Wednesday, 8 November 2017

New law on Dubai Knowledge Fund

In his capacity as Ruler of Dubai, VP and PM of the UAE HH Sheikh Mohammed bin Rashid Al Maktoum has issued legislation on the objectives, authorities, responsibilities and organisational structure of Dubai’s Knowledge Fund. 

Law No. (16) of 2017 aims to support Dubai’s vision for the education sector in line with approved policies and strategic plans, and help secure funds for educational initiatives and projects in Dubai and enhance assets and investments in the sector.

Pursuant to Law No. (16) of 2017, the Knowledge Fund is responsible for managing and investing allocated funds and assets according to policies approved by the Board. The Fund is authorised to establish private businesses, enter joint ventures, launch education projects, invest in existing education enterprises and allocate land for education-related projects. The law also prescribes the procedures for the formation and the responsibilities of the Board of the Knowledge Fund.
Crown Prince of Dubai and Chairman of Dubai Executive Council HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum also issued the Executive Council’s Resolution No. (59) of 2017 forming the Board of the Knowledge Fund. Ahmad Abdulkarim Julfar chairs the new Board. Members of the Board include a representative each from Investment Corporation of Dubai, Knowledge and Human Development Authority, the General Secretariat of Dubai Executive Council and Dubai’s Department of Finance, in addition to Anisa Mohammed Al Shareef and the CEO of the Knowledge Fund.

The Board of the Knowledge Fund is authorised to issue policies and procedures required to implement Law No. (16) of 2017, which replaces Law No. (9) of 2010 on Dubai’s Knowledge Fund and annuls any other legislation that contradicts or challenges its articles. Law No. (16) of 2017 and Resolution No. (59) of 2017 will be published in the Official Gazette and are valid from the date of publication.