MEMORANDUM OF ASSOCIATION

_ _ _ _ (L.L.C)
(~-~·j) - - ­
LIMITED LIABILITY COMPANY ;.i__.9~ 4~ .::i\j ~
This Memorandum is entered into on the---­ 0:H L42016 i"~\ \~ _) .ll.x..l\ \~ i"Y.i
----day of 2016 between the
following parties. :~ L4 ~j .JLl..o..11 w);.b)tl
I-Mr. _ _ _ _ _ _, U.A.E. nationaity, ~.J , ~ \ ~)JL.j ,(_ _ _ _ _ _) /~I
holding Passport No. _ _ _ _, date of
birth 00/00/0000, resident of _ _, 0000/00/00 :.ul+,J\ t-i••):i ,(_ _) ~_) _;iu, j\J.:;..
Address District (......... .... ), Building: ,( _ ) ~ •bi.JI :0\..,-kJI ,(_ _) ~ ~ ,
(.............), Flat/Villa No. (.............),
:y (..}<" ,(_) ~.J )4..J /~1 ,( _)½b,JI
of P.O. Box No. _ _, Dubai, United
Arab Emirates. '½1\ .JLl.i.J) .;;h'.i.J\ ~yJ\ u)Jla)'I 'c.r-:i , (_ _ _)

(Hereinafter called the First Party) ( JJ'Jl u..,h14 ~ L4 lli,

2- Mr. _ _ _ _, __ nationality,
holding Passport No. __, date of birth
00/00/0000 , resident of _ _, Address : ~ \ t-i.)-:i ,(____)_ ~_) ~ j ~ ~.J
District ( .............), Building: :i.....ihi..J\ :u\.,-l,Jl ,(_ _) ~ ~ , 0000/00/00
(.... ... ......), Flat/Villa No. ( ... ..... . ....),
, ( _ ) ~_) )4.J /4L:J\ ,( _)½b,J\ ,( _ )
of P.O.Box: ___, Dubai, United Arab
Emirates. .;;~\ 4yJ\ u)Jl...c,)'\ ,~:i, (_ _ _)_ :y (..}<"

(Hereinafter called the Second Party)

(~w, u..,h14 ~ L4 lli, 91 _)L::...i.J)
In case the Partner of the company is a
.:.iUL.J\ ·'-- ..:: - " L:is:-\ • ~" ai ..~.11 ·\S Jb . ~
(legal person), the details shall be -· ~ ~ '-$J. ~ -;.r-' (.) ~.J
registered as follows: : ~l:i.11 ~
3- MIS _ _ _ _ _ _, nationality: (
_ __,, a company incorporated in
Dubai under United Arab Emirates laws, lli.J.J , ;;h'.i.J\ ~yJ\ u)Jl.c;/1 :i...l.J:i ~~ w.J ~:i ½l.cH
in accordance with trade license .l.J
~-
.:i...i:i~;l\
-
~-
. ;; :iU\ .:i...i: )l.:...:il\
\ ; ;~'\:i (.)-A?) .
~.11
~
issued by Department of
Economic Development, Dubai under u\.,-ic.J ' - - t-i..J~-~_) ~ w..:..:i _ _ ~_)
registration no. ___ on 00/00/0000, ' ~:i_ _ : y (..}<" ' - - - :~)\ ufiy
the address of its head office
I~' ~_iil1 ~ 4k.J , 0~ 1 4yJ1 -.:..iJJLa;11
- - - -of P.O. Box No.
Dubai, United Arab Emirates, and it shall '(_) ~_j_>Lu,JP.J.-.=-:i, ~ ' - ' -
be represented in s1gnmg hereon
:y (..}<" 0\_,_i,JI ,(_) ~ ~ ,(_) .u4-JI t-i..Jl:i
, holding Passport No.
date of birth: 00/00/0000 , • ;;:i..:..:i..J\ ~yJI u)Jl.c;/\ ,~:i, (_)
Resident of _ _, Address of P.O.Box: (.:.J\il\ U!)W-1
.t.lw• ..W l.c..19 . .l\
lli, \'-6-::' Ll...i;1J)
. - _)
- - -, Dubai, United Arab Emirates.
(Hereinafter called the Third Party)
PREAMBLE:
The parties hereto, having full legal :i.....u ·I.ii\ ~\II t 1.S..i • J.S'-' .u,J\ · Li ~
\:U. ul2)-"" ~ ·~1
~~ ~ u,.-a • ~
capacity to contract, have agreed to form a
limited liability company between ~ ~ oj_.,.b..,Q ~_.,~ w1~ ;;,s~ ~b ~ ,~~
themselves in the Emirate of Dubai in (2) :~.J ½.J~I ulS_y;.ll u.,-i'-3 /fu\l ~ c.,r-j ~L,J ~
accordance with the provisions of the
Commercial Companies Law No. (2) of ~ 0~ 2011 ~ (13) : ~.J u_,.iUll_, 2015 ~
2015 and Law No. (13) of 2011 Regulating U.k.J\ ~l_,jJI_, c.r-j ~L,j ~ ~j~;/1 ~\II U_.,Jyi
Economic Activities in the Emirate of
Dubai and the laws issued in amendment :~\:ill .b_.,_y;JI_, f'tk)U I.ii_., .ill~_, .iJ
thereof, on the following terms and
conditions :

ARTICLE 1: DEFINITIONS

1. In this Memorandum, the following : ~\:ill ~k..J\ ~\ \~ ~ ~\:ill uW511 ~ - 1

terms shall have the following meanings:
1.1 " the Company" the company formed •~1 1~ ~.J-"-: w...u..b ~1 ;;,sy;JI ":i.Sy;JI " 1-1
pursuant to this Memorandum.
1.2 "the Commercial Register" the
Commercial Register: the commercial
register at the Department of Economic
Development.
1.3 "the Commercial Companies Law" the (2) :~.J ',?jl:..:i~\ u_,.il.il\ " ½.J~I ulS_y:;JI u.,-i'-3 " 3-1
Federal Law No. (2) of 2015 concerning
commercial companies. .½_)~\ ulS_y;.ll J..s. ~ 2015 4,j,.J
1.4 "The Law Regulating the Economic :~.1 u_,.il.ill "~jl...di9;11 ~YI :u_.,Jyi ~ u_,.i'-3 " 4-1
Activities' Law No. (13) of 2011
Regulating the Economic Activities in the ~ ~"''\
'½j ~J ~ ' 'IJ\ U i_,_!Yl _,\.:.;-; (.)·Ll.J. 2011 ~ (13)
1· r-:--
Emirate of Dubai and the laws issued in
amendment thereof.
1.5 "Director(s)" the Director or the ~ \ ~ \ ',?Y..:u. _.,i Y...l..o..11 \~J.JY...l..o..11 / Y..~\ " 5- 1
Directors of the Company appointed
pursuant to this Memorandum. .~\ \~ ~Y'-:

1.6 "the Department of Economic ~ ~j~;/1 ~ \ ~b "~j\...di9;/\ ~ \ ~b " 6-1

Development" the Department of
Economic Development: the Department .c.,r-j ~ L,I
of Economic Development in the Emirate
of Dubai.

1.7 " the Ministry" the Ministry of

Economy.

2
1.8 " the Partner(s)" the parties to this ) ~ ~ <.,?~ ..l..i,J\ \:U uµi II~ \,S~\ II 8-1
Memorandum and any person or legal
entity which becomes the holder of a share Us_, ~y::JI Jla U"L u-a ~ -:i../1 lSJla ~ <.,?.Jl.+icl
in the capital of the Company in . .fu..11 I~ .b_,_>&_, f' 15.:,.'J
accordance with the terms of this
Memorandum.

ARTICLE 2 THE NAME OF THE

COMPANY

The name of the Company is :

------------------------- (L.L.C) (?·?·j)_ _ __

(Limited Liability Company). ( ;.l._9..!.=,,..Q 4~ ..:,i\j ~~)

ARTICLE 3: THE OBJECTIVES OF

THE COMPANY

3.1 The objectives of the Company are :

• (~--~> __)
(. .
• (~--~>
( ) .
which shall include carrying on all ) u-===,)J.c.\l\ o~ ~ , ~\11 uts u_,~ ~_,
activities as are related or ancillary thereto
upon approval of the Department of .~l.ll\ ~ly, ~ J ~ \ ~ ~ ~ \
Economic Development.

3.2 The Company shall not carry on the u_)~\., U:!-"t::J1 JL=i U".Jw ui ~y;.ll j.?.-;! 'l 2-3
business of insurance, banking, or
investment of funds for the account of ._};!iJI y ~ Jly,YI _)L..:i:i.....\ )
third parties.

ARTICLE 4 THE COMPANY

ADDRESS & THE HEAD OFFICE

The company address and the head office j_P.-l.J, c.,r-:, ~laj .} ~)\ \ajSy,J ~y:;JI u\_,jc. ~
shall be in the Emirate of Dubai. It shall be
permissible for the Company to establish J..=.,\J ~_,_:i) ½-LI1.s...i) Le_,.) 4J ~ ui ~~
branches, offices and/or agencies in the . ~) ..:..J :i.J_,.111
United Arab Emirates and abroad.

ARTICLE 5: DURATION OF THE

COMPANY

The duration of the Company shall be (---)

---- Gregorian Years, commencing on the

3
date of the registration of in the -:~I l..uW:i .)~' . _g :i,S~\ ~
u\·
~ ~ . (?.J~. \ ~
• \ ~ ~-
Commercial Register, and shall be
automatically renewed for similar periods ~.J .~.) w)G.. ylS~\ .J->-9:! ~ La ~ ~ U:i'--".a
thereafter unless the partners determined o:U. ~ ) U\.bj y lS_y:;,li ~yu..11 ~ \ c).A .JJ.Ai
otherwise. And such period may be
extended or shortened by a resolution of .s....J\
Partners at a General Assembly.

ARTICLE 6: THE CAPITAL OF THE

COMPANY

6.1 The capital of the Company is Dirhams ~ . ) j ( _ _) ~ :i.S~1 J~L j.l.,._:,,. 1-6
( ), '----- Emarati
Dirhams only) divided into ( ) (,_ _) ~\ ~ (.b....ii ~).JLaJ ~ . ) j _ _ _)

shares in cash, the value of each share • ~.)j (u11) 1000 :i...,..:,.:,,. JS~ .J ~jSj :i...,..:,.:,,.
being Dirhams One Thousand (Dhs 1000).

6.2 The capital of the Company is divided

among the Partners in the following
manner:
1-Mr. ' - - - - - - ) ~ - - - ~.J ,_ _ _ _ _ / ~ I -1
Shares: ( )
Value: Dhs. ( ) U")J c.J--A %51 ~ ~.J ~.).)_ _ _ _ ~ . J
( )51 % of the Capital . JWI

2. Mr. ' - - - - - - - (,_ _) ~ . J ~ (,_ _ ) ~.J/~1-2

Shares: ( )
Value: Dhs. ( ) . JWI L>"1.J u.o % ( ) Ji.cu i..r'.J ~.Jj
(~_~)% of the Capital

3. MIS. ' - - - - - - ' (.--.) ~.J ~ (.- - . ) ~ /o.)U\ -3

Shares: ( )
Value: Dhs. ( ) . JWI L>"1.J u.o % ( ) Ji.cu i..r'.J ~j

(~_~)% of the Capital

6.3 The Partners declare that : : 9-\.S_;JJI _)..; 3-6

The value for the cash shares has been ~ l~J r3 .l!3 J.,.,ts..l'-: u.,,jj .l! A...:l~I ~ \ ~ ,)
paid in full and has been deposited in the
Company's bank account. .w~ I tS .ll :i.Sy:;JI y L.i.:.. ~

ARTICLE 7: TRANSFER OF SHARES , ~ I ,"£ J jLl:i,l\ :7 o.1l4

7.1 Under the prov1s1ons of the

Commercial Companies Law, any partner
may transfer his shares in the Company to

4
other partners or third parties by way of an :. . - I\ u .
~ c.J+" L}-Q l.}Jy:i ~ . )
_, .)..?--" ~
. -- 45..
~
>I\ ~
b
official instrument authenticated by the
competent official authority, in accordance --½)~I utsy.JI 0.J-il.9 f'~'J tii_, ~ \ ~)\
to the terms of the company memorandum
of association.

7. 2 If one of the partners desires to ~~ uc Jjtri.11 ~ .. tsy.JI .b.i --,..ic.J \~} 2-7
transfer his share(s) in the Company,
compensated or uncompensated, to a - c,.:..y:. ~ ..,i c,.:..~ - :i.S_;.-;JI ~ .. ts_;.-;JI ..J-i:- L>-"
person who is not a partner, he must notify '-fY-:...c./Y-:u. 0-3..;b ui::, .. ts_y-':JI ~~ _;.h:y ,) ~ ~_,
the other partners through the company
director(s) of the assignee or the buyer and '~
...I\ ..,i J·lrJ\
u .b'J.J-'-"-l.J
, '-?~. .-: , .I\ ..,I <WI\
- ' J·u:Wli
u . ;;_s.~>I\
the terms of transfer or sale; and the
J..,.._.....,,._, J ~ .. ts~\ .J'-kl IY~u\/Y-:u.J\ ~_,
director(s) must notify the partners on
receipt of such notice. Any partner may Jb_ji....,I ~ ,) &~ J_SJ ~ . J , ~\/~} .Jl.b.;.)'\
apply to redeem the share(s) at the agreed
U h ~ . . , ' ~ ~ '-?~I~~ (.JO ,a:,,11/~1
price, and in the event of a disagreement
on the price, Article (80) of the 0.J-iU L>-" (80) oJl.J\ ~ ~ ~ \ ..s-1:- ~ J l \
Commercial Companies Law shall apply.
.-½)~\ utsy.JI

7.3 If within thirty days of the date of the J wJ .Jl.b.;.)'\ t-i.)..:i L>-" L,-':! ~ ~ 1 1~1 3-7
notice, none of the Partners exercise their
rights to redeem the shares, the Partner ~ L-=,. &~I ul.S Jb_ji....,Jl\ ~ .. ts_;--;JI .l.=..l ~
shall be free to dispose of his share(s).
-~~w~I

7.4 If more than one partner exercised the ~~ u-c ~I Jl~lll ~ ~ 1 1~1 4-7
right to redeem the share(s), the shares to
be transferred or sold shall be divided ~
. JS~~ . .~ . ~ \ ..,I ~
. :i_c.li.J\ . - -- I\
between them in proportion to the share Lr"' (77) .., (76) J\_,.,J\ f'~I ;;lc)y, c-"" JLJ\ <Y'L ~
which each of them holds in the capital
subject to the provisions of Articles (76) -'½.>~I u tsy.JI u_,.il.9
and (77) of the Commercial Companies
Law.

7.5 No transfer shall be valid as against the Jl\' ~

.. .:.1\ ..,\45..•l\;i.,_\ · -~J·li:i '-? L. ~
- Jl 5-7
~ ,-;-1.JA '-? u
Company or third parties until it is
recorded in the Commercial Register at the )!_, ~ • ..,-;; JI .d...bL.J\ ..s.i.l lf.J~\ ~ \ ~ 0¥ t-i.):i u..a
competent authority. The Company may I~) Jl) J;..._..J\ ~ Jjl....r:i.l\ ¥ u-c t Lfulll :i.S~ j ~
not refuse to record the transfer in the
company register unless it contravenes the ..,I ;;_s.
~
>I\ ~
b ~ -wk.
- ~
. Le J"Uill
u ill.\~ w.lLl..
company Memorandum of Association or
-'½J~I utsy.JI 0.J-il.9 r-~1
the provisions of the Commercial
Companies Law.

7.6 In any event, the transfer must not

result in the reduction of the shares of the
national Partners in the capital of the

5
company to less than 51 % of the total '1 0i Y-?-:l L...S , ~ \ t ~ tJ.A %51 tJ.A J3i ~)
shares nor increase the number of Partners
to more than fifty. ~ u-.c ySi ~) .. I.Sy:;J\ J.lZ. ~ oJGj ~ ½-LI_ft.1
.I.S..i~

ARTICLE 8: REGISTER OF
PARTNERS IN THE COMPANY

8.1 A special register of the partners shall ~~ .. 1.Sy:;J~ u,-::>G.. J;......., J\.lZ. ~ A.Sy:;J\ I"_,sj 1-8
be prepared by the Company to be kept at
its main office and should include the :.}.! le _)c. ~.J ~)\ ½fiy ~
following:

(a) Full name of each Partner; !ill!~~ J,c\S..\\ F''j\ ( (i

(b) Nationality; ~ \ (y
(c) Date of Birth ,i)W\ . \:j
• ~ (:-l..J
(d) Place of Residence; \;i,...,ij'j\ ~
(e) Address; and for "Legal Entity", the ~ ' J G . . ~ ~ ) \ J.SyJ\ u\_,-1::--9' u\J.WI
address of the main headquarters is
required; \$.J~'j\
(f) Number and value of the shares owned 4Sl-a:i ~\ I\ ~-9
-9 ! ~ J_S (j a , a:, J.l..c (J
by each partner; and details of all
dealings carried out with regard to the u4. c---" (.) a ' a:, I\ ~ ~ ~ \ w')L.,l..,uj\
shares, together with the dates thereof. • ~..)\:j

8.2 The Director(s) shall be liable for ~ \ \~ uz. u.:l~ A.Sy:;J\ -9_;;J...a/ _;;..l.4 u..,-S-i.J 2-8
maintaining the register and for the
accuracy of its contents·; the Partners and ~ ;;..,1 ,a,, lf°J ~ J .. I.S~ u.,--S.i.J ,4..,;jl,j~ ~ J

any interested party shall have the right to

- ~ ' \~ _)c. t)U.'j\
review such register.

8.3 The Company shall provide both the ~ \ ~b-9 ~lj..,_J\ Lr-" J_S ~) A.S~\ J_..,_; 3-8
Ministry and the Department of Economic
Development in January of each year with tJ.A .U-9.1.o..ll uu4,J\ :i.l,.., JS u,a _;;4! ~ ~ ~Jl...::.::i9~\
the particulars recorded in the register J)G.. ~ u];.b ~\ u~\., o)\.c i ~) .Jl:;.,J\ ~ \
referred to above and the amendments
thereto during the previous financial year. .¼LJ\ ~WI 4..1....\\

ARTICLE 9: MANAGEMENT OF
THE COMPANY

9.1 The Partners have agreed that the

management of the company shall be

6
entrusted to:

Mr. 01_,Wi , '-F-.:i ~ ~ , ~ , _ _ _ , I~' -

Nationality; Resident of Dubai, Address
of P.O. Box No. _ _, Dubai, United s~\ '½J_yJI wl)la'}!\ , c.,r-.:i ,_ _ _ : y 0""

Arab Emirates.

9.2 The Director(s) shall be appointed for u-c l.:i..p ;;.:i,.:,.,\_, 4.L... s.:i..J 'iY..Y-.:i.JI/y,.:i.JI (.J±!1J 0fa. 2-9
a period of one year(s) commencing from
the date of registration of the Company in .:i.:i..J l.ulst
-
J.:i.::.:i • L:..:il\ L 1\ . _j
• ~.) • ~ '-,?"
:i._S. ~l\
:)-'-"'
t._
~ ~..)
--: • \:j

the Commercial Register. It shall be · - s.:ilcI' .)~.J

· ...ill::i ~ C...S--
'- ~- ·- i"
-I La 4.Jjla..,
~
automatically renewed for similar period
unless otherwise agreed. And it shall be . .:i..JI ~
WY- ·. -.cJ ~
. - o.l.a L..1.,&-JJ
- -·1 U;! . ::i.JI u,J..Y,
. .:i..J\ / Y- .:i..J\
permissible to reappoint the Director(s)
u-a .J~) :i....i..J~\ wlS_y;JI u_,j'-9.1 li:b Jp ~ h
whose period(s) of appointment has or
have expired. The Directors shall be -11) .D,ill ~~Lll 4\c.Y\ ~~y=JI ~ \
subject to removal in accordance with the
. .fu.l\ I~~ (11) s.:iW\ u,a (12
Commercial Companies Law or by virtue
of a resolution issued from the general
assembly as per the majority provided for
in (11.12) of Article (11) herein.

9.3 The Director(s) shall have all powers ~ \-w~::L..a..11 .Uts 'iY..Y-.:i....J.I / y,.:i....J.I ~ 3-9
necessary to manage the company, and
sign on its behalf and carry out all acts ~\ JL=YI ~ r'~G ~ ~4-i cj.;J\., :i..S_y;.11 OJl.:i'/
required by its objects. Such powers of the .h..l '}! 1 • ·-\ • i 1 • • •_-::-:
- u--:::w· La '}!\' :i.bLJI o~ U-0
4..Jlc •
- ~ ~_l.)C ~
Director shall be restricted only as per the
law, this Memorandum or the resolutions .:i..S~ ~ I ~ I wlJ)) ..,i .fu.l\ 1~ ..,i 0.J-iWI
of the General Assembly of the Company.
9-4 The Powers of the Director include : ~ LA .J:!.l.o.ll ~lbl.i..i ~ 4-9
the following:-
~\.:i , 4 __,Lll y\_,.:i...l\ f' L..ai :i..S~ I ~ f'..J--9:! ui - 1
1- To represent the Company before the
Government Departments, including the w4 ,__,.:i ,w'}!~\ ,wy.:i...l,JI ,'½.:i~;ll ~ \
Department of Economic Development,
Municipalities, Etisalat, Du, Electricity
OJ~\ u.fa ,~\/\., ~l)YI ~l.:i ,~LJG ~~1
and Water Authorities, Land w~.J ~©U ~W\ OJ\.:i'}!\ , ~ \ OJ\j.J ,:i.z.lL...:.J\_,
Department, Chambers of Commerce
~\.:i ,~)-~..\\., A_i~\ tsJl.rJl' tsJl.rJI '~~YI
and Industry, Ministry or Labor,
General Directorate of Residency and , ~~\ , ~y:;JI , ~l_,,J\., <.i>h\l ~ , .J.J_yJI
Foreigners Affairs, Traffic Department,
~\ y\.,.13\ Uts__, ,4-....aWI ~'-:!-ill ,wl)lhJI , ..L1_yl\
Road and Transport Authority, Police,
Courts, Postal, Airports, Ports, ~ b!9_;J\., wl...w._j-J\., wl)li.,..l\., 'lSPYI ~__,Lll
Seaports, Customs, Public Persecution,
and all other semi-official Government w'-P.J\ f'Lai) ~ .:i~\., Jl)..,Y\., wl~\ Uts
Departments, mm1stries and .OJfi.i.JI
institutions, and to sign all documents,
papers and contracts with or before the

7
 abovementioned authorities.

2- To open and close bank account or 0l, ~~\ r-"~ ~ \ w~~\ JW~ ~ r--'9:! ui -2
accounts in the name of the company
and to operate such bank accounts and .w~\ c:!9Y.J w~~\ o~ ~b~ ~ r--'9:!
sign cheques.

3- To appoint and remove lawyers and to ) ~1>-1 0l, LJ:!-"~, ;> Li.lJ ) ~ r>--9:1 ui - 3
file or defend any suits before all UAE
courts at all levels. :;~\ 4yJI wl;La)'I U.J..l ~G....a ?Lai \yjl.l...;1
u~ ~~, rL.al lS.JL:...) ½l, 4i~_)..) , • 1,.;. ,,)
.w~\

4- o appoint and remove employees and C,;i..)Ll.:i......JI_, LJ:!-"~\ ~..i..;.. ;> 4JJ ) ~ (~ -4
consultants and fix their duties and
remunerations. .~l!ts..a.J ~41_, ..)~ 0l,

5- To sign all tenders, contracts,

documents on behalf of the company.

6- To authorize and sanction all vouchers c-9.l.l.J ~L....:JI Jili.ul wl.ll...J\ ~ J..lL:..J.J ~ J-6
of books of account and payment of all
expenses. .dJ.Jy..o..J\ :U\.S

ARTICLE 10: FINANCIAL

MANAGEMENT
10.1 The Company's Director(s) shall =4,L.JI ½,i}.»JI ..lb.c J ~y;JI .JY-:....a/Y-::..a ~__,.:i:i 1- 10
prepare the Company's balance sheet and
the profit and loss account. They shall also t.f_Jl,.,, y..fa ..)\..).c HU>-"--'9:! l.,5; ' _ ; ~ I_, C Li}i \ '-;-l L.....:...J

prepare an annual report of the Company's u~ ~G..}fol \_,..a.lii.J _)Lo..11 ~.J.J ~ \ .bLli.i uc,
activities, its financial position and shall
submit the distribution of profits proposals ~i ~ J)I_.;.. ~~ , ~~ I ~ c Lu~ I t,-iJY
to the General Assemply. All the above
.9WI :u..J\ ;,~\ tu..J\:i u.a
should be completed within three months
from the end of the Company's financial
year.

10.2 The balance sheet and the profit and ~J y~\_, cL.J~\ yl.....:...J ½,i}.»JI ~.l.9J ~ 2-10
loss account shall be submitted to the
annual General Assembly for approval. . 1.A...lL..:icY ~I~~\ ~ I

8
ARTICLE 11: THE GENERAL
ASSEMBLY

11.1 The Company shall have a General ~ LJ--<l ~ ½-ayic ~ A£~ ~ 1-11
Assembly composed of all of the Partners.
The General Assembly shall be convened ) .J:l.LJ\ LJ--<l oy:. ~ ½-a_,--JI ~ \ .uui_, .. ts~\
at the invitation of the Director or the ~ 4-L.J\ ~ J.g-\tl ~ o.L:,,.\_J ~ 0J..>.1.Lo.ll ~
Board of Directors at least once a year
during the four months following the end \.AJfuJ\ u.,S..i.J ,~WI 4..i....J\ ~~~~\½YI ~YI
of the financial year on the date and at the
. t 4)ll sy:.J..11 '-:-ll.h.:.. ~ ~ I u~'-9 ulc)\ ~
place to be determined in the invitation
letter. The Director(s) or the representative ~ I o_,.cJ 0J..>.1..l..J) u-a J ~ I ) .J:l..LJI ~ ~.J
authorized by the Director(s) must call for
La ~ _psi ) &.._rt ill.l~ -.,..Jb \~) JUillll ~_,--JI
the General Assembly meeting if so
required by one or more Partners holding .JWI U"L c-i.J UC ~ '1
not less than one quarter of the capital.

11.2 Invitations to attend the General ~~_,--JI~\ J\j,.j') oy:.....ll ~ji ~ 2-11
Assembly shall be sent by means of
registered letters or (----), at least fifteen J~Jl J~\ ..Lc_,.JI µ ~~_, (----) _,\ ~
days before the date of the General J)G. _,\~-\ti~ l.a..9:1 ~~~_,--JI ~ I
Assembly meeting or a shorter period if
agreed upon by all partners. ts-- ~11
-- ·-
~ ~ ~I.0 9-·-
..Y~-1-~
1 -·

11.3 Every Partner shall have the right to ~_,--JI ~ \ wlc 41 . J ~ ~ dl.i__y:;. JSJ 3-11
attend the General Assembly meetings
irrespective of the number of shares he <Uc. ~ ui .i.J_, 4Sl"':! ~\ uo. o:,I\ J.l.c ul.S ~
owns. A Partner may, by proxy, delegate
~ ~ 0J..>.1..l..JI ..J-i:- u-a pl ki~ ual:.. ~.J-il!
another Partner other than a Director to
represent him at the General Assembly. w\_,......::.YI u-..a J.l.c ~ J.SJ u..,-S.i.J ,½,a_,--..ll ~ I
Each Partner shall have a number of votes
-~ U"" ~ _,\ ~ le JJ.c .)~
equal to the number of shares he owns or
represents..

11.4 The General Assembly of the

company shall, during its annual meeting,
examine and resolve about the following
matters:

(a) review the report of the Director(s) on \.Afiy,-., A£~\ .bLl..i UC 0J..>.1J.-JI/.J:l.l.J\ y..)i t ~ (i)
the Company's activities and financial
--..l.......<, ··- ~ .• -:, 11UW\ :i..L.J\ J)L;. ILJ\
position during the year, the report of 09 _J--J_.J9..J_, ~ - '-ff'
the Board of Supervision, if any, and • (~_, 01) ~l!)I ~ y..)i-., wl.}L..:...ll
the auditors' report;
(b) discussion discuss and ratify the ~~'-9 y~\.J c_L.JYI '-;-lL..:.._, ~}»JI ~l..i...i ('-:-l)
balance sheet and profit and loss
account; .4-:!b

9
(c) determine the share in the profits to be ·"-ts_y;J\ ~ tJji ~\ r_\.J)il ~ ~.b..J (d
distributed among the Partners;
(d) appoint the Director (s) or the Board of ~.b..'.i.J ( ~.J ul) t>l.J:!.l.J\ ~ ) t>l.J:!.l.J\ ~ (-l)
Directors, if any, and determine their
remuneration; -~lits.a
(e) appoint the members of the Board of .l...:1.b..J.J (-4.J ul) ~ij)\ ~ " ' ~ i ~ (-A)
Supervision, if any, and determine their
remuneration; -~lits.a
(f) appoint the members of the internal ~l>.J\J ~bl\ =4c,~I A...)ijjl ~ "'L.aci ~ (.J)
Shaari board of supervision and the
Shaari supervisor if the company rl.S.::...'1 lii.J ~Ll..i lY'.Jl....:i ~~\ w...ilS l.:iJ ~~\
practices Sharia-compliant activity. -~)'\~~\
(g) appoint one or more auditors and .~lits.a ~.b..'.i.J jiSi ) u~~ ~.l.a u±!1J (j)
determine their remuneration;

(h) any other matter within its L..l...:,,. J:,....w . i JjL...a .G\~ (C)
. . ~ \'r'-""
. -~\ • •
(..)A--'-"" LS.>-="-
competence in accordance with the
prov1s10ns of the Commercial . ..lW\ \~ ) ~~\ uts_y.:;JI u._,-iij f'I.S..:,.,i
Companies Law or this
Memorandum.

11.5 The General Assembly may not ..HC ~ J.Jl..w:i ul ~~\ ~ J..H'-:! ')! 5-11
deliberate matters not included in the
agenda unless serious facts are disclosed "'Liii ~ \.:ij ')!j JL='JI J.J-4 ~ o~\J..JI JjL.u..JI
during the meeting, which requires .b.l ~ 1.:i~ , ~ 4.J.Jl..i..JI ~ ~ ~1._g.J t 4')11
discussion thereof. If one of the Partners
requests the inclusion of a specific matter J.J~ ~~:UL.a e::l;-lj t4')!1 ~\~ ~ "'tsy;.11
to be included in the agenda, at the
ul.S ')!~ ~ \ ~~) t>l.J:!..i..J\ / .>.l..i..J\ ~ ~.J Jl.='11
beginning of the meeting, the Director( s)
must grant the request, otherwise the -~~\ ~ \ u-1) ~ 0i &~\ ~ lY'
Partner shall have the right to appeal to the
General Assembly.

11.6 Every Partner shall have the right to ~ ½_;..i..JI ub~__,.JI ~Li~~ J..$J 6-11
discuss items included in the agenda. The
Director(s) are obliged to reply to the A...!~)'~ tJ¾-'l_j..14 w.>.l.l.JI / .>.l.l.J\ 0J-S..i.J ,JL='1 \ J.J~
Partners' questions up to the extent that ~y;.11 ~~ tfaoyy ')! -fill .J~~ "'tsy;.11 ~i ~
may not jeopardize the Company's interest.
If one of the Partners considers the reply to ul.S .J#- .iJt,.,... ~ .)_)I 0i "'ts_y.:;JI ..b.i <.SL 1.:i1-9 .J~
his question is insufficient, he may appeal 1 u-1l
..:ii.iii\ ~\J tA.).;)} uts.J ~~1 ~ ~ 1
to the General Assembly, whose
resolutions shall be enforceable.
11. 7 The Quorum of the General
Assembly Meeting Convention and
Voting
1. The General Assembly shall not be
convened unless being attended by one
 or more partners owning no less than u---a (%75) c.:rc ~ ':l L o ~ _J--:iSi ) ill.I~
(75%) of the company capital.
..d£~1 JL, U"L .} ~ 1
2. If the quorum is not satisfied in the first (1) ~I~ ~ I _p..ill ~ y ~ I _>9~ r-1 I~] .2
meeting, as outlined in ( 1) of this clause,
the partners must be called for a second .u,y ,.J.:i t 4':l ~ts_;...:;JI o_,.c-l ~_, ~ I o:U. u...c
meeting to be convened within 14 days ~~ 1- ,JIJ~I t Lh)Ll L ~ (14) ~
of the first meeting, which shall not be
t
(J.-'iJ
;/\
c..s-- . Ub ~

valid unless attended by partners owning .JWI U"L u.a (%50) uc _)~I ~
(50%) of the capital of the company.
3. If the quorum is not satisfied as outlined ~ ~ I ~I~ ~_,.ilill yL....::..iJI _>9~ r-3 I~] .3
in (1) and (2) of this clause, the partners
must be called for a third meeting to be ~ts_;...:;JI o_,.c-l ~_, ,~I o:U. u...c (2) 3 (1) 0,1.Li.,JI
convened after 30 days of the date of the e::-3..J\.:j u...c L.J:! ~ ~ ~ 1 ~ llly ~t t 4 ;1
second meeting, which shall be valid
regardless the quorum attended such -~ ~~ y'.w.J ~\:ill t4':ll
meeting.

11.8 Resolutions of the General Assembly I~]':/] :i,y-, ,a ½,-c~I ~ I ul;l;J ufo ;/ 8-11
shall not be valid unless adopted with the
approval of partners attending and ~\.J 0,i_y...;:.h.ll ~ ts~I Lr"' (% 7 5 ) :i..ii~ u.J..l..,...:::,
represented at the meeting with (75%). . t4':ll.}

11.9 The Partner Director may not ~ WJ~I ~ ~)_ji..:;,;ll &~I Y-.wl JY.>-:l ;/ 9-11
participate in voting for resolutions
relating to absolving him from the .~b)'I uc ~~I u.a <UA~ ~~H ~WI ul;lJs11
responsibilities of the management.

11.10 Minutes adequately summarizing the ~ I ul.::.§li..J '½91.J ~ ~ .J.J-'-;! 10-11

discussions of the General Assembly
should be prepared. The minutes and the t -l_J,;1 U""'L:.. ~ ~ 4-:il.>)).., ~h..a w~.., ,~~ 1
resolutions of the General Assembly ½k t)l._,b)' I ~ ts~ I c)-..a ,./1 u_,..s..i.J .d£~ I p ~
should be recorded in a special register
kept at the Company's head office. Any of ~).»JI ~ t)Lb)' I .lJ u.,S:i LiS ,<Llc J.:!SY. ) ~
the Partners may review the register
·tf_,.i..JI yfi\.J yL...:....l\.J Cl:J~I yL..:.._, ~~I
personally or through an attorney. They
may also review the Company's balance
sheet, profit and loss account and annual
report.

11.11 Without prejudice to the rights of ,~I ~ u...c ~I~ J)L;..)'I l".l.c ~ 11-11
third parties acting in good faith, any
resolution adopted at a General Assembly ½-a~\ ~ I LJ-" _)~ _)).;..§ J.S )lby c-9:l
~ ts_;-.:;,ll
in violation of the provisions of the 1:u I"LS.:,..i ..,i .d,_J:V.
b.:ill uts. =• 11 · ·u LS.:,..~ .ui~G
~LJ.J-l I" .
Commercial Companies Law or this
Memorandum, benefiting certain Partners .J~ ) ~ tsy.::JI ~ ~ .J.l..A I~] ~~_, , .fu.JI
or causing damage to other Partners or :LDWI ul~ ul>-,b)U U""'l:.. ~ ~ ) p~I ~Y

II
taking special actions to benefit ~\ ~ ½-Wfa.J ~_;.-.JI ;;.,,J.aJ .J4lC\ wj ~.J¾i.l _,i
stakeholders or others without due
consideration to the interests of the ~ ~j ~~ ~ ~ i:.J.s .1J.>.jll .11..!x-l ~~
Company, shall be void. A nullified ... tsy;J\
resolution shall be considered void ab
initio for all partners.

11.12 A resolution of a General Assembly y,.L.JI J~ 4 ~I ~ \ .11;.J ~ '1 12-11

to dismiss a Director shall be valid only if
adopted with the approval of partners 0J..J---"-O 6J I ., ts_;--.;JI u--a (% 75) Lss ~ '1 j b p •a
attending and represented at the meeting
-t4'11~~1_,
with (75%).

ARTICLE 12 : THE FINANCIAL

YEAR
The financial year of the company shall · JIJ\Tl - .I\ ',? UW\ ~ \ i..l...u.
Y- l.li, • Lr"
_)¼---'-'> f'J-:!:' . -~~.
~
•11 ,
commence on 1st January and shall end on
31st December each year, with the ~WI :i..L.J\ l.l.c L. :U..... JS 0-" ~j 31 ~ ~_,
exception of the first financial year, which
~ \ ~ ~~\ ~ (:-l..Jl:i LJ-<l i..L,u ~I_, ~_,\Tl
shall commence on the date of the
registration of the Company in the ~ u,-a ~j u,-a ~I_, <.pb..ll ~ ~_, l,$.J4,:ill
Commercial Register and end on 31st
(18) ~~ ~_,YI ~WI :i..L.J\ j J ~ 'Ji~ :i..L.J\
December of the same year.Each financial
year may not exceed 18 months and should . ~i ~ (6) uc- ~SE~~ fa ¥w
not be less than six months.

ARTICLE 13 : PROFITS AND

LOSSES DISTRIBUTION
13 .1 The Company shall allocate 10% of ~l....a L)-" %10 £>C J,.9'.i 'J ~ (..)"'J · a,i fy 1-13
its net profits each year to create a
statutory reserve. The Partners may resolve J~,-., -~J-iLl ~yhl u-i~ :i.L... J.S ~~1 cL)
that the allocation of net profits to the \ ,,__;;, ·i .,ts•
~ , c:--:I , \,~. \,.
LLih_'J\; ~ \ \:U, w,jIJ!.U~u ~
•II
statutory reserve be discontinued when the
reserve reaches half of the capital. The u4by:i::,,.\ (..)OJ•a'i ,,ts~ j_P.-:! l...aS .JW\ U"L u....:,,j
Partners may allocate additional reserves
.~u,., .U..,y, La ~ ~~j
as they see fit.

13.2 The profits and the losses shall be ~ .. ts~\ 0H _;L.....,;:,,J1_, c'-vYI e:-iJ..ii ~ 2-13
distributed between the Partners in the
proportion of shares which each Partner .JW\ U"L ~~..;&JS~ . ; J I ~ \
holds in the capital.

Or j
13 .2. The profits shall be distributed Y---"" ., ts~\ 0H _)L.....,;:,,JI_, C\...J.J\rl e:-iJ..ii ~ 2- 13
between the Partners in the following
proportion : : ~\:ill~\

%(_)
1- Mr.

12
2-Mr. (
3-M/S
- -) % % (_ )
(~_~)%
% (_ )

13 .3 Each of the Partner shall only be Jl...c U"L ~ ~ _).Li:~] ~..;-.:;JI J~ ~ 3-13
liable to the extent of his share in the
capital. -~'
ARTICLE 14: THE AUDITOR ~>441 -:.iw~ ,§9.1.Q :14 o.ll4
14. The Company shall have one or more ~ ~__;.JI u-c _foi ) u4b Jg.l.a 4-S_y;;Jl ~ -14
auditors registered in Dubai to be selected
by the Partners at the General Assembly yts_;..tll ~~\ ~ \ ~ <.,r-:i ~La]~ J..,.,J4
every year. The auditor (s) shall be subject
~~ ~\.:;JI tLS..:...\11 ~G ~ lf~.J ,:i..L.u JS.
to the same provisions concerning auditors
of public joint stock companies. .4.AW\ y ~ \ utsy:;J\ ~ u4L=..l\

ARTICLE 15: VARIATION OF THIS ~ 9i o.llij 9 ~>431 ~b .uc t.½~ :15 o.ll4
MEMORANDUM AND COMPANY
CAPITAL INCREASE I DECREASE 4-l~b
15.1 The company memorandum may not U"L o:iLj ~.J 4-S...,_.;:j\ U":1---"6 :i..ic. Ji~ ~ ~ 1-15
be amended or its capital increased or
reduced unless approved by a number of ~ !>ts~\ U-C :i:i..c U ~ ~] A , aJ9'!) 4J\..c
Partners representing (75%) of the shares ~~\ ~ \ t41 ~ ~ \ ~ \ (%75)
represented in the General Assembly
meeting, the increase or reduction of ~~ \..ii.J u:.,J 0.;,,I\ ) i;:iL.i.JI ~ u.,-S:i.J
percentage shall be in accordance with the
partners shares in the company capital,
~m t-'1.J , <ill~ u)l;. ~ ~ t1 la 4£y:;JI ~ "'tsy:;JI
unless otherwise agreed.The obligations of .:i...icb~\
.. • '
.....,
~~ '
~\ "'ts~
· ~11uL.a\:-: 11o:iL· ·
!.}-'-' :U _)...P.'-:1
~

the Partners shall not be increased save by ~ \ lS ~ '-f) \.:..:ill L 'li• 4-S· ~11 .llc. U:!
. l ..1,u .lJ5 ~
. U?-'-"-' ~ .. . . :U
their unanimous consent. Amendment to
the Company memorandum of association .i~\J :iW\ 0# ~ \
shall be recorded in the Commercial
Register at the competent authority to
become enforcable.

ARTICLE 16: DISSOLUTION OF

THE COMPANY
The company shall be dissolved for any of
the following reasons:

(a) the expiry of the period specified in ~ ~ La :i.i,J\ \:U ~ 4-Sy;.il i;:i:i..:....J\ i;:i...J\ y ~\ (i)
this Memorandum unless this period is
renewed. .IA~~~

13
(b) fulfillment of the object for which the
Company was established;

(c) amalgamation of the Company in

accordance with the Commercial
Companies Law;

(d) Agreement of the Partners holding U"L ~ 0-c (%75) ~ ,,ts~ .).)..c J\_g:j\ (.))
(75%) of the Company capital to terminate
the duration of the Company. • ~.).a "~l ~ :i.Sy:;J\ JLi

(e) the depletion of all or most of the .)~ ~ 4-..1;," __,l :i.S~\ Jl_,...ai ~ ~ (-A)
assets of the Company making beneficial
investment of the remainder of the assets, .l.J..l:>....<l
- .
i!)~\ '-F·.)
. j\_J\ ~ \
if any, impracticable;

(f) rendering a decision from the Court to

dissolve the Company.

ARTICLE 17: LIQUIDATION OF

THE COMPANY
One or more liquidators shall be appointed . - .':<'.i i ~ .~- ~- ~
---1\ ~ \ --
~ ~ . J ~ .J - . f'_J-9-l
by the General Assembly and in
accordance with the provisions of the 0.J-iU ~ o~\.,J\ f'LS..:..\I\ :i.S~ \ ~.J ~\ lJ;!-.1J
Commercial Companies Law, unless the .illj u)G.. ~ ,, ts~\ ~ ~ L, ,:i.....i...;4,.::J\ wts~\
partners agree otherwise upon the
dissolution of the Company. A liquidator ~b. tii.La ~ \ u~ Yi~ .:i.S..r=:JI J-:,.. .Ljc

shall not be acting as the company . . .: 11 N, 1.-:1..JL...:,. . -.;,ii.ii .i.J t,_}.1-u>

- l :i.S~
- ~,, w\.Jl.....:J
~ LJA:>. ~ • u::- .J .
accounts auditor at present or within the
past five years prior to his appointment. If ~ ,,li: ~ \ w.its Li \j~ ~ \ ~ ¼1....J\ w~
the liquidation is by decision of the Court, - . ~ ' _,\ - ... . L - < ,\ ~
- .4- 1>:,.,<u
< ,\ r - <-
~ - ' ~ 4.....s.J~4 a::,,<u -
the Court shall determine the manner of
the liquidation and shall appoint a
liquidator, and the powers of the
Director(s) shall cease when the liquidator
is appointed.
ARTICLE 18 : NOTICES

Notices sent by the Company to the :i...h....~ ,, tsy.JI ~l :i.Sy.J\ Lr" ~..,.JI wlJlh:..;11 ~
partners shall be in the form of registered
letters to the address of each Partner as \~ ~ ~ ~ t....s &~ ~ u~ ~ ~ w~lk..
shown in this Memorandum, and recorded •>' tsy:;J\ ~ ~ 0,-l.J\_J .fu..l\
in the register of Partners.

14
ARTICLE 19: MISCELLANEOUS ~k f'LS..:i.i : 19 o.iLA

19.1 The Company shall not have a J 4-l j ~ 'i3 ~t;icl ~ .'d.S~ u.A! 'i 1 -19
corporate personality and shall not be
allowed to perform its business until it is 4..bL.JI LS .l.l (.,?_) 4,::J I J;.._,.J I ~ IA¥ ~ 'i l 4-JL.,c i i.l.,u
registered in the Commercial Register at yL...:J wl3~) JL=i L>-" fi-:i La J_S.J. ~ 1:i, JI
'0
the competent authority. Individuals
shall be jointly liable for all acts or ,·ui.JI
-..r.;U"" \..;._.;,\II u
· l......::Jli
, a . 'WC \Ati ~ .'d.S · ~11
Jl..w~~-~
transactions performed on behalf of the .wl3y.dill ) Jw:.\II o~ l_,_p.,.1
Company by them pnor to its
registration.
19 .2 Matters not provided for in this .i..WI I~ ~ 4:!k, u-a~ I _;i;- Jjl....JI 0fo 2 -19
Memorandum shall be subject to the
prov1s10ns of the Commercial w}J~I_, ~.h.:i3 :i....i..J~I w1.S_;.-;JI u_,.i\.§ /1~\I ~1_..;,.
Companies Law and its amendments and ..iJ oi9.i..a.ll ~bJI
the ministerial decisions made m
implementation thereof.

19 .3 This Memorandum and any ½le~ Ji..u.J J,.S3 ~ I Ii.A~(.)~ 3-19

amendments thereto shall be written in
Arabic language and notarized by the ~
~ ~
.11 ~
~
. - 11 t .~ •
c...J-f> (.j-A
Ll:i'Y'. J G ~U"-'
·- 11 :i.....illli• Li--:<.
~

competent authority, otherwise this ~u •..u::JI .Ji .i..WI (.)· t.S 'ii;.J ~ 1
(.j :),1 ~ LaS .)lbli. 1
. . ~ U;!
Memorandum or amendments shall be
void. Should there be any amendments ..fu..ll I~ ~~I ~
made to this documents, such
amendments must be annexed hereto.

ARTICLE 20 ; DISPUTES ~u:.jUJI :20 o.iLA

In the event that any differences arise .d.Sy;JI ~ u~ .. tsy;JI ~~'-?I y_,.;J :i...ll:...}
between the shareholders in respect of the
liquidation of the company or about any ~J_J 4h _)} _)~ .ul3 .fu..ll I~ Jfa. LJA ~ '-:?i Jy,,. )
clause of this memorandum of association, u-,aL..::u.;.I u-a <L;!9 ~ I u~ JLl:i'il t".l..c Ul:.. ~.J
it shall be settled amicably. If no
agreement is reached then it shall be .~I.. l»~ ~~ \i,ib '-F-J ~l:....a
resolved by Dubai Courts as per its Rules
& Procedures.
(or) ())
Dubai International Arbirtration
. ('-F-J ~Ll..a_J ~~ :ij_;c .} J3.1ll ~ '-F-J jSy,
Center in Dubai Chamber of
Commerce & Industry).

15
ARTICLE 21: COPIES HI :21 oJl.4
This Memorandum has been made of (5) J:19 LJA ~_ji ~_, ¼tb:i.., ~ (5) LJA ~I I~ .J.?
true copies and signed by the parties, one
copy given to each of the parties, and the 1.5.ft.\rl ~1 ufo_, ,.u.a -G.......i u_>b J5. ~~ ,<1JJ;.bi
other copies are for registration as required ~ lS~
· • I\ UJ-l
· ·l_g ~ W tsg · t._ ~11 ~ ~.-:I\ · I · \I
<.....J ~ ~ 'J ~ 'J 0.!-3_J-'-' (.)-Q~
under the Commercial Companies Law.
. =4.>4,:ill

First Party :

Signature:._ _ _ _ _ _ _ _ __ - - - - - - - - : - - - - - - = ~__g:;JI

Second Party : : ~l:i.11 u_;,b.ll

Signature:_ _ _ _ _ _ _ _ _ __

Third Party : : ~l:i.11 u_;,b.ll

Represented by Mr.
/~l~J
Signature:_ _ _ _ _ _ _ _ _ __ ...;___ _ _ _ _ _ _ _ _:~__g:;JI

16