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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
Further to our alert of 10 March 2019, we wish to remind you that your DIFC company is required to amend its Articles of Association by 12 November 2019, in accordance with the New DIFC Regime issued in November 2018.
As you may recall, the enactment of the new Companies Law (DIFC Law No. 5 of 2018), Operating Law (DIFC Law No. 7 of 2018), Companies Regulations and Operating Regulations (“New DIFC Regime”) has imposed an obligation upon your DIFC business to comply with numerous requirements, one of which is the alignment of your DIFC company articles with the New DIFC Regime.
Based on our discussion with the DIFC, each DIFC company should revise its articles to align them with the New DIFC Regime.
The following areas require particular attention when the articles are aligned with the New DIFC Regime:
Under the New DIFC Regime, your DIFC company can:
Our experience indicates, the completion of the New Articles takes at least a month, on average.
Apart from the time required to prepare the documents and secure signatures, when assessing the time required to register the New Articles, you should take account of the fact the DIFC team require time to review and process each application, which impacts the timing of the process.
It is important to start the New Articles implementation process as soon as possible as failing to adopt the New Articles may result in the DIFC imposing a penalty of USD 15,000.
Our team of experts will be delighted to assist you by:
Partner, Corporate Structuring
Noff Al Khafaji
Senior Associate, Corporate Structuring
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