Category: Legal Updates

March 20th, 2024
Announcements

Press Release: New Data Sovereignty Draft Public Policy

The Saudi Data and Artificial Intelligence Authority (“SDAIA”) has announced the release of its Data Sovereignty Public Policy Paper (the “Policy”), which outlines, inter alia, the regulator’s sentiments on data sovereignty principles. The Policy was...

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March 18th, 2024
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...

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March 14th, 2024
Legal Updates

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...

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March 11th, 2024
Legal Updates

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...

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March 3rd, 2024
Legal Updates

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...

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February 26th, 2024
Legal Updates

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...

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February 21st, 2024
Legal Updates

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...

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February 20th, 2024
Legal Updates

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...

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February 15th, 2024
Announcements

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...

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