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Mohammed to chair ICD board

His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai, has issued a decree establishing the Board of Directors of the Investment Corporation of Dubai.

According to Decree No.17 of 2012, the board of directors will be chaired by Shaikh Mohammed, with Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, as Vice-Chairman, and Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai; Shaikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates airlines and Group; and Mohammed Ibrahim Al Shaibani, Director-General of the Court of the Ruler of Dubai, in addition to his work as Chief Executive Officer of Investment Corporation of Dubai as the other board members.

Shaikh Mohammed also issued decree No. 18 of 2012, forming the Board of Directors of the Mohammed Bin Rashid Housing Establishment.

The board will be chaired by Mohammed Ibrahim Al Shaibani, with Hussain Nasser Lootah as Vice-Chairman and Sultan Butti bin Mejren, Abdullah Ahmed Al Habbai, Abdullah Fadel El Mazroui, Obaid Saeed bin Meshar and Sami Abdullah Gargash will be board members.

Shaikh Mohammed also issued Law No. 9 of 2012 amending some provisions of Law No. 8 of 1997 relating to the Dubai Chamber of Commerce & Industry.

Article 6 of the new law — which replaces the same article in Law No. 8 of 1997 — defines the tasks and powers of the Dubai Chamber of Commerce and Industry where the chamber is given authority to register natural and legal persons for the purposes of facilitating the process of carrying out activities listed under Article 7 of the law.

The Dubai Chamber of Commerce and Industry will have the capacity to issue Certificates of Origin for exported and re-exported goods and attesting documents and certificates relating to trade for its members. The chamber also has the capacity to review law drafts and provisions issued by other government entities in addition to the capacity to establish work groups by its members.

As per the new law, the chamber will have the capacity to grant licence to business councils that are established in Dubai by companies, businessmen and foreign experts in addition to conferring legal personalities to such councils. The chamber will also review applications and grant licences to open offices in Dubai which are presented by non-profit and non-governmental authorities, associations, societies and organisations.

The law also adds to the capacity of the chamber to conduct economic research studies and reports concerned with performance evaluation and development for different economic sectors. Additionally, the chamber has the capacity to review applications to host exhibitions, conferences and forums related to trade and economics in Dubai and issue recommendations for approval.

Adding to its role as an important economic entity in Dubai, the chamber has the capacity to collect information and data related to the economic sector such as market prices of goods, services and securities. It also has the capacity to collect official regulatory and legislative data, classify them and issue print publications in this regard.

Chamber members of entities can also seek advice in economic, legal and technical issues from the chamber which has the capacity to establish training centres, university colleges and institutes.

The Dubai chamber has the capacity to look into trade complaints and disputes by supervising the process with aims to provide means for resolving such disputes. The chamber also has the capacity to take part in committees established by other government entities to study issues related to trade and economy.

The law and decrees shall be effective from the date of issuance and shall be published in the Official Gazette. —