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Fri 20 Nov 2009 10:40 AM

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Sheikh Mohammed reshuffles ICD, Dubal boards

Dubai Events and Promotions to take over DSF office; Dubai Duty Free assets shift to ICD.

Sheikh Mohammed Bin Rashid Al Maktoum, vice-president and prime minister of the UAE and ruler of Dubai, has issued a decree reshuffling the board of the Investment Corporation of Dubai (ICD), according to a report.

The Gulf News daily reported that as per the Decree, ICD will be chaired by Sheikh Mohammed, with Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Dubai Crown Prince, as Deputy Chairman.

Sheikh Mohammed has also issued two decrees forming the board of directors of Dubai Aluminum Company (Dubal), Gulf News reported.

The Dubal board will include Sheikh Hamdan Bin Rashid Al Maktoum, Dubai Deputy Ruler and Minister of Finance, as chairman, and Ahmad Humaid Al Tayer as Deputy Chairman.

Sheikh Mohammed also amended terms of the decree setting up the Supreme Committee for Financial Policy in Dubai which will be chaired by Sheikh Ahmad Bin Saeed Al Maktoum.

Dubai’s ruler has also issued a law setting up the Dubai Duty Free Establishment. Sheikh Ahmad Bin Saeed Al Maktoum will be Chairman of Dubai Duty Free (DDF).

The DDF will have a corporate body with legal capacity to discharge its responsibility. It will be affiliated to ICD. The establishment will own and operate sales in Dubai International Airport and other affiliated zones, Gulf News said.

A new law issued by Dubai's ruler also creates Dubai Events and Commerce Promotion Establishment that will replace the Dubai Shopping Festival (DSF) office, while the establishment will keep its corporate body needed to achieve its targets.

The establishment will be in charge of supporting and promoting commerce sectors in Dubai, Gulf News reported. 

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