Middle East Insights – Knowledge, insight and perspective on doing business in the Middle East

Your views on the proposed new DIFC data protection law

July 14, 2019 by Kellie Blyth Leave a Comment

You may already be aware that the Dubai International Financial Centre Authority (DIFCA) recently published a consultation paper seeking views on the new DIFC Data Protection Law. The proposed changes seek to bring the DIFC legislative framework more into line with the European General Data Protection Regulation and are likely to have a significant impact on your business operations in the DIFC. You can view the consultation paper and the full text of the new law here.

Baker McKenzie Habib Al Mulla will be making a formal submission prior to the 18 August 2019 deadline and we welcome input from you. If you or your data protection or compliance colleagues would like to contribute on behalf of your business, please contact Kellie Blyth, UAE Head of IT & Communications or our UAE Business Development Team. We would be happy to consider your concerns or comments about the proposed changes, or any issues you may have experienced with the existing regime that you hope the new regime will address.

UAE approves foreign ownership over 122 business activities

July 9, 2019 by Omar Momany, Pietro de Libero, Hani Naja, Melissa Forbes-Miranda and Rony Eid Leave a Comment

On 2 July 2019 the United Arab Emirates (UAE) Cabinet announced the relaxation of foreign ownership restrictions for 122 business activities specifically in the manufacturing, agricultural and services categories. This follows the issuance of the new Foreign Direct Investment (FDI) Law in September 2018 to open up the UAE mainland market to foreign investors.Read more…

Baker McKenzie announces 81 partner promotions including in MENA

July 2, 2019 by Fatima Alhasan, Hani Naja and Ghada El Ehwany Leave a Comment

Leading global law firm Baker McKenzie is pleased to announce the election of 81 new partners globally including in the Middle East & North Africa (MENA). This latest investment in the Firm’s expertise grows the total number of partners worldwide to 1550. Over 400 of these are women – the most of any law firm.Read more…

Complying with the new UAE Economic Substance Resolution

June 30, 2019 by Omar Momany, Rony Eid, Reggie Mezu and Bastiaan Moossdorff Leave a Comment

The key impact of the Resolution is the obligation of companies carrying out relevant activities to meet the specified Economic Substance requirements and to conduct annual compliance reporting. Non-compliant companies could risk fines and penalties, suspension, withdrawal or non-renewal of licenses, and the disclosure of their position to other foreign authorities. Companies in the UAE carrying out the relevant activities must file their first report within 12 months from the end of their fiscal year.Read more…

Legal Advisors, Abdulaziz Alajlan & Partners advises Almarai Company on Premier Foods LLC Acquisition

June 2, 2019 by David Monnier Leave a Comment

Legal Advisors, Abdulaziz Alajlan & Partners has advised Almarai Company in relation to their acquisition of 100% of Premier Foods from Alamar Foods CJSC for a value of SAR 108 million. The deal was completed and announced on 27 May 2019.