Dubai has set up a new fund as an independent public entity to oversee all government investments under a law issued by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
The Dubai Investment Fund, which will operate on a commercial basis, will have the financial and administrative independence to pursue its objectives along with the legal mandate to do so, the Dubai Media Office said on Monday.
The investments “will seek to generate returns benefiting both current and future generations while implementing best practices and the investment policy” approved by the fund’s board, which will be chaired by Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai.
The fund also seeks to bolster the financial stability of the Dubai government by financing its deficit and “establishing strong financial reserves”, the media office said.
The Dubai Investment Fund, “without infringing upon the powers and jurisdictions granted to the Investment Corporation of Dubai”, will invest government surpluses, establish companies and investment funds independently or in collaboration with third parties, acquire or merge companies, projects and funds, besides holding stakes in them.
It will focus on investments in stocks, bonds and securities and can explore prospects in local or international financial markets.
The fund will function as Dubai's vested authority when it comes to owning shares in listed entities such as the Dubai Electricity and Water Authority, Salik Company and Dubai Taxi Company (DTC), the media office said.
Dubai announced plans in November 2021 to list 10 state-owned companies to increase the size of its financial market to Dh3 trillion ($817 billion).
Four of the 10 state-owned enterprises listed on the Dubai Financial Market last year.
The listing of Dewa was the largest GCC initial public offering last year, raising $6.1 billion. State-owned Tecom, Salik and Empower collectively raised $2.2 billion in June, September and November 2022, respectively.
Meanwhile, DTC started trading on the DFM this month after raising Dh1.2 billion in an IPO that was 130 times oversubscribed.
The fund will "relieve the Dubai government of rights and obligations related to companies, specifically in the context of ownership of shares comprising the capital of such companies, as also all contracts, agreements, commitments, deposits, bank accounts and loans associated with such shares", the media office said.
It can also deal in movable and immovable assets, manage funds, provide mortgages and guarantees, and participate in the financial derivatives business.
The fund will aim to contribute to the emirate's "strategic priorities and endorsed public policies" by investing in initiatives across vital economic and social sectors, while diversifying income sources.
Dubai has earmarked Dh246.6 billion for spending from 2024 to 2026, as part of its latest budget announced last month.
The emirate expects to record public revenue of Dh90.6 billion next year, of which Dh85.1 billion has been allocated to the budget and Dh5.5 billion to the general reserve.
Overall, the general reserve from annual revenue is set to reach about Dh20.6 billion for the three-year period, the Department of Finance said at the time.
It expects to achieve an operating surplus of up to 3.3 per cent of Dubai’s gross domestic product under the 2024-2026 financial plan.
The budget plan reflects Dubai's fast economic recovery and boosts its ambitions to stimulate the macroeconomy and support the objectives of the Dubai Strategic Plan 2030 development project, as well as the Dubai Economic Agenda D33, the media office said at the time.
All relevant public entities in Dubai must register all their assets, stocks, shares, movable and immovable properties, licences, permits, bonds, privileges and other instruments under the new fund.
Dubai World will also be affiliated with the Dubai Investment Fund, while preserving its legal identity.
The fund's board members include Abdulrahman Al Saleh, who will serve as the vice chairman, as well as Abdulaziz Al Mulla, Rashid Ali bin Obood and Ahmad Ali Meftah.
The Council has approved the appointment of Abdulaziz Al Mulla as the managing director and chief executive of the fund.
Under the law, the fund is "obligated" to be transparent in conducting activities and operations and is mandated to make data and information accessible to the public, the media office said.
Sholto Byrnes on Myanmar politics
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Mohammed bin Zayed Majlis
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Defined benefit and defined contribution schemes explained
Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
UAE currency: the story behind the money in your pockets
more from Janine di Giovanni
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
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The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
How to donate
Text the following numbers:
2289 - Dh10
6025 - Dh 20
2252 - Dh 50
2208 - Dh 100
6020 - Dh 200
*numbers work for both Etisalat and du
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
