Category: Legal Updates
Navigating New Horizons: the Abu Dhabi Arbitration Centre’s new Arbitration Rules
The Abu Dhabi Commercial Conciliation and Arbitration Centre (“ADCCAC”) marks a significant transformation in Abu Dhabi’s arbitration landscape. Effective from February 1, 2024, the Arbitration Rules (“Arbitration Rules 2024”) sets the ground for a new...
Read More
Exploring the EU’s AI Act and Potential Prospects for the GCC Region
Earlier this year, the EU unanimously endorsed the passage of the Artificial Intelligence Act (the “Act”). The Act’s initial proposal, put forth by The European Commission back in April 2021, laid out comprehensive standards and...
Read More
Cabinet Decree No.77 of 2023 – New Investment Incentives in Egypt
The Prime Minister signed on the Ministerial Decree No.77/2023 (the “Decree”) that was issued on 28 December 2023, in relation to investment incentives in Egypt. In alignment with the current necessity for economic growth and...
Read More
CONSEQUENCES! FIRST ECONOMIC CONCENTRATION FINE BY THE SAUDI GENERAL AUTHORITY FOR COMPETITION, SINCE OCTOBER 2020, FOR FAILURE TO NOTIFY AN ECONOMIC CONCENTRATION.
Only for the second time since the implementation of the Saudi Competition Law (Royal Decree No (M75) of 1440H) (the “Competition Law”), The Saudi General Authority for Competition (“GAC”) has fined two companies for their...
Read More
NBF FinTech Startups Incorporation and Licensing – A More Specific Take By The FRA
Introduction and Effect: The Egyptian Financial Regulatory Authority (“FRA“) issued decree no. 268 of 2023 on the rules and procedures for the establishment and licensing of startup companies in financial technology to engage in non-banking...
Read More
COMESA Competition Commission Proposes Sweeping Changes to Competition Regulations
The Common Market for Eastern and Southern Africa’s (“COMESA”) Competition Commission (“CCC”) is set to implement significant amendments to its competition regime with the release of the Draft COMESA Competition Regulations (“Draft Regulations”). The proposed...
Read More
UAE Implements Comprehensive Consumer Protection Regulation to Safeguard Consumer Rights
Introduction In a significant move towards strengthening consumer rights and promoting fair trade practices, the United Arab Emirates (“UAE”) has introduced a new consumer protection regulation; Executive Regulations No. 66 of 2023 (the “Regulation”). The...
Read More
THE INSURANCE SECTOR: THE APPLICATION OF ANTI-MONEY LAUNDERING MEASURES
The Decision issued on 6 November 2023 (the “Decision”) is embedded as part of the scheme to provide protection measures against anti-money laundering and the financing of terrorism in the state of Kuwait, specifically in...
Read More
Central Bank of Egypt takes a significant step in the fight against money laundering and terrorist financing
The Central Bank of Egypt takes a significant step in the fight against money laundering and terrorist financing with the issuance of new regulatory controls for banks. In line with international standards, these regulations aim...
Read More