Dubai sets up Dubai Investment Fund to boost financial stability | Reuters
Dubai will transfer shares it owns in Dubai Electricity and Water Authority, toll-road operator Salik and Dubai Taxi to a new investment fund that will aim to generate returns and bolster the emirate's financial stability, Dubai Media Office said on Monday.
Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum issued a law to set up the Dubai Investment Fund, which will be chaired by his son Sheikh Maktoum bin Mohammed bin Rashid al-Maktoum, deputy ruler of Dubai and the UAE's finance minister.
The fund will seek to generate returns for the emirate's current and future generations and take on responsibility for investing the emirate's government funds, surpluses and the general reserve locally and internationally.
"The fund also seeks to bolster the financial stability of the Dubai Government by financing the government’s deficit and establishing strong financial reserves, thereby promoting long-term financial sustainability," the media office added.
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