Dubai Launches Independent Investment Fund to Boost Economic Growth

Dubai Launches Independent Investment Fund to Boost Economic Growth

By Staff Writer, 12 December 2023

Dubai has introduced a new investment fund as an autonomous public entity, entrusted with the oversight of all government investments.

The initiative comes under a recently issued law by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.

Dubbed the "Dubai Investment Fund," this commercial venture is empowered with financial and administrative autonomy to effectively pursue its objectives.

The fund, as outlined by the Dubai Media Office on Monday, aims to generate returns that benefit both current and future generations, adhering to approved best practices and investment policies.

The board of the Dubai Investment Fund will be chaired by Sheikh Maktoum bin Mohammed, the First Deputy Ruler of Dubai.

Its primary focus includes fortifying the financial stability of the Dubai government by addressing deficits and establishing robust financial reserves.

While respecting the powers vested in the Investment Corporation of Dubai, the new fund is authorized to invest government surpluses, establish independent companies and investment funds, and engage in collaborations with third parties.

Additionally, it can acquire or merge companies, projects, and funds, holding stakes in these entities.

The Dubai Investment Fund will concentrate on investments across stocks, bonds, and securities, exploring opportunities in both local and international financial markets.

Acting as Dubai's authoritative entity for owning shares in listed entities such as the Dubai Electricity and Water Authority, Salik Company, and Dubai Taxi Company (DTC), the fund is poised to play a pivotal role in Dubai's economic landscape.

This strategic move aligns with Dubai's rapid economic recovery, reinforcing its ambitions to stimulate the macroeconomy and support the objectives outlined in the Dubai Strategic Plan 2030 development project and the Dubai Economic Agenda D33.

Under the newly enacted law, the Dubai Investment Fund is obligated to maintain transparency in its activities and operations, ensuring that data and information are accessible to the public, according to statements from the Dubai Media Office.

Aarti Nagraj / The National

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