Khalifa issues decree on establishing President's Private Department

President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued the federal law decree no. 2 for 2016 on the President's Private Department.

According to the decree, the President's Private Department shall be established to replace the President's Business Department and shall be reporting to the Ministry of Presidential Affairs.

Article 2 of the decree states that the 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.

The decree also states that the Minister of Presidential Affairs may define the mechanism for the duties, mentioned in article 2 through a law or amendments he deems suitable. The department shall have a chairman, in a scale similar to a minister, who shall be appointed on a recommendation by the Minister of Presidential Affairs.

The Minister of Presidential Affairs shall issue the department's organistaion structure, as well as internal, financial and organisational regulations. Any provision conflicting with this law decree shall be deemed superseded.

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

Source : WAM