Regulatory

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On 15 June 2015, the Abu Dhabi Global Market (Global Market), Abu Dhabi’s financial free zone, published the following six new regulations concerning the regulation of non-financial services in the Global Market:

– Application of English Law Regulations;

– Companies Regulations;

– Operating Regulations;

– Insolvency Regulations;

– Employment Regulations; and

– Real Property Regulations.

As expected from the draft regulations issued by the Global Market earlier this year, the Global Market’s final approach in the regulations follows very closely…

PPPNew PPP Regulations

Further to the publication of the new PPP law in August 2014, the corresponding executive regulations were published in the official gazette on 29 March 2015.

The new regulations provide developers with additional information and clarification on key procurement matters such as prequalification, bid submission requirements, bid bond requirements, bid evaluation procedures, selection of and negotiation with the preferred bidder, and award of the project. Such clarifications should provide developers with greater certainty as to the…

The Abu Dhabi Global Market, Abu Dhabi’s new financial free zone, located on Al Maryah Island, recently issued a first wave of draft regulations and related consultation papers.

The Global Market’s general approach in the draft regulations follows very closely the  English law model. In particular, the Global Market is proposing to apply English common law and certain English statutes in the Global Market. No draft financial services regulation was included in the first wave of regulation.…

The virtual currency market has emerged in the United Arab Emirates with Dubai’s first Bitcoin ATM introduced in April 2014. Middle East entrepreneurs have begun launching Bitcoin payment products and SMEs are beginning to realise the potential of such technology, with The Pizza Guys becoming the first restaurant in the UAE to accept Bitcoin payments.

Virtual currencies, such as Bitcoin, combine financial and technological instruments and incorporate characteristics of money, accounting, networks and remittances into one concept. As this…

Energy Policy

The European Union is seeking to re-regulate Europe’s energy sector to improve security of supply, sustainability and competitiveness. Energy transformation in Europe has exposed the shortcomings of over-regulation and national-centric policy, providing the Middle East with valuable lessons to manage supply, competition and future investment in its own market.

1. Supply Diversification: Shale gas development in North America has exemplified supply diversification. Yet opinion on shale remains divided in Europe as environmental concerns are often perceived as outweighing diversification gains.…

This month, the UK Financial Conduct Authority formally authorised ICE Benchmark Administration Limited (IBA) to assume responsibility for the administration of the London Interbank Offered Rate (LIBOR).

IBA is a subsidiary of the Intercontinental Exchange Group, a leading global network of exchanges and clearing houses that administers other benchmarks such as the French CAC40 and the Dutch AEX.

Guided by the Wheatley Review

The authorisation of IBA to administer LIBOR reflects one of the key recommendations of the Wheatley…

Investment in the UAE’s healthcare sector is steadily increasing as the government seeks to deliver world-class healthcare to its residents.  Latham has compiled the following Infographic to explain the regulatory framework behind the UAE’s first-rate infrastructure projects and advanced healthcare services.

Read more about UAE healthcare regulations here.

Data protection in the Middle EastDigital Identity Dominates

 Having a digital identity for online browsing, transactions and interactions has become necessary to operate in this information age.  As more and more lifestyle and business services shift to the digital platform, there has been an explosive growth in personal data capture.  The “Big Data” phenomenon has the potential to transform, innovate and optimize entire industries, yet policy makers need to be able to strike the balance between productivity and privacy to protect personal data.

Protecting Personal…

Saudi, new weekendThe Custodian of the Two Holy Mosques, King Abdullah, announced on Sunday June 23, 2013 that the official working days in Saudi Arabia will change to Sunday to Thursday and the weekend to Friday to Saturday, with effect from June 29, 2013 (the “Royal Decree”).  The change aligns Saudi Arabia with the other members of the Gulf Co-operation Council, Oman having changed its weekend earlier this year, and provides a four working day overlap with other business centres globally. …

UAE competition Law

The expiration date is looming for the six month transitional period granted to the Federal Law No. 4 of 2012 (the “Competition Law”) On 23 February 2013, the new Competition Law came into force in the UAE, prohibiting certain types of restrictive agreements and abuses of dominance, and introducing merger control. The 23 August 2013 marks the end of this transitional period. In the run up to August, no penalties are likely to apply for non-compliance with the Competition Law.…