The Middle East’s rapidly advancing space sector has seen a slew of landmark achievements in the last few years.
In 2014, the UAE established the UAE Space Agency to oversee and grow its space sector, and it has since successfully completed numerous projects. In July 2020, it became the fifth country in the world to launch a…
The new regime specifies licensing and reporting requirements for a range of activities related to virtual assets in the Emirate of Dubai.
By Brian A. Meenagh, Matthew Rodwell, and Ksenia Koroleva
On February 7, 2023, the Dubai Virtual Assets Regulation Authority (VARA) adopted the Virtual Assets and Related Activities Regulations 2023 (the Regulations) together with four compulsory…
The regime introduces rules on various crypto tokens, including cryptocurrencies and stablecoins, in the Dubai International Financial Centre.
By Brian A. Meenagh, Matthew Rodwell, and Ksenia Koroleva
On November 1, 2022, the Dubai Financial Services Authority (DFSA) crypto token regulatory regime came into effect.
The rules expand upon the DFSA framework for regulating investment tokens established in 2021…
The guidance is part of the rapidly evolving rules on anti-money laundering and aims to promote UAE as a jurisdiction compliant with best practices.
By Brian Meenagh, Ksenia Koroleva, and Matthew Rodwell
On August 1, 2022, the UAE Central Bank (CBUAE) issued the Guidance for Licensed Financial Institutions on the Risks Relating to Payments.[1]
The guidance was…
Organisations subject to the law should carry out a gap analysis of their current compliance position against the new requirements.
By Brian A. Meenagh, Alexander Hendry, and Lucy Tucker
The United Arab Emirates (UAE) has issued its first federal data protection law (Federal Decree Law No. 45/2021 on the Protection of Personal Data) (the Data Protection Law), alongside…
The decision will likely provide comfort to businesses operating in the healthcare sector both in the UAE and globally.
By Brian A. Meenagh and Avinash Balendran
On 28 April 2021 the United Arab Emirates (UAE) federal government issued Ministerial Decision No. 51 of 2021 (the Decision) to clarify when health information may be stored or transferred outside of the UAE.
The new legislation extends both the protections available to consumers, as well as the obligations applicable to e-commerce retailers.
By Brian A. Meenagh and Avinash Balendran
With its recent implementation of a new consumer protection law, the United Arab Emirates has taken a significant step forward in protecting the rights of consumers. The new legislation — Federal Law No. (15)…
The updates are part of SAMA’s efforts to promote an innovation-based financial technology ecosystem in the KSA.
By Salman Al-Sudairi, Brian A. Meenagh, and Homam Khoshaim
Last month, the Saudi Arabian Monetary Authority (SAMA) issued an update to the recently implemented Payment Services Provider Regulations (PSPR), which was introduced in January 2020 to regulate Payment Services Providers…
By Christopher Lester and Connie Leung
The Prescribed Company Regulations offer a more flexible incorporation and permitted purposes regime than its predecessor, the Special Purpose Company Regulations.
Prescribed Companies are a type of corporate vehicle available in the Dubai International Financial Centre (DIFC), the financial free zone of the Emirate of Dubai, United Arab Emirates (UAE). Prescribed Companies are categorised…
Navigating the impact of the pandemic on technology contracting in preparation for a post-COVID-19 world.
By Brian Meenagh and Alexander Hendry*
A recent Latham.London blog post recommended five steps that customers should take when procuring technology and related services in light of COVID-19 and future pandemics. This blog post examines five additional considerations for customers based in the Middle…
Understanding bankruptcy laws in the UAE and DIFC in the context of COVID-19-related financial pressures.
By Nomaan A. Raja and Aly Kassam
COVID-19 has already caused wide-scale disruption to numerous industries both locally and globally. Whilst efforts are underway to stop the spread and impact of COVID-19, the financial and social impact of the virus will be felt for many…
UAE Federal Cabinet approves Positive List of activities eligible for up to 100% foreign ownership.
By Christopher Lester and Connie Leung
WAM, the Emirates News Agency, reported on 2 July 2019 (the WAM Report) that the UAE Federal Cabinet has approved 122 economic activities across 13 sectors that will be eligible for up to 100% foreign investment (the July 2019…
