UAE Free Zone Law (DIFC / ADGM / JAFZA)Law No. (1) of 2001 Establishing the Ports, Customs, and Free Zone Corporation

Article (1) This Law will be cited as “Law No. (1) of 2001 Establishing the Ports, Customs, and Free Zone Corporation”. ©2017 The Supreme Legislation Committee in the Emirate of Dubai 1 Every effort has been made to produce an accurate and complete English version of this legislation. However, for the purpose of its interpretation and application, reference must be made to the original Arabic text. In case of conflict, the Arabic text will prevail.

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Law No. (1) of 2001 Establishing the Ports, Customs, and Free Zone Corporation Page 2 of 5

Article (3) A public corporation named the “Ports, Customs, and Free Zone Corporation” is hereby established and will have legal personality and financial and administrative autonomy. The PCFC may sue and be sued in its own name, and may, for this purpose, appoint any person to represent it in the judicial proceedings in which the PCFC or its Affiliates are involved. The PCFC will be managed on commercial basis.

Article (4) The Department, and the Authorities and their Subsidiaries, are hereby affiliated to the PCFC.

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Article (6) The PCFC may invest its assets, to the extent that this does not prejudice the achievement of its main objectives, in any commercial, financial, or services activities as the Board of Directors deems appropriate to increase these assets and generate profits for the PCFC.

Article (8) The Chairman will be appointed pursuant to a decree issued by the Ruler.

Article (9) The Board of Directors will manage the PCFC under the supervision and control of the Chairman. The Chairman will issue a regulation determining the method of formation of the Board of Directors, its tenure, and the procedures for its meetings and for passing its resolutions.

Article (10) The Board of Directors and the chief executive officer of the PCFC will be appointed pursuant to a resolution issued by the Chairman.

Article (11) The Board of Directors will be chaired by the chief executive officer of the PCFC who will be in charge of the executive management of the PCFC and the administration of its affairs in accordance with the bylaws and regulations of the PCFC and the resolutions of the Board of Directors. The chief executive officer will represent the PCFC in its dealings with third parties and before judicial authorities, and will provide the Chairman, upon his request, with all information related to the PCFC and the Affiliates.

Article (12) The Chairman or the Board of Directors may delegate any of their functions to the chief executive officer of the PCFC.

Article (13) The PCFC property is considered public property.

Article (15) The net profits of the PCFC, the Authorities, and the Subsidiaries will be paid to the Government after deduction of the general reserve amount determined by the Board of Directors.

Article (16) The PCFC and the Affiliates will be exempt from all types of taxes, company registration fees, and customs duties on all imports that are required for their operations and for the achievement of their objectives.

Article (17) The Financial Audit Directorate will audit the accounts of the PCFC and the Affiliates in accordance with the above-mentioned Law No. (1) of 1995 Establishing the Financial Audit Directorate.

Article (18) The Government will not be liable for the debts or obligations of the PCFC or the Affiliates. The PCFC will not be liable for the debts or obligations of the Subsidiaries.

Article (19) This Law will be published in the Official Gazette and will come into force on the day on which it is published. Maktoum bin Rashid Al Maktoum Ruler of Dubai Issued in Dubai on 1 April 2001 Corresponding to 7 Muharram 1422 A.H.

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