The Media Office of the Emirate of Dubai announced today, Monday, that "Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum, has issued a law to establish the Dubai Investment Fund." It added that "the fund will replace the Dubai government in its ownership of shares in the Dubai Electricity and Water Authority, as well as in the companies Salik and Dubai Taxi. The Dubai World Corporation will also be affiliated with the fund." Maktoum bin Mohammed, the Deputy Ruler of the emirate, will head the board of directors of the new fund.
The presidency of the United Nations Climate Change Conference (COP28), led by Sultan Al Jaber, described the draft as "a significant step forward." The presidency stated, "COP28's leadership has been clear from the outset about our ambitions. This text reflects those ambitions and represents a significant step forward." It further added, "The matter is now in the hands of the parties, whom we trust to do what is best for humanity and the planet."
Establishment of the Dubai Investment Fund:
- One of its goals is to invest in strategic and developmental projects.
- In general, the fund specializes in managing and investing Dubai government funds and general surplus and reserves both domestically and internationally. Thus, it will replace the Dubai government in its ownership of shares in the Dubai Electricity and Water Authority, Salik, and Dubai Taxi.
Sheikh Maktoum oversaw the process of selling stakes in companies, including the Dubai Electricity and Water Authority, which raised $6.1 billion in an initial public offering last year to enhance stock market activity. The listing plans aim to help the Dubai stock market compete more effectively with larger exchanges in the region, such as those in Saudi Arabia and neighboring Abu Dhabi. After a halt in initial public offerings for most of this year, the emirate launched "Dubai Taxi" for public subscription in November, raising $315 million for a 25 percent stake in the city's taxi service.
