Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE, Prime Minister, and Ruler of Dubai, issued a law establishing the Dubai Investments Fund, according to a statement from the Dubai Government Media Office, Monday.
The fund, which will be headed by Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai, will replace the Dubai government in its ownership of the shares of the Dubai Electricity and Water Authority (DEWA), and the companies SALIC and Dubai Taxi, according to the statement.
Dubai World will also be attached to the fund, which will also be responsible for managing and investing in the Dubai government and its general surplus and reserves inside and outside the country.
The new fund aims to enhance the stability of the financial position of the Dubai government, build strong financial reserves, invest in strategic and development projects, and contribute to achieving economic diversification.
The statement stated that the Fund's Board of Directors decided to appoint Abdulaziz Mohammed Al Mulla as Managing Director and CEO of the Dubai Investments Fund.
