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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
The new Abu Dhabi Global Market (“ADGM”) Data Protection Regulations 2021 (“New Regulations”) have now been issued, and replace the Data Protection Regulations 2015.
The New Regulations are binding after a 12-month transition period for existing establishments in the ADGM, and a 6-month transition period for new establishments that are registered after the date the new regulations were published i.e. 14 February 2021.
The New Regulations align the ADGM’s legal requirements for the processing of personal data with the EU’s General Data Protection Regulation (GDPR). The New Regulations follow the DIFC’s adoption of the new DIFC Data Protection Law No.5 of 2020 (“DIFC Law”) in July 2020, which is also based on the GDPR.
Below are some key features of the New Regulations that will likely affect the Processing of Personal Data that is already being carried out in the ADGM.
It is not a comprehensive list. Matters such as data subject rights and transfers of personal data outside of the of the ADGM are not discussed in further detail in our full update but do need detailed consideration by Data Controllers and Data Processors responsible for those conducting business in the ADGM.
(Please note that unless otherwise defined above, capitalised terms used below have definitions under the New Regulations available here).
Al Tamimi’s data protection specialists will be running a webinar on 8 March 2021 at 14:00 (GMT) where they will provide a detailed review of the New Law and its implications for ADGM businesses in detail. If you would like to join, please register here.
In the meantime, if you have any questions about the New Regulations, please do not hesitate to contact us.
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