Sheikh Mohammed issues law to improve govt spending and transparency
Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum, issued a law on Thursday ordering…
December 19, 2009 10:30 by kippreport
Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum, issued a law on Thursday ordering all government entities to funnel their 2009 surplus revenues to Dubai’s treasury, in a bid to improve government spending and transparency, a circular announced on Thursday.
The excess capital will be reinvested into the government, pending approval by the Supreme Fiscal Committee, in consultation with Investment Corporation of Dubai.
The announcement did not specify how much capital will be redirected to the emirate’s treasury.