President Khalifa issues decree establishing President’s Private Department

Sheikh Khalifa issued federal law decree no. 2 for 2016 stating that the President’s Private Department is mandated to oversee and manage any rights, fixed and movable assets, funds and investments by the President, either inside the UAE or abroad.

Powered by automated translation

ABU DHABI // The President’s Private Department has been established under a federal law decree by the President, Sheikh Khalifa to replace the President’s Business Department.

Sheikh Khalifa issued federal law decree no. 2 for 2016 stating that the President’s Private Department is mandated to oversee and manage any rights, fixed and movable assets, funds and investments by the President, either inside the UAE or abroad.

It may also establish or hold shares in all companies in the UAE or abroad and to transfer all aforementioned rights and assets to these companies.

According to the decree, the new department will report to the Ministry of Presidential Affairs. It will have a chairman, similar to a minister, who will be appointed on a recommendation by the Minister of Presidential Affairs, which will issue the department’s organization structure and regulations.

The law decree will be published in the official gazette and will be effective from the date of issuance.

newsdesk@thenational.ae