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Law No. (1) of 2023 On Establishing Department of Future ....((This Law had been amended by Law No. (2) of 2024)

Law
Law No. (1) of 2023 On Establishing Department of Future ....((This Law had been amended by Law No. (2) of 2024) We, Saud Bin Saqr Bin Mohammed Al Qasimi Ruler of Ras Al Khaimah Based on the powers granted to us under provisions of Constitution And after perusal of each of: Decree No. 12 of 2015 on establishing Ras Al Khaimah International Corporate Centre, And as dictated by public interest, have promulgated the following law: Article (1) In the application of the provisions of this law, the following words and phrases shall have the meanings assigned hereto, unless the context requires otherwise: State: United Arab Emirates. Emirate: Emirate of Ras Al Khaimah. Government: Government of Ras Al Khaimah. Department: Department of Future established under Second Article of this Law. Affiliated Authorities: Government authorities set out in Third Article of this Law. Director General: Director General of the Department. Article (2) A. An independent department called "Department of Future" shall be established as an affiliate to the government having its legal personality. The same shall have financial and administrative independence in all its affairs and shall have the legal capacity necessary to carry out all actions and acts ensuring achievement of its objectives. B. The Department shall manage the funds of the affiliated authorities and supervise their own financial and accounting affairs in accordance with provisions of this law. C. The assets and funds of the Department shall be considered as public funds. Article (3) The affiliated entities subject to the control of the Department shall consist of each of the following authorities: 1- Ras Al Khaimah International Corporate Centre established under Emiri Decree No. 12 of 2015. 2- Ras Al Khaimah Digital Assets Oasis, which is established by law. Article (4) The Department shall exercise the following competences: 1. Compiling the financial statements of all the affiliated authorities. 2. Setting the general rules for the organization of accounts and accounting registries in the affiliated authorities and issuing the instructions necessary for this purpose. 3. Providing support and advice to affiliated authorities upon request. Article (5) The headquarters of the Department shall be in the Emirate. Article (6) The Department shall be managed by a Director General to be appointed by virtue of a resolution promogulated by His Highness Ruler of the Emirate. Article (7) 1. The Director General shall have all powers necessary for the conduct of the business of Department, including but not limited to the following: a. Passing resolutions and regulations necessary for the implementation of this law. b. Approving rules and regulations necessary for handling affairs of Department, managing and organizing affairs of the employees working therewith. c. Approving the Department's fees and exemptions therefrom. d. Appointing technical and administrative cadres necessary to conduct business of the Department and terminating them. e. Preparing salary scales, allowances, annual increments and job grades for Department's cadres. Article (8) A. The Department shall have all the privileges and exemptions provided for by federal and local laws in accordance with provisions of such laws. B. The Department shall be exempted from all local government fees and charges. C. The employees of the Department shall be subject to personnel policies approved by Director General. D. Department shall follow International Financial Reporting Standard. Article (9) As an exception to Government Lawsuits Law No. 4 of 2012, Director General shall represent Department in its relations with third parties and before judiciary and shall be responsible for defending the rights of Department. For that purpose, he shall have the right to initiate the procedures by himself as principal, or by appointing as proxy whomever he deems appropriate among qualified lawyers, consultants and arbitrators, or delegate any of the personnel in Legal Department of the Authority provided that such delegation shall be in writing and limited. Article (10) Any provision of other local code shall be repealed to the extent to which it is in conflict with the provisions of this Law. Article (11) This law shall come into force as date of its promulgation and shall be published in the Official Gazette. Saud Bin Saqr Bin Mohammed Al Qasimi Ruler of Ras Al Khaimah Emirate Promogulated by us on this day Seventh of Sha’ban 1444 H. Corresponding to Twenty Seventh of February 2023 G.
  • In the application of the provisions of this law, the following words and phrases shall have the meanings assigned hereto, unless the context requires otherwise:
    State: United Arab Emirates.
    Emirate: Emirate of Ras Al Khaimah.
    Government: Government of Ras Al Khaimah.
    Department: Department of Future established under Second Article of this Law.
    Affiliated Authorities: Government authorities set out in Third Article of this Law.
    Director General: Director General of the Department.

  • A. An independent department called "Department of Future" shall be established as an affiliate to the government having its legal personality. The same shall have financial and administrative independence in all its affairs and shall have the legal capacity necessary to carry out all actions and acts ensuring achievement of its objectives.
    B. The Department shall manage the funds of the affiliated authorities and supervise their own financial and accounting affairs in accordance with provisions of this law.
    C. The assets and funds of the Department shall be considered as public funds.
     
  • The affiliated entities subject to the control of the Department shall consist of each of the following authorities:
    1- Ras Al Khaimah International Corporate Centre established under Emiri Decree No. 12 of 2015.
    2- Ras Al Khaimah Digital Assets Oasis, which is established by law.
     
  • The Department shall exercise the following competences:
    1. Compiling the financial statements of all the affiliated authorities.
    2. Setting the general rules for the organization of accounts and accounting registries in the affiliated authorities and issuing the instructions necessary for this purpose.
    3. Providing support and advice to affiliated authorities upon request.
     
  • The headquarters of the Department shall be in the Emirate.
     
  • The Department shall be managed by a Director General to be appointed by virtue of a resolution promogulated by His Highness Ruler of the Emirate.
     
  • 1. The Director General shall have all powers necessary for the conduct of the business of Department, including but not limited to the following:
    a. Passing resolutions and regulations necessary for the implementation of this law.
    b. Approving rules and regulations necessary for handling affairs of Department, managing and organizing affairs of the employees working therewith. 
    c. Approving the Department's fees and exemptions therefrom.
    d. Appointing technical and administrative cadres necessary to conduct business of the Department and terminating them.
    e. Preparing salary scales, allowances, annual increments and job grades for Department's cadres.
     
  • A. The Department shall have all the privileges and exemptions provided for by federal and local laws in accordance with provisions of such laws. 
    B. The Department shall be exempted from all local government fees and charges.
    C. The employees of the Department shall be subject to personnel policies approved by Director General.
    D. Department shall follow International Financial Reporting Standard. 
     
  • As an exception to Government Lawsuits Law No. 4 of 2012, Director General shall represent Department in its relations with third parties and before judiciary and shall be responsible for defending the rights of Department. For that purpose, he shall have the right to initiate the procedures by himself as principal, or by appointing as proxy whomever he deems appropriate among qualified lawyers, consultants and arbitrators, or delegate any of the personnel in Legal Department of the Authority provided that such delegation shall be in writing and limited.
     
  • Any provision of other local code shall be repealed to the extent to which it is in conflict with the provisions of this Law.
     
  • This law shall come into force as date of its promulgation and shall be published in the Official Gazette.

Classification
  • AdministrativeLegislation
Related Legislations
Legislation Number Legislation Subject
2024-2-2 Law No. (2) of 2024 regarding the amendment of Law No.(1) of 2023 on the establishment of the Department of the Future
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