Font Size

- Aa +

Sat 8 Aug 2015 05:21 PM

Font Size

- Aa +

Dubai ruler announces innovation fee to support museum plan

AED10 ($2.72) fee will be charged by some Dubai gov't agencies to help support Museum of the Future

Dubai ruler announces innovation fee to support museum plan

A AED10 ($2.72) fee, known as the innovation dirham fee, will be charged by some Dubai government agencies to help support Dubai's plan to build the Museum of the Future, it has been announced.

According to a new law issued by Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as the ruler of Dubai, a number of government agencies will charge the fee for each transaction it makes, with the money being allocated to the museum and its projects.

No details were revealed about when the fee would be introduced or which government agencies would add the innovation fee to its charges for transactions.

The museum will house some of the world’s latest inventions and will be a cornerstone of the emirate's focus on innovation.

The law also officially sets up the museum of the future, with the aim to boost the Gulf state's innovation environment, news agency WAM reported.

Sheikh Mohammed also issued a decree appointing Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of Dubai Executive Council, as the chairman of the Board of Trustees of the museum.

The decree names Mohammed bin Abdullah Al Gargawi, Minister for Cabinet Affairs as deputy chairman, while other board members are named as Mohammed Abdul Rahman Al Owais, Hussain Ibrahim Al Hammadi, Uhood Khalfan Al Roumi, Ahmed Abdullah bin Bayat, Hussain Nasser Lootah, Major General Khamis Matar bin Mazina, Matar Mohammed Al Tayer, Saeed Mohammed Al Tayer, Abdullah Ahmed Al Habbai, Adil Ahmed Jawad Al Reda and Mona Faisa Al Gurg.

The law also sets up a research institution named the Dubai Foundation for the museum, dedicated to overseeing the museum.

According to a video and image released in March, the circular-shaped building will be located next to the Jumeirah Emirates Towers near Dubai International Financial Centre (DIFC).

The move is part of Dubai’s focus on innovation and art.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Mark 4 years ago

How will this be different from the AED10 Knowledge fee that is already charged on many transactions, will there now be AED20 as both a Knowledge and Innovation fee?

Roland 4 years ago

You will cause your customer base to be reduced dramatically! A 2nd fee is the wrong way to increase revenues! RO L A N D

Suhayeb Jaabo 4 years ago

There should be also green fee (10 AED) to support filling Dubai with trees and pure oxygen.