(MENAFN- Emirates News Agency (WAM)) In his capacity as Ruler of Dubai, Vice President and Prime Minister, His Highness Sheikh Mohammed bin Rashid al Maktoum, has issued Law No (9) of 2015 on Dubai World Trade Centre (DWTC) and Decree No (11) of 2015, appointing Deputy Ruler of Dubai and Minister of Finance H.H. Sheikh Hamdan bin Rashid al Maktoum as Chairman of Dubai World Trade Centre Authority (DWTCA).
Sheikh Mohammed has also issued Decree No (25) of 2015 appointing Director General of Dubai Department of Tourism and Commerce Marketing (DTCM), Helal Saeed Al Marri, as Director General of Dubai World Trade Centre Authority (DWTCA), in addition to his current occupation. This Decree is valid from date of issuance and to be published in the Official Gazette.
The new Law establishes Dubai World Trade Centre as a free zone, subject to supervision by the new Authority, and aiming to boost Dubai's position as a global trade centre and hub for regional and international exhibitions and conferences in addition to attracting local and international investments and hosting commercial and trade establishments.
Pursuant to this Law, Dubai World Trade Centre Authority (DWTCA) subjoins Investment Corporation of Dubai as an incorporated public body with financial, administrative and legal independency.
The Law also prescribed the authorities and capacities of Dubai World Trade Centre Authority that include: establishing, developing and managing infrastructures and administrative services inside Dubai World Trade Centre, defining the business activities within Dubai World Trade Centre, approving the general plan for DWTC's zones, licensing, organising and overseeing construction works in Dubai World Trade Centre, registering and licensing companies in DWTC's free zone and defining and collecting registration and licensing fees in addition to other authorities and capacities.
Pursuant to the Law, Dubai World Trade Centre Authority may jointly and severally establish companies, invest in such companies, buy, rent and/or enter into possession of movables and immovable moneys, investing such moneys duly and coordinating with other free zones to facilitate the activities of DWTC's companies within such free zones.
The DWTC's zones include free zones and districts managed and supervised by Dubai World Trade Centre Authority; the geographical domain includes the current facilities of Dubai World Trade Centre, the under-developing facilities and the Dubai World Trade Centre at Jebel Ali.
The Law also defines the organisation structure of Dubai World Trade Centre Authority (DWTCA) and prescribe responsibilities of its Board of Directors which include President of the Dubai Civil Aviation Authority and Chairman and CEO of Emirates Group Shaikh Ahmed bin Saeed Al Maktoum as Vice Chairman of the Board and Butti Saeed Al Kindi as Second Vice Chairman. Members of the Board are: Ziad Abdulla Galadari, Abdullah Mohammed Rafee, Khalifa Saeed Al Zaffin, Saud Ibrahim Obaidallah and Abdulrahman Mohammed Rashid Al Sharid.
Law No (9) of 2015 substitutes Law No (10) of 2008 on the establishment of Dubai World Trade Centre and further annuls any other legislation that contradicts or challenges its provisions. The rules and regulations issued pursuant to Law (10) of 2008 remain valid unless amended or substituted by others.
The new Law is to be published in the Official Gazette and valid from the date of publication. Decree No (11) of 2015 is to be published in the Official Gazette and valid from the date of validity of Law No (9) of 2015.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.