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Economy Ministers: The launch of AIM digital edition is a new success story for the UAE that reflects its readiness to develop economic work according to innovative models

Allow me to express my gratitude for your presence today. Indeed, it gives me immense pleasure to welcome you all at the Annual Investment Meeting 2020 Virtual Press Conference.

On 10 August 2020, the UAE issued an amended economic substance regulation which brings a number of key changes that multinational corporations, financial institutions, investment funds, and family offices will need to comply with, retrospectively. Importantly, natural persons, sole proprietors, trusts and foundations no longer fall within the scope of the economic substance regulation.

We would like to remind you there are just a few weeks to go for the UAE Emirates Startup Roadshow, an initiative of The Annual Investment Meeting in collaboration with their Sustainable Partner, Bedayat by Sustainable City to be held on 17th and 20th September, 2020. Make sure to register!

Healthcare facilities, laboratories and other institutions operating in the Dubai healthcare sector will be pleased to note the issuance of Decision No. 17 of 2020 (amending the previous Decision 21/8 of 2020) (the “Decision”) that will further suspend any legal proceedings issued against certain named entities for a period of six months.

The new DIFC Data Protection Law 2020 (“DPL 2020”) came into force on 1 July 2020. DPL 2020 aims to enhance the existing legal framework on data protection in the DIFC. DIFC businesses have until 1 October 2020 to prepare to comply with DPL 2020.

Banking & Finance Update: New Movable Security Law

The European Court of Justice’s recent “Schrems II” decision (case C-311/18) has attracted a lot of attention in data protection circles. One of the key outcomes of the decision is that it removes one of the grounds upon which European entities could legitimately transfer personal data to certain entities in the United States.

Reverberations that bounced around critical circles following the publication of the Financial Action Task Force (‘FATF’) Mutual Evaluation Report (‘Report’) on the United Arab Emirates’ (‘UAE’) sounded clear alarm bells for proponents of the UAE’s legal system. Despite the actions of the authorities and stakeholders to intensify the national Anti-Money Laundering and Counter Terrorism Financing (‘AML/CTF’) framework, critics of the UAE were...