Sheikh Mohammed Bin Rashid Al Maktoum, vice-president and prime minister of the UAE and ruler of Dubai, has incorporated the Dubai Financial Support Fund under royal decree.
Enacted today (July 22nd), the new fund will be responsible for managing the proceeds from the Emirate's $20 billion bond issuance.
Abdulrahman Al Saleh, director general of the Department of Finance, confirmed that this revenue will be loaned to government and government-affiliated organisations to purse projects for the benefit of Dubai.
"Each application for support will be assessed against predetermined criteria to ensure the funds are allocated efficiently and in accordance with Dubai's long-term growth strategy," he said.
The Department of Finance has also recently laid the groundwork for Sheikh Mohammed's decree setting out reform of government service fees. The group announced last month that, in line with this ruling, it will be implementing a new pricing structure for such services imminently.