Mohammed orders setting up of Safa Foundation

A law establishing a public institution called Safa Foundation – a new commercial body with legal personality – and full financial and administrative autonomy to pursue its goals, has been issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai.

The legislation setting up the fully independent Safa Foundation, which is attached to the Ruler's Court, is effective December 7, 2009. The Foundation is headquartered in Dubai. However, it may establish more branches, both within or outside the emirate. As a part of its business model, the Foundation will take ownership and manage all properties and funds assigned to it by the government, including fixed and liquid assets, which may be further invested at the Foundation's discretion.

Sheikh Mohammed also issued a decree appointing the Director-General of the Department of Legal Affairs of the Government of Dubai, Dr Luwai Abu Al Haul, as member of the Dubai Executive Council, effective December 27, 2009.

Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.

Follow Emirates 24|7 on Google News.