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Find out moreWe 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 editionAyman Nour and Youssef Salam from our Egypt office wrote an article titled ‘A Step in the Right Direction – Draft Data Protection Law in Egypt’ in the June – July 2019 edition of Al Tamimi’s magazine, Law Update, heralding the approval by the Cabinet of a draft data protection law in Egypt. Unfortunately, some news outlets have incorrectly reported that the law has been enacted, creating considerable confusion in the market. As highlighted in our article above, the law is currently in draft form as it must first be reviewed and promulgated by the Egyptian Parliament.
Our current understanding is that the Legislative Committee has already made some amendments to the draft law by removing penalties of imprisonment, however the authorities have not officially confirmed this. Also, it is quite possible that Parliament may make further changes to the draft law, though we expect its key principles will be preserved.
The draft law is expected to be enacted some time during the present parliamentary session that has just commenced. The draft law states that it will come into force three months from the date of its enactment, though in practice the law would not become fully applicable until the executive regulations are issued (the draft law contemplates that the executive regulations will be issued within six months of the enactment of the law itself).
Importantly, the draft law provides entities a grace period of one year to comply with its provisions.
Ayman Nour
Partner, Head of Office – Cairo
a.nour@tamimi.com
Martin Hayward
Head of Technology, Media & Telecommunications
m.hayward@tamimi.com
Haroun Khwaja
Senior Associate, Technology, Media & Telecommunications
h.khwaja@tamimi.com
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