Vice President of the United Arab Emirates (UAE) Sheikh Mohammed Bin Rashid Al Maktoum has issued a decree to establish Dubai Financial Control Department, the Emirates News Agency reported on Tuesday.

The 32-article decree issued by Sheikh Mohammed, who is also UAE prime minister and ruler of Dubai, outlines duties and prerogatives of the new department, which would be annexed to the ruler's office, the report said.

The new department shall monitor financial activities of government departments, institutions and companies in which the government holds at least 25 percent stake of the capital as well as bodies for which the government provides financial assistance and any other body that the ruler or the chairman of the Dubai Executive Council would issue directives for monitoring of their financial activities.

According to the decree, a director general shall be appointed for the department who shall see to technical and administrative supervision of the department, draw up its organizational structure and determine prerogatives of various administrative units of the department.

Source: Xinhua