Dubai, August 13: The Director-General of Dubai’s Department of Finance, Abdulrahman Al Saleh, has been appointed Chairman of the Board of the Dubai Financial Support Fund.
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, on Wednesday also named Abdulaziz Rahmah Al Muhairi, Managing Director of the Investment Corporation of Dubai, as Deputy Chairman.
The support fund was set up last month to manage the proceeds of the Dubai government’s $20 billion bond programme, and any other bond issues.
“The Dubai Financial Support Fund is central to the achievement of Dubai’s long-term strategy for economic growth,” Al Saleh said on Wednesday. “The new board’s primary duty will be to prepare and adopt the criteria to be used in the allocation of funds for Dubai’s strategic revenue-generating projects,” he said.
Shaikh Mohammed also appointed three board members.
They are Mattar Mohammed Al Tayer, Chairman of the Board and Executive Director of RTA; Majid Saif Al Ghurair, Chairman of SHUAA Capital; and Dr Riad Mohammed Khalfan Belhoul, member of the Dubai Nuclear Energy Committee. Marwan Iqbal Abedin will be the fund’s executive director responsible for managing its daily operations. “The process and the criteria for the assessment of loan applications will be robust and transparent,” he said. The fund is accountable to Dubai’s Supreme Fiscal Committee and is supported by the Department of Finance.
–Agencies