Resolution No. (2) of 2022

Concerning Subscription to Shares of the

Companies Owned by the Government of Dubai[1]

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We, Ahmad bin Saeed Al Maktoum, Chairman of the Supreme Fiscal Committee in the Emirate of Dubai,

After perusal of:

Federal Law No. (4) of 2000 Establishing the Emirates Securities and Commodities Authority and Market and its amendments;

Federal Law by Decree No. (32) of 2021 Concerning Commercial Companies;

Law No. (5) of 1995 Establishing the Department of Finance;

Law No. (7) of 2022 Concerning the Pensions and Social Security Fund of Local Paramilitary Personnel in the Emirate of Dubai (the Fund),

Decree No. (24) of 2007 Forming the Supreme Fiscal Committee in the Emirate of Dubai (the SFC) and its amendments;

Resolution No. (3) of 2022 Concerning Representation of the Government of Dubai in the Companies it Owns; and

Securities and Commodities Authority Board of Directors Chairman Resolution No. (11/C.B.) of 2016 Concerning the Regulations for Issuing and Offering the Shares of Public Joint-stock Companies,

Do hereby issue this Resolution.

Subscription of the Fund

Article (1)

The Fund will have the right to subscribe to the shares of the companies that are wholly owned by the Government of Dubai, in which the Government of Dubai holds the majority of shares, and whose shares are offered for public subscription.

Subscription Percentage

Article (2)

a.    The companies mentioned in Article (1) of this Resolution must allocate five percent (5%) of any shares offered for public subscription to the Fund to subscribe to any portion of these shares as it may determine.

b.    The percentage stated in paragraph (a) of this Article may be increased upon the recommendation of the Director General of the Department of Finance and the approval of the SFC.

Implementing this Resolution

Article (3)

The Department of Finance and the concerned entities to which this Resolution applies must, each within its own powers, implement this Resolution.

Commencement and Publication

Article (4)

This Resolution comes into force on the day on which it is issued, and will be published in the Official Gazette.

Ahmad bin Saeed Al Maktoum

Chairman of the Supreme Fiscal Committee in the Emirate of Dubai

Issued in Dubai on 15 June 2022

Corresponding to 16 Thu al-Qidah 1443 A.H.



2022 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.