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IT & Communications

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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai has enacted a new DIFC Data Protection Law (New DIFC Law), which replaces the DIFC Data Protection Law of 2007 (as amended) (2007 DP Law). The New DIFC Law reflects many of the requirements of the EU’s General Data Protection Regulation (GDPR) seen by many as the ‘gold standard’ for data protection compliance. The New DIFC…

In the wake of the COVID-19 health crisis, working-from-home has become the new normal, however, it does present a number of practical challenges, including how to execute legally binding documents. It has long been common practice for deal documents to be signed in counterpart, on different days, by signatories in different corners of the globe, but with our freedom of movement curtailed and home printing capabilities limited, feasible options are often restricted. Electronic contract execution…

The Saudi Arabian Monetary Authority (SAMA) announced on 03 March 2020 that it had decided to cut the Repo rate by 50-basis points from 2.25% to 1.75% and Reverse Repo rate by 50-basis points from 1.75% to 1.25%. In the interests of preserving monetary stability, the Repo rate and the Reverse Repo rate were reduced by a further 75-basis points on 16 March 2020 from 1.75% to 1.00%, and 1.25% to 0.50% respectively. On the…

What has changed? The Ministry of Commerce and Investment in Saudi Arabia (MoCI) adopted the Implementing Regulations of the E-Commerce Law, with immediate effect on 31 January 2020, to accompany the recent shift towards electronic transactions that commerce is experiencing globally which helps achieve the strategic objectives of Vision 2030. Objectives The new regulations aim to (i) increase confidence in e-commerce transactions; (ii) provide consumers necessary protections against fraud, deception and misinformation; and (iii) boost…