Dubai sets up Dh150m events management firm

DUBAI — His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime minister of the UAE and Ruler of Dubai, issued in his capacity as Ruler of Dubai, a law setting up the Foundation for Management and Organisation of Events with a capital of Dh150 million.

Shaikh Mohammed also issued two decrees appointing Shaikh Ahmed bin Mohammed bin Rashid Al Maktoum as chairman of the foundation and Saeed Hussein as chief executive. The two decrees become effective from the date of publishing.

The new body will be autonomous in regard to finance and administration. It aims at boosting position of Dubai emirate as a centre for conferences, exhibitions, sports and cultural sessions.

The foundation will exclusively represent the emirate in signing agreements with international sports organistations with exception of football and equestrian events. It will also set policies and specifications in regard to sports, cultural sessions, as well as conferences and exhibitions within its jurisdiction.

As per this law, the foundation will woo international companies, organisations, agencies, clubs, conferences and exhibitions to invest in Dubai. It will also sponsor human resources in the cultural and sports fields. The foundation will contribute in development of cultural and sports sessions in the emirate through attracting the best world-class experiences and international specifications and standards.

According to article 9, the foundation will be headed by a chairman to be appointed by a decree from the Dubai Ruler.

The new law annuls Decree Number 2 of year 1989, which set up Dubai Golf Foundation, Dubai Creek Golf and Emirates Golf Association.

Hence, all the agreements and obligations of these annulled bodies will be referred to the new foundation. The employees of these bodies will be referred to the new foundation with all their acquired rights.