Top official and banker to run Dubai fund

Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, Wednesday appointed his top financial official and a banker who specialises in selling property to run the new fund tasked with doling out US$20 billion (Dh73.45 billion) in emergency cash to government-related companies.

Sheikh Mohammed issued a royal decree naming Abdulrahman al Saleh, director of general of Dubai’s Department of Finance, as chairman of the Dubai Financial Support Fund, which was established last month. To head the fund’s day-to-day operations, he named Marwan Iqbal Abedin, who until recently was director of marketing and originations at the Emirates National Securitization Corporation, a government-controlled investment bank that sells mortgage-backed securities and other complex debt obligations.

“The Dubai Financial Support Fund is central to the achievement of Dubai’s long term strategy for economic growth,” said Mr al Saleh in a statement accompanying the announcement. “The new Board’s primary duty will be to prepare and adopt the criteria to be used in the allocation of funds for Dubai’s strategic revenue-generating projects.”