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Shaikh Ahmed to be chairman of Dubai World Board of Directors

In his capacity as Ruler of Dubai, His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has issued Decree No 46 of 2013 forming the Board of Directors of Dubai World under the chairmanship of Shaikh Ahmed bin Saeed Al Maktoum, President of the Dubai Department of Civil Aviation.

The new board of Dubai World’s board is composed of Mohammed Ibrahim Al Shaibani, Director-General of the Ruler’s Court; Abdelrahman Saleh Al Saleh, Director-General of Dubai Department of Finance; Hamad Mubarak Buamim, Director-General of Dubai Chamber of Commerce and Industry; Saadi Abdul Rahim Hassan Al Rais and Dr Soon Young Chang. The decree is considered active from the date of publication in the Official Gazette.

Shaikh Mohammed also issued Decree No 47 of 2013, establishing the Misbah Al Fattan Charity Establishment as a legal and independent incorporation with a fully paid-up capital of Dh25 million, paid by the founder, Lt.-General Musabbah Rashid Al Fattan.

The objectives of the establishment are to provide charitable, humanitarian and cultural services and other public interest services inside and outside the UAE.

The establishment is organised and managed pursuant to the rules and regulations prescribed in the decree, the articles of association and any amendments to follow. The founder is the highest authority in the establishment, and he may supervise and approve all the decisions and activities. The establishment has a board of trustees composed of six to nine members. The decree also formed the first board of trustees that is composed of Raed Misbah Rashid Al Fattan (Chairman), Rashid Misbah Rashid Al Fattan (Vice-Chairman), Mohammed Misbah Rashid Al Fattan (member), Raedah Misbah Rashid Al Fattan (member), Hind Misbah Rashid Al Fattan (member), and Latefah Misbah Rashid Al Fattan (member).

Pursuant to Article 4 of the decree, the establishment may construct and/or contribute in the construction and establishment of mosques, Islamic cultural and research centres, Islamic heritage establishments, education institutes of all levels and disciplines, research centres, public libraries, scholarships, translation and publishing activities.

Moreover, the establishment may contribute in establishing and subsidising hospitals, medical centres, rehabilitation centres and may provide medical aid to underprivileged. The establishment may also establish and subsidise housing projects of charitable nature, orphanages and infirmaries, nurseries, care centres for people with special needs. The establishment may participate in environment protection and preservation projects and may organise prizes to honour scholars, researchers and thinkers in various disciplines of science, art and literature.

The decree also permitted the establishment to establish subsidiaries to serve its purposes as prescribed in the decree and according to the laws and regulations applied in Dubai and the procedures applied in the Department of Economic Development. The establishment may also contribute in any projects that may create financial incomes. The decree is considered valid and active from the date of publication in the Official Gazette.