The healthcare and life sciences ecosystem is witnessing significant growth in the Middle East as the GCC continues to seek economic diversification.
By Brian A. Meenagh, Sara Patel, and Lucy Tucker
The United Arab Emirates (UAE) and Kingdom of Saudi Arabia (KSA) are advancing initiatives to nurture a thriving life sciences ecosystem in the Middle East and North Africa (MENA). In January 2024, Saudi Arabia launched its National Biotechnology Strategy, which aims to position itself as a biotech
The PDPL has broad extraterritorial scope and substantial penalties for non-compliance, with full enforcement expected to start in September.
By Brian A. Meenagh and Lucy Tucker
The Personal Data Protection Law (PDPL) is the first comprehensive data protection law in Saudi Arabia. The Saudi Data and Artificial Intelligence Authority (SDAIA) is expected to start full enforcement of the PDPL from 14 September 2024, after the current compliance transition period ends. SDAIA emphasised that it expects entities to take measures to achieve compliance with the PDPL by the September deadline.
The amended PDPL diverges from international privacy laws in several areas, including personal data transfers, penalties, and breach notification.
By Brian A. Meenagh and Lucy Tucker
An amended version of the Kingdom of Saudi Arabia’s Personal Data Protection Law (PDPL) was published in the Official Gazette of the Kingdom of Saudi Arabia on April 7, 2023. The amended PDPL contains the same wide extra-territorial scope as the original PDPL. It applies to any processing of personal data that takes place in the Kingdom, and applies to the processing of personal data of individuals located in the Kingdom by organizations outside of the Kingdom.
The amended PDPL contains concepts and requirements similar to those in international privacy laws, such as the GDPR, including concepts, such as personal data, controllers and processors, data processing principles, certain data subject rights, and the requirement to maintain a record of processing activities. However, the PDPL diverges from international privacy laws in several important areas, notably in relation to transfers of personal data outside of the Kingdom and penalties for non-compliance.
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 probe to Mars, and in December 2022, the UAE-built Rashid Rover was launched on a path to the moon. Emirati astronaut Hazza Al Mansouri was the first person from the UAE in space, and Emirati astronaut Sultan Al Neyadi will soon embark on a six-month mission to the International Space Station. The Mohammed bin Rashid Space Centre has launched four satellites, and UAE-based satellite company Yahsat currently manages a fleet of five satellites and provides services in more than 150 countries. In 2022, the UAE established an US$817 million fund to support its space sector, including the development of a constellation of advanced radar imaging satellites.
An unexpected surge in production coupled with weakened global demand has resulted in a 50 percent drop in the price of crude oil since June 2014 and currently averaging US$50 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) announced it would leave market forces to determine crude oil price and would not cut oil output. The current oil price is the lowest it has been since Spring 2009. As oil and gas companies begin to
A number of GCC governments, including those in the UAE and Saudi Arabia, have set ambitious clean energy and energy efficiency targets. As the fastest growing region in the world, the GCC’s population is expected to grow more than 53 million by 2020. Substantial amounts of investments will be required to finance the clean energy and energy efficient projects necessary to meet the needs of the future population.
Capital markets allow investors a low-cost alternative
Green bonds, which tie
Following last month’s announcement by the Saudi Arabian Capital Market Authority (the CMA) of its proposal to permit participation by qualified financial institutions directly on the Kingdom’s stock exchange (the Tadawul), the CMA has now published its Draft Rules for public consultation.
The Draft Rules include detailed provisions relating to qualified foreign investor (QFI) eligibility, assessment and approval process of investment applications by QFIs, investment limits on shares and the procedure for applications. The Draft Rules represent a significant
In a long anticipated measure, the Saudi Council of Ministers (which is the highest authority in the Kingdom) issued a resolution on 21 July, 2014 authorizing foreign financial institutions to directly buy and sell stocks listed on the Saudi Stock Exchange (Tadawul). The resolution also authorized the Saudi Capital Market Authority (the “CMA”) to set the timing and rules for such participation. On July 22, 2014, the CMA announced that it will publish draft rules for foreign
The 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.
The Basel Committee on Banking Supervision has issued a Report to the G20 Finance Ministers and Central Bank Governors on Basel III Implementation. The implementation period for Basel III capital requirements starts from 1 January 2013 and includes transitional arrangements until 1 January 2019. At the time of the report, 8 of the 27 member jurisdictions of the Basel Committee have issued their final set of Basel III related regulations (being Australia, China, Hong Kong SAR, India, Japan, Saudi Arabia,