the same or similar activities as those of
the MCC, within or outside of Meydan; and establish and own investment funds,
in accordance with the relevant regulations and bylaws adopted by the MCC and
the legislation in force in the Emirate;
7.
invest,
operate, fund, own, possess, utilise, take lease of, and manage land plots and
other real property, vehicles, equipment, machinery, and other movable and
immovable property; dispose of the same in any legal manner, including sale,
lease, or mortgage; and hold material and moral rights, as required for the
achievement of the MCC objectives under this Law, the resolutions issued in
pursuance hereof, and other legislation in force in the Emirate;
8.
determine
and regulate the business and activities authorised within Meydan; and set the
rules, conditions, requirements, and procedures for licensing such business and
activities;
9.
register and
license Establishments and other entities, regulate procedures and matters
relating thereto, and establish the conditions and rules governing their work;
10. regulate the procedures for the import of goods and
their storage at Meydan, whether for purposes of re-exporting them or bringing
them into the local markets, in coordination with the concerned entities in the
Emirate;
11. audit and inspect Establishments and their activities
to verify their compliance with the provisions of this Law, the resolutions
issued in pursuance hereof, and other legislation in force in the Emirate;
12. invest and use its property in any commercial,
financial, service, or industrial fields;
13. provide Establishments, upon request, with
administrative, technical, and professional personnel, as required by the
nature of their work and in accordance with the terms agreed upon by the MCC
and these Establishments;
14. determine and collect fees and charges in return for
the services it provides within Meydan in accordance with the legislation in
force in the Emirate;
15. grant the Company or any other entity usufruct rights
or any other real rights in respect of the assets and property owned by the
MCC;
16. finance its own operations and projects through
borrowing and through providing and issuing the necessary financial guarantees,
including mortgage security, and financial instruments, such as sukuk and
financial bonds, in accordance with the means of finance prescribed by the
relevant legislation in force in the Emirate;
17. cooperate and coordinate with local, federal,
regional, and international entities, including other free zones’ authorities,
to ensure achievement of the MCC objectives; and
18. exercise any
other duties or powers assigned to the MCC by the Ruler.
b.
The MCC may,
pursuant to a resolution issued by the Chairman and under a franchise agreement
to be concluded between the MCC and the Company, delegate the Company with all
or any of its functions under this Law, the resolutions issued in pursuance
hereof, and other legislation in force in the Emirate. The franchise agreement
will state its term; the rights and obligations of the parties thereto; as well
as the conditions and requirements that the Company must observe when
performing the functions delegated to it by the MCC.
c.
The MCC may
authorise the Company to assign the franchise rights granted to it under
paragraph (b) of this Article to third parties, as determined by the Chairman
in this regard.
a.
The Chairman
will undertake the general supervision of the MCC and ensure that the MCC
achieves the objectives for which it is established. For this purpose, the
Chairman will have the duties and powers to:
1. approve, and supervise the implementation of, the
policies and strategic, development, and investment plans of the MCC;
2. approve the services, business, projects, activities,
programmes, and initiatives of the MCC;
3. approve the organisational structure of the MCC, and
the bylaws and resolutions governing the financial, administrative, technical,
procurement, and asset management affairs of the MCC and the Subsidiaries,
including the delegation of authority matrix and the human resources
regulations;
4. approve the borrowing and financing programmes proposed
by the CEO, subject to the legislation in force in the Emirate;
5. approve the methods of investing the property of the
MCC and the Subsidiaries, and the procedures for benefiting from returns on
investment in the fields, ventures, and programmes of the MCC;
6. approve proposed partnerships with public and private
entities; and attract sponsors to finance the programmes, ventures, and
initiatives implemented by the MCC and the Subsidiaries;
7. approve the contracts and agreements concluded by the
MCC and the Subsidiaries, including loan, financing, mortgage, settlement, and
arbitration agreements;
8. agree to releasing the debtors of the MCC and the
Subsidiaries from liabilities; engage in conciliation and arbitration; agree to
the application of foreign laws to any of their agreements; and establish,
invest in, sell, dissolve, and liquidate fully or partially owned companies and
Subsidiaries;
9. divide, assign, transfer, amalgamate, merge, sell, and
mortgage or pledge any of the property or assets of the MCC, or the property or
assets of any the Subsidiaries; or dispose of the same in any legal manner;
10. allow the Company and the Subsidiaries to engage in
any investment, borrowing, or lending activities; or in issuing guarantees,
bonds, sukuk, or any other debt instruments, in accordance with the legislation
in force in the Emirate;
11. acquire or merge Subsidiaries and determine the
acquisition value;
12. approve the bylaws, regulations, and resolutions
regulating business and activities within Meydan;
13. form permanent and temporary committees and work
teams, and determine their duties and powers;
14. approve the rules, procedures, and regulations for
licensing and registration of Establishments;
15. approve the fees and charges for the services provided
by the MCC, and submit the same to the competent entities in the Emirate for
final approval;
16. approve the areas of investment and acts of
disposition of the property of the MCC and the Subsidiaries;
17. approve the draft annual budget and Financial
Statements of the MCC;
18. approve the annual report on the activities and
financial position of the MCC and the Subsidiaries;
19. conduct annual reviews of the performance reports of
the MCC and take the necessary action in respect thereof;
20. approve the resolutions, bylaws, and regulations
related to the fines, penalties, and measures to be imposed on Establishments
that violate the regulations and bylaws applicable to Meydan;
21. approve the investment and expansion plans of the MCC;
22. approve the appointment of auditors and their annual
remuneration; and
23. exercise any other duties or powers assigned to him by
the Ruler.
b.
The Chairman
may delegate any of his powers under this Law to the CEO or the chief executive
officer of the Company, provided that such delegation is specific and in
writing.
a. A CEO will be appointed to the MCC, and his service
may be terminated, pursuant to a resolution issued by the Chairman.
b. The CEO will be directly responsible to the Chairman
for exercising the duties and powers assigned to him under this Law, the
resolutions issued in pursuance hereof, and other legislation in force in the Emirate; and for
ensuring that the MCC achieves its objectives and performs its duties under
this Law and the resolutions issued in pursuance hereof. In particular, the CEO
will have the duties and powers to:
1. propose the policies and strategic, development, and
investment plans of the MCC; submit the same to the Chairman for approval; and
take actions required for their implementation upon approval;
2. implement the approved general policies and strategic,
development, and investment plans; and approve the operational plans for their implementation;
3. propose the services, work, projects, activities,
initiatives, and programmes of the MCC; and submit the same to the Chairman for
approval;
4. propose, in coordination with the competent entities
in the Emirate, the master plan of Meydan; and submit the same to the Chairman
for approval;
5. develop and follow up the implementation of the
investment plans aimed at enabling the MCC to achieve full financial autonomy
and to self-finance its programmes and projects, with a view to enabling it to
achieve financial sustainability;
6. propose the organisational structure of the MCC, and
the bylaws and resolutions governing the financial, administrative, technical,
procurement, and asset management affairs of the MCC and the Subsidiaries,
including the delegation of authority matrix and the human resources
regulations; and submit the same to the Chairman for approval;
7. manage the day-to-day work and operations of the MCC
and the Subsidiaries, and verify the performance of their duties under this
Law, the resolutions issued in pursuance hereof, other legislation in force in
the Emirate, and the bylaws adopted by the MCC;
8. propose the fees and charges for the services provided
by the MCC, and submit the same to the Chairman for approval;
9. prepare the draft annual budget and Financial
Statements of the MCC, and submit the same to the Chairman or approval;
10. propose the bylaws, regulations, and resolutions
regulating business and activities within Meydan; and submit the same to the
Chairman for approval;
11. issue the policies, resolutions, and internal bylaws
regulating the affairs of the MCC and the Subsidiaries, except for the
regulations and resolutions which the Chairman is exclusively authorised to
approve hereunder;
12. propose the rules, procedures, and regulations for the
registration and licensing of Establishments; and submit the same to the
Chairman for approval;
13. propose the borrowing programmes required to obtain
the finance that enables the MCC to achieve its objectives, subject to the
legislation in force in the Emirate; and submit the same to the Chairman for
approval;
14. propose the areas of investment and acts of
disposition of the property of the MCC and the Subsidiaries, as well as the
procedures for benefiting from returns on investment; and submit the same to
the Chairman for approval;
15. issue the resolutions required for maintaining a
register for the licensing of Establishments and any other registers that are
relevant to the work of the MCC;
16. prepare the periodic and annual reports on
implementation of the strategies, plans, and objectives of the MCC, including
financial reports, performance reports, and the financial position of the MCC
and the Subsidiaries; and submit the same to the Chairman to issue the relevant
directives as he deems appropriate;
17. supervise the executive body of the MCC and all
matters related to its human resources, including approval of the appointment
of employees, determination of their salaries and remuneration, their transfer
and dismissal, and all other relevant matters, in accordance with the powers
stipulated in the human resources regulations and the relevant delegation of
authority matrix approved by the Chairman;
18. open, manage, and close accounts with banks; perform
all financial and banking functions; and make the relevant decisions, within
the powers vested in him under the delegation of authority matrix and in
accordance with the legislation in force in the Emirate;
19. represent the MCC before third parties; conclude
contracts, agreements, and memoranda of understanding; and sign documents of
whatever nature and type, within the powers vested in him under the relevant
delegation of authority matrix approved by the Chairman;
20. conclude conciliation and settlement agreements on
behalf of the MCC and the Subsidiaries; agree to the application of foreign
laws to any of the contracts and agreements concluded by the MCC and the
Subsidiaries; file lawsuits and appoint lawyers; and conclude judicial and
legal settlement and waiver agreements, in line with the resolutions of the
Chairman and with a view to serving the MCC's interests;
21. engage experts and consultants and determine and pay
their remuneration, in accordance with the delegation of authority matrix, the
bylaws applicable to the MCC, and the legislation in force in the Emirate;
22. propose the resolutions, bylaws, and regulations
related to the fines, penalties, and measures to be imposed on Establishments
that violate the regulations and bylaws applicable within Meydan; and submit
the same to the Chairman for approval; and
23. exercise any other duties or powers assigned or
delegated to him by the Chairman, as required for the achievement of the
objectives of the MCC and for enabling it to perform its functions under this
Law, the resolutions issued in pursuance hereof, and other legislation in force
in the Emirate.
c. The CEO will exercise the duties and powers assigned
to him under this Law and the resolutions issued in pursuance hereof, in
accordance with the relevant delegation of authority matrix approved by the
Chairman.
d. The CEO may delegate any of his powers under this Law
to any of the employees of the executive body of the MCC or the Company,
provided that such delegation is specific and in writing.
a.
The
financial resources of the MCC will consist of:
1.
the movable
and immovable property allocated to the MCC by the Government;
2.
the fees and
charges collected by MCC in return for the services it provides;
3.
proceeds
from disposition of the property and assets of the MCC and the Subsidiaries;
4.
returns on
the investments and profits generated from the projects carried out by the MCC
directly or through the Company or the Subsidiaries; and
5.
any other
financial resources approved by the Chairman.
b.
Notwithstanding
the provisions of the above-mentioned Law No. (1) of 2016, the revenues and
financial resources referred to in paragraph (a) of this Article will be paid
to the MCC. The MCC will manage and invest its revenues, financial resources,
revenue surplus, and profits and those of the Subsidiaries, in accordance with
the relevant rules approved by the Chairman.
Any provision in any other legislation is hereby repealed to the extent
that it contradicts the provisions of this Law.
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 24 March 2024
Corresponding to 14 Ramadan 1445 A.H.
©2024 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.