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