Press Release

DED and DIFC Authority sign agreement to facilitate

unified licensing procedures

Dubai, 24 February, 2010: The Dubai Department of Economic Development (DED) and the Dubai
International Financial Centre Authority (DIFC Authority) have signed a co-operation agreement to
unify licensing procedures and further enhance the business environment for investors in Dubai.

As per the agreement, the DIFC Authority will use the DEDs licensing and trade name registration
system for registering companies in the financial district. This will support the Dubai governments
effort to unify the registration procedures for trade names and avoid their duplication across the
emirate.

His Excellency Mr Sami Al Qamzi, Director General, DED, and Abdullah Mohammed Al Awar, CEO
of the DIFC Authority, signed the agreement. Officials from DED and DIFC Authority attended the
signing ceremony held recently at the DED headquarters in Deira.

The agreement comes in line with DEDs objective of achieving the vision of the Dubai Government
in further developing the various economic sectors and providing a business-friendly environment
a key factor for the continued growth of Dubai. DED will assist investors by co-ordinating with other
government departments and authorities in achieving the goal of simplifying rules and regulations to
set up businesses, said Al Qamzi.

We are pleased to sign the agreement with the DIFC Authority, which will contribute to enhancing
the level of services provided to customers by exchanging expertise and information to raise the
level of services and keep pace with the rapid development of the emirate, added Al Qamzi.

The Department of Economic Development will accredit the classification of economic activities
relating to DIFC Authority in accordance with international standards. This is aimed at creating a
special classification of economic activities of companies and corporations, whose activities fall
under the DIFC Authority. The DIFC Authority will provide DED with the economic activities to be
accredited according to international standards.

Abdulla Mohammed Al Awar said: Over the past few years, DIFC has witnessed a huge growth in
the number of registered companies across various sectors. With DIFC playing an increasingly vital
role in the economy of Dubai, it is imperative that we coordinate with the Dubai Department of
Economic Development to ensure that our licencing and trade name registration practices are
aligned with the DEDs procedures. This agreement enables the DIFC Authority to access DED
records and avoid duplication in the trade names registered by DIFC and DED. The agreement is
an example of the strong commitment of business and government organisations in Dubai to work
together to raise the UAEs stature as a global financial centre.

The DIFC Authority develops policies and oversees the strategic development, operational
management and administration of DIFC. The Authority provides assistance to companies that
apply for DIFC licences at every stage of the application process.

- ends -

About Department of Economic Development (DED):

The Department of Economic Development (DED) is the government body entrusted to set and drive the
economic agenda of the emirate of Dubai, UAE. DED supports the structural transformation of Dubai into a
diversified, innovative service-based economy that aims to improve the business environment and accelerate
productivity growth.

DED and its agencies develop economic plans and policies, identify and support the growth of strategic
sectors, and provide services to domestic and international investors and businesses.

For further information, please contact:

Angela Maglieri Nedal Alasaad/Nafisa Marzouki
Executive Director, Corporate Communications ASDAA Burson-Marsteller
Department of Economic Development Tel: (971 4) 3344550
Tel: (971 4) 202 0315 Fax: (971 4) 3344556
Email: amaglieri@dubaided.gov.ae Email: n.alasaad@asdaa.com / n.marzouki@asdaa.com

About DIFC

The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap
between the financial centres of Hong Kong and London and services a region with the largest untapped
emerging market for financial services. In just five years, over 850 firms have registered at DIFC. They
operate in an open environment complemented with world-class regulations and standards. DIFC offers its
member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no
restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational
support and business continuity facilities of uncompromisingly high standards.
For PR inquiries on the DIFC, please contact:

Amira Abdulla
Director - Regional Public Relations
Dubai International Financial Centre
Tel: +971 4 362 2433
Email: amira.abdulla@difc.ae

Shaima Al Zarouni
Assistant PR Manager
Dubai International Financial Centre
Tel: +971 4 362 2432
E-mail: shaima.alzarouni@difc.ae

Iman Ahmad
Regional Media Relations Manager
Dubai International Financial Centre
Tel: +971 4 362 2685
E-mail: iman.ahmad@difc.ae