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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
‘Responsible investing’ is the trending investment strategy adopted by many key investors seeking to account for both financial returns and social/environmental good in their investment decisions.
This new investment approach acknowledges the relevance to the investor of environmental, social and governance (ESG) factors, and of the long-term health and stability of the market as a whole. Many investors have started to integrate ESG factors into their investment portfolios and investment decisions when assessing a potential investment in a company. There is a noticeable confidence that ESG analysis can provide valuable insights about factors having a significant impact on the financial metrics of a company and therefore better inform investment decisions and financial performance. ESG is increasingly important for investors in public companies and so, to win the battle for capital, public companies must respond by improving their ESG credentials and mindset and correspondingly inform the market. ESG is also a major pillar of public policy and strategic planning for governments and, on the global platform, is a part of the United Nations Sustainable Development Goals.
In acknowledgment of the positive impact of companies’ adherence to ESG criteria on the economy and society, the United Arab Emirates Securities and Commodities Authority (SCA) now requires public joint stock companies listed in the UAE to adhere to specific ESG disclosure requirements.
In accordance with Article (76) of the Chairman of SCA Board Decision No. (03 R.M.) of 2020 concerning adopting the Corporate Governance Guide for Public Joint Stock Companies (Governance Code), public joint stock companies listed on the Abu Dhabi Securities Exchange (ADX) or the Dubai Financial Market (DFM) in the UAE (Listed PJSCs) must publish a sustainability report. On 10 January 2021, SCA issued a general clarification to Article (76) of the Governance Code which sets out in more detail the required contents of sustainability reports and a confirmation that such report must be published annually.
Listed PJSCs are required to prepare a sustainability report reflecting the company’s long-term strategy and its impact on the following fields:
In addition, Listed PJSCs must comply with the Global Reporting Initiative (GRI) standards and also any sustainability standards and requirements that are issued by the DFM or ADX, depending on which market the Listed PJSC is listed on.
Yes. Listed Companies are required to submit their annual sustainability report for the financial year 2020 no later than six months following the end of the financial year. This is a specific requirement for the 2020 financial year. For subsequent financial years, Listed PJSCs must submit the sustainability report to SCA within 90 days from each financial year end or before the date of the annual general assembly meeting, whichever is earlier.
Partner, Head of Capital Marketsa.email@example.com
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