Dubai will transfer shares it owns in Dubai Electricity and Water Authority, toll-road operator Salik and Dubai Taxi to a new investment fund that will aim to generate returns and bolster the emirate's financial stability, Dubai Media Office said. Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum issued a law to set up the Dubai Investment Fund, which will be chaired by his son, the deputy ruler of Dubai and the UAE's finance minister. The fund will replace the Dubai government as owner of shares in companies, taking over all contracts, agreements, commitments, bank accounts, and loans associated with such shares, the media office said.

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