New GAFI Decree Expediting Corporate Procedures

On August 8, 2023, the General Authority for Investment and Free Zones (“GAFI”) issued Decree No. 270 of 2023 (the “Decree”), which expedites corporate procedures by reducing the number of documents required to be submitted for certification before GAFI. In accordance with the Decree, specific documentation is no longer required to be submitted for certification and shall merely be executed and retained at the company’s headquarters, such as the certification request addressed to GAFI, attendance proxies and the minutes of the Board of Directors meetings calling for an Extraordinary General Meeting.

In addition, the Decree amended the wording of the declaration of the Chairman of the Board of Directors for Joint Stock Companies or Directors in Limited Liability Companies (as the case may be), which is included in the minutes of the meeting, in order to transfer the liability for maintaining all supporting documents at the Company’s headquarters to the Chairman or Director (as the case may be), as well as ensuring the Chairman or Director’s declaration to submit them to GAFI upon request.