UAE Foreign Direct Investment LawCabinet Resolution No. (55) of 2021 Determining the List of Activities with a Strategic Impact

Article (1) Definitions In implementing the provisions of this Resolution, the following words and phrases shall have the meaning assigned to each of them, unless the context requires otherwise: State : United Arab Emirates. Competent Authority : The authority competent for companies’ affairs at the concerned emirate. Regulatory Authority : The federal authority concerned with regulating the activity with a strategic impact. Committee : The Committee of Activities with a strategic impact. List of Activities with a strategic Impact : The list that includes the activities subject to the necessary controls for licensing companies that engage in any of these activities in accordance with the requirements and conditions of the Regulatory Authority.

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Cabinet Resolution of 2021 Determining the List of Activities with a Strategic Impact 2 Foreign Investor : A natural or legal person who doesn’t carry the nationality of the State and invests in the State.

Article (2) List of Activities with a Strategic Impact 1. The list of activities with a strategic impact and the controls for licensing companies that engage in any of these activities shall be determined as shown in the following table: # Activity Regulatory Authority Conditions & Controls 1 Security and Defense Activities and Activities of Military nature Ministry of Defense and Ministry of Interior Subject to the approval and requirements of the Ministry of Defense or Ministry of Interior – each in its own field – in terms of: a. Determining the percentage of national participation and/or percentage of the foreign investor’s participation in the capital. b. Determining the percentage of national participation and/or percentage of the foreign investor’s participation in membership of board of directors (if applicable). c. Any other conditions or controls deemed by the Ministry of Defense or the Ministry of Interior.

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Cabinet Resolution of 2021 Determining the List of Activities with a Strategic Impact 3 2 Banks, Exchange Houses, Finance Companies and Insurance Activities Central Bank of the United Arab Emirates Subject to the approval and requirements of the United Arab Emirates Central Bank in terms of: a. Determining the percentage of national participation and/or percentage of the foreign investor’s participation in the capital. b. Determining the percentage of national participation and/or percentage of the foreign investor’s participation in membership of board of directors (if applicable). c. Any other conditions or controls deemed by Central Bank. 3 Money Printing 4 Telecoms Public Authority for the Regulation of the Telecommunications Sector and the Digital Government Subject to the approval and requirements of the Public Authority for the Regulation of the Telecommunications Sector and the Digital Government in terms of: a. Determining the percentage of national participation and/or percentage of the foreign investor’s participation in the capital.

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Cabinet Resolution of 2021 Determining the List of Activities with a Strategic Impact 4 b. Determining the percentage of national participation and/or percentage of the foreign investor’s participation in membership of board of directors (if applicable). c. Any other conditions or controls deemed by the Authority. 5 Pilgrimage (Hajj) and Umra Activities Public Authority for Islamic Affairs and Endowments Subject to the approval and requirements of the General Authority of Islamic Affairs and Endowments in terms of: a. Determining the percentage of national participation and/or the percentage of the foreign investor’s participation in board of directs (if applicable). b. Any other conditions or controls deemed by the Authority. 6 Quran Memorization Centers 2. List of activities with a strategic impact with a determine percentage of national participation in it: # Activity Conditions & Controls 7 Services related to fisheries The percentage of national participation in this activity shall be 100%

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Cabinet Resolution of 2021 Determining the List of Activities with a Strategic Impact 5

Article (3) Procedures to Approve the Licensing of Companies that Engage in Any of the Activities with a Strategic Impact 1. A foreign investor – who wishes to engage in an activity with a strategic impact in accordance with clause (1) of article (2) of this resolution – shall submit the license application to the competent authority in accordance with the controls and conditions stipulated in federal and local legislation related to the activity. 2. The competent authority shall submit the application to the regulatory authority within a timeframe that doesn’t exceed (5) working days from the date of receiving an application meeting the requirements in accordance with the provisions of clause (1) of this article. 3. The regulatory authority shall issue – within a maximum period of (14) fourteen working days from the date of receiving the application or of fulfilling all the conditions and requirements in accordance with clause (2) referenced above – its decision as per the following: a. Approval of the application and determining the percentage of national participation, and any controls and conditions deemed by the authority in accordance to clause (3) of this article. b. Rejection. 4. The regulatory authority shall notify its decision to the competent authority in order to take the appropriate procedure in accordance with the conditions stipulated in clause (3) of this article.