Article (19)
Competences of the Board
1. The Board shall have all competences and authorities necessary for the management,
operation, and representation of the Company in furtherance of its objects, activities, and
all matters related or incidental thereto. In particular, and without limitation, the Board
shall have the authority to:
a. Establish the Company's strategies and principal plans; supervise and carry out all
business and matters necessary to achieve the Company's objects, activities, and
operations; and purchase, sell, and lease the Company's assets.
b. Manage and operate all of the Company's commercial, civil, administrative, and
financial affairs; execute and enter into all contracts, agreements, instruments, and
other documents relating to the Company's objects and activities; establish branches
and offices inside and outside the State; establish companies; and participate in any
projects.
-- 14 of 25 --
Cabinet Resolution of 2026 Regarding the Adoption of the Articles of Association of the Financial Identity
Company 15
c. Appoint and remove the General Manager, and determine all matters relating to the
General Manager's remuneration, competences, duties, term of office, and removal.
d. Protect the Company's rights and interests; represent the Company in all matters,
disputes, and arbitration proceedings; appoint and/or remove arbitrators, lawyers,
and legal representatives; and authorize them to exercise all or any of the powers
prescribed under the Civil Procedures Law, in addition to any other powers that may
or may be permitted to be delegated under that Law, as applicable.
e. Represent the Company and execute on its behalf all documents, instruments,
transactions, and correspondence; pay and receive fees, charges, monies, and funds
due to or relating to the Company or its business and activities within the scope of the
Company's objects before all federal and local authorities, Public Prosecution offices,
courts, police authorities, notary public offices, labor offices, immigration and
nationality authorities, airports, seaports, municipalities, chambers of commerce,
communications and transport authorities, free zone authorities, ministries,
governmental and non-governmental entities, companies, and other legal persons
within and outside the State.
f. Subject to, and in accordance with, any authority delegated by the Board from time to
time, carry out all of the Company's transactions, operations, and accounts with banks,
financing entities, and other financial and commercial institutions. In particular, the
Board shall have full authority to open, operate, and close bank accounts, commercial
accounts, and any other accounts, and to deal with banks and other financial
institutions through all forms of banking and/or commercial transactions, including,
without limitation:
1. Executing on behalf of the Company all contracts, agreements, applications,
banking documents, and instruments relating to any transaction undertaken by
the Company.
2. Opening, closing, and otherwise dealing with any or all types of bank accounts.
3. Operating and administering bank accounts by making withdrawals and deposits,
issuing, signing, endorsing, presenting, receiving, collecting, accepting discounting
of, objecting to, and/or stopping payment of checks.
-- 15 of 25 --
Cabinet Resolution of 2026 Regarding the Adoption of the Articles of Association of the Financial Identity
Company 16
4. Providing all forms of bank guarantees and other guarantees; undertaking all
procedures relating to possessory security and security interests, or any other
forms of security, over any property, funds, real property, mortgageable real
property rights, securities, commercial papers, financial instruments, and other
movable and/or immovable assets owned by or belonging to the Company from
time to time.
2. The Board may delegate any of the powers set out in Clause (1) of this Article to the
Chairman, the General Manager, any employee of the Company, or any third party.