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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
On the 8th of February 2023, His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, issued Law No. 5, 6 and 7 of 2023 establishing three new subsidiaries of the Dubai Department of Economy and Tourism (“DET”).
The new subsidiaries will seek to enhance key economic growth drivers including business attractiveness, development initiatives, ease of doing business, consumer protection, sectoral governance and also support the DET’s mandate of supporting the goals of the Dubai’s D33 Economic Plan for the year 2023.
Among the three new subsidiaries that were launched, one of them is the Dubai Corporation for Fair Trade and Consumer Protection (the, “DCFTCP”) that is established under Dubai Law No. 5 of 2023.
According to press releases, the DCFTCP would seek to create a conducive environment for fair trade and competition, enhance economic stability by ensuring consumer protection and further enhance the competitiveness of the business sector by curbing practices that negatively impact the market.
The press releases have also stated that the DCFTCP will be tasked to develop programmes and initiatives to protect intellectual property rights, review and resolve complaints filed by commercial establishments and consumers and organise awareness campaigns to promote consumer rights, fair trade and fair competition.
We expect to hear further announcements soon and know more about the functions of the DCFTCP when the law is published in the Dubai official gazette in March.
For further information regarding developments on the DCFTCP and how it may affect your business, you can contact a member of our regulatory team who has extensive experience in dealing with consumer protection matters in the region.
Partner, Head of Regulatory, Head of Healthcarea.email@example.com
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