1. The Cabinet shall issue the Articles of Association based on the proposal of the Chairman of the Board of Directors of the EIA, including the provisions regulating UWEC, namely:

    a. Company ownership;

    b. Capital of the Company;

    c. Obtaining financing from banks or financial institutions;

    d. Company revenues;

    e. Company budget;

    f. Company term and renewal;

    g. Increasing or decreasing the Company capital.

    h. Company Activities & Purposes

    i. Company branches inside or outside the State;

    j. Board of Directors formation, powers and functions and remuneration of its members;

    k. Disposition of UWEC assets, and management of its funds and returns;

    l. Issuance, types, ownership controls and trading of shares and the rights associated therewith;

    m. Issuance and trading of bonds and sukuk;

    n. Appointing Company auditors, and determining their powers and obligations; and

    o. Company dissolution and liquidation.

2. The Cabinet shall have the authority to amend the Articles of Association if UWEC is fully owned by the EIA.