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IT & Communications

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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…

The taxation of the digital economy is one of the focus areas of the OECD’s BEPS project, and many countries in the Middle East and Africa are increasingly introducing changes to their tax rules or considering avenues for imposing taxes in relation to digital economy earnings. It is critical for companies to fully understand the local tax regimes across the region and the impact of global developments on the future of taxation of digital services.

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.

The UAE Telecommunications Regulatory Authority (TRA) has published a new policy regulating services and devices associated with the Internet of Things (IoT Policy). The IoT Policy’s introduction reflects a growing regional trend to regulate specific market sectors and technologies in response to their increasing prevalence and the perceived risks they present.