DUBAI, Dec 11 (Reuters) - Dubai's government will transfer its ownership in shares of Dubai Electricity and Water Authority (DEWA), toll-road operator Salik and Dubai Taxi to a new investment fund, Dubai Media Office reported on X.

Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum issued a law to establish the Dubai Investment Fund, which will be chaired by his son Sheikh Maktoum bin Mohammed bin Rashid al-Maktoum, deputy ruler of Dubai and the UAE's finance minister.

Sheikh Maktoum has overseen the sale of stakes in companies including DEWA, which raised $6.1 in an initial public offering last year, to boost stock market activity.

The listing plans are designed to help the Dubai stock market compete more effectively with bigger exchanges in the region, such as those in Saudi Arabia and neighbouring Abu Dhabi.

After pausing initial public offerings for most of this year, the emirate in November floated Dubai Taxi, raising $315 million for a 25% stake in the city's taxi service. (Reporting by Nayera Abdallah and Jana Choukeir, writing by Hadeel Al Sayegh, Editing by Louise Heavens and Barbara Lewis)