UAE Company Formation / Licensing LawLaw No. (11) of 2015 Establishing the Dubai World Central Corporation

Article (2) The following words and expressions, wherever mentioned in this Law, will have the meaning indicated opposite each of them unless the context implies otherwise: Emirate: The Emirate of Dubai. Government: The Government of Dubai. ©2015 The Supreme Legislation Committee in the Emirate of Dubai 1Every 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. (11) of 2015 Establishing the Dubai World Central Corporation Page 2 of 8 DAC: The Dubai Aviation City. DACC: The Dubai Aviation City Corporation. Chairman: The chairman of the DACC. DWCC: The Dubai World Central Corporation established under this Law. Executive Chairman: The executive chairman of the DACC. CEO: The chief executive officer of the DWCC. Affiliated Corporation: Any corporation affiliated to the DACC, including the Dubai Air Navigation Services Corporation, the Dubai Airports Corporation, the Dubai Aviation Engineering Projects Corporation, and any other corporation affiliated to the DACC under any legislation. Operating Entity: Any company or establishment licensed to operate in the DAC. Free Zone: The free zone within the DAC. DAC Zones: The Free Zone and other non-free zones comprising the DAC, excluding the area allocated to Al Maktoum International Airport. Logistic Services: The services related to the management of the flow of goods, commodities, power, information, services, and other resources that are necessary to complete the production, manufacturing, exporting, importing, and other processes. These services include, but are not limited to, transportation, storage, packaging, installation, delivery, development, and gathering information. Establishment of the DWCC

Article (5) The DWCC aims to: 1. attract capital to the DAC and provide a favourable environment to establish investment, commercial, real estate, and service projects within the DAC; 2. improve the services rendered in the fields of air transport, air freight, and air navigation; 3. attract international companies specialised in the various fields of the aviation industry to establish branches in the DAC, and provide them with all facilities required to conduct their business and activities in the DAC; 4. contribute to the development of the logistics sector in the Emirate; and 5. create a favourable environment to attract companies working in the fields of aviation; training, education, and research related to aviation and air freight activities; combined transport; Logistic Services; and relevant support services. Functions of the DWCC

Article (6) a. For the purposes of achieving its objectives, the DWCC will have, within the DAC Zones, the duties and powers to: 1. develop, manage, and supervise the infrastructure of the DAC, and provide it with required services; 2. subdivide areas, land, and real property; construct buildings, warehouses, hangars, and any other facilities designated for commercial, professional, residential, or industrial purposes; and lease out or sell them after obtaining the relevant required authorisations from the DACC; 3. develop and support commercial services related to combined transport and Logistic Services sectors; and supervise the development of the information technology, e- commerce, and communications industries, and their related services; 4. provide all support and relevant services for conducting the activities of research, development, education, and studies related to the aviation industry, combined transport, and Logistic Services; 5. invest the property allocated by the DACC to the DWCC and dispose of them in any legal manner;

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Law No. (11) of 2015 Establishing the Dubai World Central Corporation Page 4 of 8 6. issue licences to Operating Entities within the Free Zone in accordance with legislation in force; 7. monitor the activities of Operating Entities within the Free Zone in accordance with this Law and the resolutions issued in pursuance hereof; 8. establish wholly-owned companies and hold shares in existing companies or in companies under incorporation, after obtaining the relevant required authorisations from the DACC; 9. conclude contracts and agreements with other corporations, companies, and consultancy houses in the fields related to its functions under this Law; 10. organise and participate in exhibitions and conferences specialised in the aviation industry, combined transport, and Logistic Services; 11. collect the fees prescribed for the services provided to Operating Entities within the Free Zone; and 12. cooperate and coordinate with the Affiliated Corporations to enable the DWCC to perform its duties under this Law, and develop appropriate solutions to overcome work obstacles, if any. b. The DWCC may, after obtaining the authorisation required in this regard from the DACC, assign any of the functions set out in paragraph (a) of this Article to any public or private entity under a relevant written agreement which provides for the rights and obligations of both parties. Functions of the Chairman

Article (7) a. The Chairman will undertake the general supervision of the work of the DWCC, and make the required decisions, as he deems appropriate, to achieve the objectives of the DWCC, including to: 1. approve the general policy; the strategic, investment, and development plans; and the programmes of action of the DWCC; 2. approve the draft annual budget of the DWCC, submit the same to competent entities for final approval, and approve the final accounts of the DWCC; 3. approve the organisational structure of the DWCC and the resolutions regulating its administrative, financial, and technical work; and 4. approve borrowing and financing programmes proposed by the Executive Chairman, subject to the legislation in force in the Emirate.

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Law No. (11) of 2015 Establishing the Dubai World Central Corporation Page 5 of 8 b. The Chairman may delegate any of his powers under paragraph (a) of this Article to the Executive Chairman, provided that such delegation is specific and in writing. Functions of the Executive Chairman

Article (8) The Executive Chairman will undertake the supervision of the performance of the executive body of the DWCC of its functions under this Law. The Executive Chairman may in particular: 1. approve the general policy; the strategic, investment, and development plans; and the programmes of action of the DWCC, and supervise their implementation upon approval by the Chairman; 2. submit the draft annual budget and final accounts of the DWCC to the Chairman; 3. propose the borrowing programmes required to obtain the finance that enables the DWCC to achieve its objectives, and submit the same to the Chairman for approval; 4. approve the organisational structure of the DWCC, and submit the same to the Chairman for final approval; 5. approve the resolutions regulating the administrative, financial, and technical work of the DWCC, and submit the same to the Chairman for final approval; 6. supervise the achievement by the DWCC of its objectives; 7. approve the works, projects, and activities aiming at developing the strategic and investment relationships and partnerships of the DWCC at the local and international levels; and 8. perform any other duties related to the work of the DWCC as assigned or delegated to him by the Chairman. CEO

Article (10) The CEO will manage the DWCC and its administrative, technical, and financial affairs, and will represent the DWCC before third parties. For this purpose, the CEO may in particular:

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Law No. (11) of 2015 Establishing the Dubai World Central Corporation Page 6 of 8 1. propose the strategic plans and general policy of the DWCC, and submit the same to the Executive Chairman for approval; 2. follow up the implementation of the strategic, investment, and development plans and the general policy of the DWCC approved by the Chairman; and the implementation of the resolutions issued by the Chairman in this regard; 3. prepare the draft annual budget and the final accounts of the DWCC, and submit the same to the Executive Chairman; 4. follow up the implementation of works, projects, and activities of the DWCC, and oversee phases of completion of the same; 5. propose the organisational structure of the DWCC, and submit the same to the Executive Chairman for approval; 6. propose the resolutions regulating the administrative, financial, and technical work of the DWCC, and submit the same to the Executive Chairman for approval; 7. conclude the contracts, agreements, and memoranda of understanding required to achieve the objectives of the DWCC, in line with the financial approval authorities prescribed by the relevant legislation in force at the DWCC; 8. coordinate with concerned entities within or outside the Emirate regarding the strategic planning process, for the purpose of achieving the objectives of the DWCC; 9. propose works, projects, and activities aiming at developing the strategic and investment relationships and partnerships of the DWCC at the local and international levels, and submit the same to the Executive Chairman for approval; 10. submit periodic reports on work progress at the DWCC to the Executive Chairman to take the appropriate actions in this regard; and 11. perform any other duties required for the achievement of the objectives of the DWCC. Cooperation with the DWCC