New proposals would raise the capital requirements for the largest and most important banks by 9%, down from 19%
The decree states that all powers and responsibilities entrusted to the DM regarding the management, organising, licensing and monitoring of advertisement along roads and streets in the Emirate of Dubai, shall now be transferred to the DRTA, which shall henceforth be the sole body to wield this authority and shall be committed to exercising these powers and prerogatives as per the rules, regulations and standards stated in Local Order No. 30 of 1986 dealing with monitoring of advertisement in the Dubai Emirate and other bye-laws of the Local Order.
The DRTA shall also be in charge of beautification of roads and streets as per the approved conditions of the Garden and Beautification Section of the DM's Public Projects Department, but maintenance work shall be done by the Garden and Beautification Section after the completion of any related project by the DRTA, the decree said. It also gave the DRTA the authority to transfer to its fold whoever it deems necessary from the staff of the Advertisement or Garden and Beautification sections of the DM or to appoint new staff according to the demand of its assignment.
The decree nullifies any other decree or legislation that prejudices or contradicts any article of the new decree, which came into effect from April 30, 2006 and is to be published in the official gazette.
DEDC set up
THE Dubai Ruler also issued Act 10 of 2006, setting up Dubai Export Development Corporation (DEDC).
The 20-article Act established a public institution to be known as Dubai Export Development Corporation, which shall be an independent corporate body that enjoys all the legal competence to practice any work or take any action to achieve its objectives. It shall have the power to contract a third party, and to sue or be sued according to this status. The institution is to be attached to the Dubai Executive Council, the Act states.
New proposals would raise the capital requirements for the largest and most important banks by 9%, down from 19%
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