Decree No. (32) of 2005

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

Do hereby issue this Decree.

Article (1)

1. Pursuant to this Decree, an independent public corporation named the “Dubai Equestrian Club" (the “DECC") is established.

2. The DECC will have legal personality and financial and administrative autonomy, and will be owned by the Government of Dubai.

3. The DECC may sue and be sued in its own name and may, for this purpose, appoint any person to represent it in any judicial proceedings.

Article (2)

The DECC will have the following objectives:

1. to own, operate, and manage the Dubai Equestrian Club (an existing club) and any other facilities to be established by the DECC (collectively referred to hereinafter as the "Club"); and to own and operate any other equestrian facility or club within the Emirate of Dubai;

2. to develop, promote, and encourage the equestrian sport with a view to reaching international standards; and to ensure the sport is practised under the umbrella and regulations of the International Federation for Equestrian Sports (FEI);

3. to adopt international principles and standards relating to equestrian sports, including: a. showjumping; b. endurance riding; c. dressage; d. eventing (three-day competition); e. combined driving; f. vaulting; g. reining competitions; and h. para-equestrian competitions.

4. to organise international equestrian competitions;

5. to draft and develop regulations, bylaws, and rules governing equestrian sports and equestrian competitions;

6. to own, take lease of, and manage the real property and facilities required for achieving the DECC objectives; and

7. to engage in any business which is directly or indirectly related or conducive to promoting and achieving its objectives. In addition, the DECC will have the power to draw, accept, and endorse any negotiable instruments; to borrow funds with or without security to achieve its objectives; to invest its property in any manner it deems appropriate; and to hold shares in other companies.

Article (3)

Effective as of the date on which this Decree is issued, ownership of all real property, facilities, movables, and other assets existing within, or belonging to, the Club, including all rights and goodwill, is hereby transferred to the DECC. The DECC will also be liable for all the Club's obligations and debts of any kind.

Article (4)

The DECC may open branches within and outside of the Emirate of Dubai.

Article (5)

The DECC will be managed by a board of directors, whose members will be appointed by the Ruler.

Article (6)

The board of directors will appoint the director general, and determine his pay grade and salary.

Article (7)

The Government of Dubai will not be liable for any debts or obligations claimed from the DECC, the chairman, or any member of the board of directors.

Article (8)

Neither the chairman nor any member of the board of directors will, in the course of managing and operating the DECC, be liable to third parties for any act or omission with respect to such management or operation. The DECC will be solely liable to third parties for such act or omission.

Article (9)

No entity may recover any debt from, or enforce an obligation against, the DECC by way of taking possession, seizure, sale by public auction, or acquisition by any other legal process, of real property, facilities, or other tangible assets owned by the DECC, whether or not a definitive judgement in respect of such debt or obligation has been rendered.

Article (10)

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

Maktoum bin Rashid Al Maktoum Ruler of Dubai

Issued in Dubai on 15 August 2005 Corresponding to 10 Rajab 1426 A.H.

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.