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DUBAI / WAM
In his capacity as Ruler of Dubai, Vice President and Prime Minister of the United Arab Emirates His Highness Sheikh Mohammed bin Rashid Al Maktoum issued Law No (1) of 2016 on Dubai Government Financial Regulation.
The new Law aims to improve the management of public capital and government budgets in addition to further enhancing control of the government’s revenues, expenses and assets.
The new Law regulates the tabulation and approval of financial statements and closing accounts, financial and audit policies and procedures, financial governance KPIs, principles of financial records and improvement of financial risk management.
The new Law is applicable to all government entities listed in the general budget, government entities with independent budgets and entities that receive financial support from the government. The Law names the entities subject to its articles and the responsibilities and authorities of the Supreme Committee of Fiscal Policy and Dubai’s Department of Finance.
The Law outlines the authorities and responsibilities of the Supreme Committee of Fiscal Policy that include revising and approving the Dubai Government’s financial policy prior to submission to the Executive Council for approval; revising and approving Dubai’s general budget and budgets of subsidy-dependent entities prior to submission to His Highness the Ruler, or whomever he delegates for final approval; approving the budgets of entities that have independent budgets based on the recommendation of Dubai’s Department of Finance; approving regulations governing public debt management; and approving financial instruments for government budget balance based on the Department of Finance’s recommendations.
The Law also details the authorities and responsibilities of the Dubai Department of
Finance.