Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum has issued a new law to establish a fund to support the emirate's education sector.
Sheikh Mohammed, also Vice President and Prime Minister of the UAE, issued Law No. (16) of 2017 on the objectives, responsibilities and organisational structure of Dubai’s Knowledge Fund.
The law aims to support Dubai’s vision for the education sector and help secure funds for educational initiatives and projects in Dubai.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of Dubai Executive Council, also issued a resolution to form the board of the Knowledge Fund.
Ahmad Abdulkarim Julfar has been named as chairman while other members include a representative from Investment Corporation of Dubai, Knowledge and Human Development Authority, the General Secretariat of Dubai Executive Council and Dubai’s Department of Finance, in addition to Anisa Mohammed Al Shareef as the CEO of the Knowledge Fund.
The Knowledge Fund is responsible for managing and investing allocated funds and assets according to policies approved by the board. It is authorised to establish private businesses, enter joint ventures, launch education projects, invest in existing education enterprises and allocate land for education-related projects.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.