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 Any provision conflicting with this law decree shall be deemed superseded.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.

Ahmed Al Mazrouie is Chairman of Private Department of the President

President His Highness Sheikh Khalifa bin Zayed Al Nahyan, has issued a Federal Decree appointing Dr. Ahmed Mubarak Ali Rashid Al Mazrouie as the chairman of the Private Department of the President in the same scale of a Minister.

Under the second article of the Federal Decree No. 2 of 2016, the Minister of Presidential Affairs shall issue the necessary resolutions regarding Private Department of the President so as to exercise its duties.

The decree shall supersede any other provisions that may conflict with its provisions and shall take effect from the date of issuance.

Source: emirates247.com