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Find out moreWelcome to the latest edition of Law Update titled “Rise of Generative AI.”
In this edition, we dive into the dynamic world of Technology, Media, and Telecommunications (TMT) across the Middle East and North Africa (MENA) region. TMT continues to play a vital role in positioning the region as an international business and social hub, driving significant growth and innovation.
Our focus in this Law Update is on the sector’s ongoing potential to advance and propel the region toward a more digital economy. We explore the benefits of embracing a digital transformation and how local authorities have responded by enhancing regulations to accommodate the evolving TMT landscape.
This edition covers a range of topics, including – the new Telecommunications & Information Technology Law in Saudi Arabia, the intricacies of trademarks in the Metaverse, and the legal challenges faced by the video game industry. Additionally, we take a regional perspective, discussing jurisdictions such as Kuwait, Saudi Arabia, UAE, Oman, and Bahrain to provide a comprehensive understanding of the TMT landscape.
We hope you thoroughly enjoy this packed issue of Law Update, filled with captivating articles that address key legal issues within a vital sector for the region.
Read the full editionThe ADGM is an international financial centre in the Emirate of Abu Dhabi. As a Financial Free Zone formed under a federal decree, it is allowed to enact its own legislation. The original jurisdiction and territory of the ADGM was restricted to Al Maryah Island, Abu Dhabi. This is no longer the case.
The Cabinet issued Resolution No. 41 of 2023 was enacted on 24 April 2023, expanding the jurisdiction and territory of the ADGM to Al Reem Island, Abu Dhabi. This expansion results in a tenfold increase in the area of land of the ADGM, making it one of the largest financial districts in the world, as far as the territory is concerned.
Previously governed by UAE federal and Abu Dhabi local laws, from 24 April 2023, Al Reem Island will form part of the ADGM and fall under its legal system.
Over the past years, the popularity of the ADGM continues to increase. This undisputed success means, however, scarcity of the real estate available to ADGM entities. With Al Maryah Island at an 95% occupancy rate, the expansion is very welcome. Businesses, especially those seeking financial service licenses, acutely felt this scarcity as finding office space is a key precondition to being granted with final approval from the ADGM’s Financial Services Regulatory Authority for their financial services permission (FSP). Now with the expansion, access to Al Reem Island should provide access to a wider range of office spaces at more competitive pricing and hopefully help ease the FSP application process.
Al Maryah Island: This development does not affect existing ADGM establishments.
Al Reem Island: If you are a new ADGM license (including FSRA license) applicant, you can now opt for office space on Al Reem island.
For entities already operating on Al Reem Island, under an onshore Abu Dhabi license, two options will be available:
Presently, the formalities between the ADGM and the local authorities in relation to the two options above are still under discussion. In the interim, all current applications, licenses, visas and permits at the federal and local level are to continue as normal until further notice is provided by the concerned authorities.
At Al Tamimi & Company we regularly advise local, regional, and global financial institutions on matters concerning the ADGM. We would be delighted to assist you in better understanding this new development as well as in relation to:
(i) setting up in the ADGM;
(ii) setting up in the Abu Dhabi mainland;
(iii) relocation of your business from Al Reem island;
(iv) general advice on the effect of this resolution to your legal entity; or
(v) FSRA licensing.
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