Mohammed names new chairmen for banks

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai, has appointed Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum as the new chairman of the board of directors of Noor Islamic Bank.

Sheikh Ahmed replaces Sheikh Ahmed bin Saeed Al Maktoum in this position.

EmiratesNBD

Meanwhile, Sheikh Mohammed appointed Sheikh Ahmed bin Saeed Al Maktoum as the new chairman of the board of directors of EmiratesNBD bank.

The decision also names Hisham Abdullah Al Kasem as deputy chairman of the board and Mohammed Obaid Al Shehhi, Mohammed Hadi Ahmed Abdullah Al Husaini and Shoaib Mer Hashim Khouri as members of the board.

The new chairman and members who were appointed to the bank's board as representatives of Dubai Government replace Ahmed Humaid Al Tayer, Eissa Saleh Al Gurg, Fardan Ali Al Fardan, Khalid Jassem Bin Kalban, Abdullah Ahmed Lootah and Hamad Mubarak Bu Amim.

The decision is of immediate effect and shall be published in the Gazette.

Mohammed amends Dubai Real Estate Corporation law

Sheikh Mohammed, in his capacity as Ruler of the Emirate of Dubai has issued Law No (11) of 2011 amending Law No (14) of 2007 establishing Dubai Real Estate Corporation.

As per Article (3) of the law, a public corporation owned by the government will be established operating on a commercial basis under the name "Dubai Real Estate Corporation" and enjoys a legal personality, financial and administrative autonomy and legal capacity to undertake all actions that ensure the achievement of its purposes. It may also contract with third parties and sue and be sued in that capacity and to delegate any other person for this purpose.

The corporation aims to own and manage the properties registered in the name of the government or any of its departments, including the ownership, reconstruction, investment and the use and exploitation of land and commercial and industrial real estate, located in the emirate. It will also provide building services and implementation, marketing and management of buildings and real estate and commercial properties in addition to the development, purchase, sale, lease and management of real estate properties registered in the name of the corporation.

Article (19) of the law stipulates that the corporation can retain any revenues from the sale or privatisation of its assets or any of its companies or activities. The corporation will not be subjected to the provisions of Law No (35) of 2009 Concerning the Management of the Public Funds of the Government of Dubai. This decree is effective from the date of issuance and shall be published in the Official Gazette.

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