Dubai's ruler sought to boost his oversight of the emirate's finances yesterday when a new law increased control over the budgets of government departments.
Law Number 35 of 2009, covering the management of public funds, introduces procedures designed to control spending, said an official statement. The law, replacing one passed in 2006, requires departments to transfer any excess revenues to the public purse.
The measure covers all departments and includes government companies that have tapped credit markets, such as the Dubai Water and Electricity Authority and the state holding company Investment Corporation of Dubai, which owns Emirates airline and a one-third stake in Emaar Properties, a developer.
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