His Highness Sheikh Mohammed Bin Rashid issues decree restructuring the Board of Directors of Dubai World
Dubai, Dec 12th, 2010 (WAM) — Vice President and Prime Minister of UAE and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as the Ruler of Dubai, issued a decree today restructuring the Board of Directors of the ‘Dubai World’ under the chairmanship of HH Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman of the Higher Committee to oversee the Dubai World.
The Board will draw the general policy of the Dubai World its affiliated companies and oversee its implementation.
The decree named the members in the Board of Directors as follows:
- Mohammad Ibrahim Al Shaibani
Director General of the Dubai Ruler’s Court
- Abdul Rahman Saleh Al Saleh
Director General of the Finance Department
- Hamad Mubarak Bu Amim
Director General of the Dubai Chamber of Commerce and Industry
The Board’s responsibilities include the study of the Dubai World’s investment projects in commercial, industrial, agricultural, financial, real estate and various service projects, as well as any other projects the Board decides to invest in them.
The Board will also study the reports submitted to it on the activities of the Dubai World and its subsidiaries, and their financial positions and will take appropriate action.
The jurisdiction of the Board also include the approval of plans restructuring the company and its subsidiaries and to decide the draft annual budget and final accounts, in addition to the ratification of financing operations and borrowing from financial institutions against financial guarantees to them.
The Board will also approve the sale, purchase and leasing of real estates, stocks, bonds, other securities and other property belonging to the institution or its affiliates.
The Board will also propose the formation of corporate boards of the subsidiary firms, and the appointment of auditors for the Dubai World and its subsidiaries.
The decree stipulated that the Board shall hold its meetings at the invitation of the chairman once at least every two months and whenever the need arises.
According to the decree the Board will submit its decisions to the Higher Committee to oversee the Dubai World.