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Welcome 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 edition
To capitalise on the growth of the global private credit market in the past decade, the Financial Services Regulatory Authority (“FSRA”) is proposing to expand the current range of funds available in the Abu Dhabi Global Market (“ADGM”) to include Private Credit Funds within its existing collective investment funds regulatory framework. A credit fund will be able to invest in credit facilities it originates, participates in or acquires from third parties.
The FSRA proposes that Private Credit Funds and their fund managers be exempted from the requirement to hold a Financial Service Permission, or satisfy a specified Base Capital Requirement, to carry on the regulated activities of ‘Providing Credit’ or ‘Arranging Credit’. However, given the inherent risks and limited liquidity of credit funds, the framework will provide certain operating restrictions and requirements:
Fund managers currently operating or seeking to operate in the ADGM and other concerned stakeholders are invited to comment and provide feedback before the deadline of 27 January 2023. You can find the consultation paper here.
At Al Tamimi & Co we regularly advise local, regional and global financial institutions on FSRA rules, ADGM legal developments and licensing of regulated financial services providers.
To learn more about our services and get the latest legal insights from across the Middle East and North Africa region, click on the link below.