Decree No. (4) of 1994

Founding the Sultan Bin Ali Al Owais Cultural Foundation

We, Maktoum bin Rashid Al Maktoum, Ruler of Dubai,

Having reviewed the Founding Document of the Sultan Bin Ali Al Owais Cultural Foundation, dated 9 March 1994, duly notarized by a Notary Public in Dubai on the same date, and signed by Mr. Sultan Bin Ali Al Owais, a citizen of the United Arab Emirates, residing in Dubai, and attached hereto.

And upon the request submitted by Mr. Sultan Bin Ali Al Owais to establish this Foundation and grant it legal personality by a decree issued by us.

We hereby decree as follows:

Article (1): Definitions

For the purposes of this Decree, and unless the context otherwise requires, the following words and expressions shall have the meanings assigned to each of them:

• The Ruler: His Highness the Ruler of Dubai.
• The Founding Document: The Founding Document of the Sultan Bin Ali Al Owais Cultural Foundation.
• The Foundation: The Sultan Bin Ali Al Owais Cultural Foundation.
• The Economic Department: The Department of Economic Development in Dubai.

Article (2)

Pursuant to this Decree, and in accordance with the attached Founding Document, there shall be established a private foundation under the name “Sultan Bin Ali Al Owais Cultural Foundation.”
The Foundation shall possess independent legal personality and shall enjoy full legal capacity to undertake actions and enter into obligations within the scope of its objectives and the provisions of this Decree.

Article (3)

The Foundation’s headquarters and principal place of business of the Foundation shall be located in the Emirate of Dubai.

Article (4)

The objectives of the Foundation shall be:
to periodically grant awards to Arab scholars, writers, and intellectuals through an award known as the “Sultan Bin Ali Al Owais Cultural Award,” and to support and encourage such other activities as may contribute to achieving this purpose.

Article (5)

The capital of the Foundation shall comprise ten thousand (10,000) shares of the National Bank of Dubai, eight thousand (8,000) shares of the Emirates Telecommunications Corporation within the United Arab Emirates, and one United States Government bond, in accordance with the details set out in the Founding Document.
The total value of these shares and the said bond, as of the date of issuance of this Decree and based on their prevailing market price, amounts to twenty-five million dirhams (AED 25,000,000).

Article (6)

The Foundation may accept donations, endowments, grants, gifts, and bequests.

Article (7)

The Foundation shall be organized and administered in accordance with the provisions of this Decree and those of the Founding Document.
Any amendments thereto shall be made in accordance with the principles prescribed in the said Document.

Article (8)

As of the date of issuance of this Decree, Mr. Sultan Bin Ali Al Owais, or his heirs, shall have no right to revoke the establishment of the Foundation, cancel or amend its Founding Document, or interfere with the Foundation’s assets in any manner or for any reason whatsoever, and at any time.

Article (9)

(A) The Foundation shall be supervised by a Board of Trustees composed of no fewer than seven (7) and no more than fifteen (15) members of recognized competence and integrity, of whom not less than two-thirds shall be citizens of the United Arab Emirates.
The term of membership on the Board shall be unlimited.

(B) The first Board of Trustees, as set forth in the Founding Document, shall consist of the following members:

1. Omran Bin Salem Al Owais
2. Taryam Omran Taryam
3. Abdul Ghaffar Ghuloum Hussain
4. Mohammed Khalifa Bin Hazer
5. Khalifa Mohammed Bakhit
6. Abdul Rahman Bin Mohammed Al Owais
7. Anwar Mohammed Gargash
8. Mohammed Abdullah Al Mutawa
9. Sulaiman Musa Al Jassim
10. Abdul Hamid Ahmed Abdul Hamid
11. Nasser Hussain Al Aboudi

(C) In the event that it becomes impossible to constitute the Board at any time, or for any reason, in accordance with the provisions of the Founding Document, or if the number of members falls below seven (7), the Board shall be reconstituted or its membership completed by a Decree issued by the Ruler.

Article (10)

If the funds of the Foundation are utilized in a manner inconsistent with its purposes, or if the Founder intends to do so, or if serious irregularities are committed in the management of the Foundation contrary to the provisions of the Founding Document, the Ruler may dissolve the Board of Trustees and appoint a new Board by Decree.

Article (11)

The Board of Trustees may amend the provisions of the Founding Document, except those relating to the name, headquarters, objectives, or capital of the Foundation.
Such amendment shall be effected in accordance with the procedures prescribed in the Founding Document and shall be filed with the Department of Economic Development.

Article (12)

The Foundation may not replace any of its movable or immovable assets, or any part thereof, unless such replacement is in the interest of the Foundation, and provided that the replacement is approved by a resolution of the Board of Trustees adopted by a three-quarters majority of its members.

Article (13)

The Foundation shall be exempt from all taxes, fees, and duties, whether governmental, municipal, customs, or otherwise.

Article (14)

The Foundation shall be registered with the Department of Economic Development, and shall commence its operations as of the date of such registration.

Article (15)

At the beginning of each fiscal year, the Foundation shall submit to the Department of Economic Development a list of the members of its Board of Trustees, together with a copy of its annual report and audited financial statements certified by a licensed auditor.

Article (16)

The Foundation shall be dissolved and liquidated only if it becomes impossible for it to operate due to insufficient or non-existent capital, thereby preventing the achievement of its objectives.
It may not be dissolved or liquidated for any other reason.

Article (17)

Subject to the provisions of the preceding Article, the Foundation shall not be dissolved or liquidated except by a Decree issued by the Ruler.

Article (18)

Subject to the provisions of Articles (16) and (17) above, in the event of the liquidation of the Foundation, the Government of Dubai shall determine the disposition of the remaining funds in a manner most consistent with the objectives for which the Foundation was originally established.

Article (19)

This Decree shall come into force on the date of its issuance and shall be published in the Official Gazette.

Maktoum Bin Rashid Al Maktoum
Ruler of Dubai