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Dubai: UAE’s Ministry of Finance on Wednesday said that a Decree-Law regarding Trusts was an important addition to the advanced legislative structure of the UAE.
The law supports the wealth management sector and provides new mechanisms to manage wealth and funds. It also encourages the allocation of charitable Trusts.
“The Ministry of Finance issued the Trust Law to create legal tools that enable companies or people who own various capital and financial rights to hand over these wealth and rights as a financial trust to a Trustee who is entrusted with managing and developing said funds,” said Younis Al Khoori, Undersecretary of Ministry of Finance.