Dubai International Financial Centre (DIFC) has rolled out amendments to its Data Protection Law that came into effect in July 2025 following a consultation earlier in the year. The updates bring the law into greater alignment with the GDPR’s approach to enforcement, providing additional protections for data subjects.
On 8 July 2025, the Dubai Court of Cassation questioned the enforceability of late payment compensation in Islamic finance. Unlike default interest, such compensation is not retained by financiers but donated to charity. The ruling may affect market practices, though its broader impact remains uncertain under UAE law.
The United Arab Emirates (UAE) Cabinet has issued its long-anticipated Decision No. (3) of 2025 (the “Decision”), clarifying the thresholds under the new merger control regime, which are set to come into force on 1 April 2025. The UAE introduced a significant shift in its competition framework in 2023. This change was solidified with the enactment of Federal Law No. 36 of 2023 (the “Competition Law”), which came into effect on 29 December 2023.
On 1 October 2024, the UAE Government has issued a new Federal Decree-Law No. 38 of 2024 to regulate medical products, the pharmacy profession and pharmaceutical establishments (the “Law”).
The Law replaces Federal Law No. (8) of 2019 on Medical Products, Pharmacy Profession and Pharmaceutical Establishments including its later amendments. However, its implementing regulations remain in effect to the extent they do not contradict with the Law.
On 26 July 2024, the Monetary Authority of Singapore (MAS) updated the Guidelines on Licensing for Payment Service Providers (PS-G01), which became effective on 26 August 2024. These changes are applicable to current and future Standard Payment Institutions (SPIs) and Major Payment Institutions under the Payment Services Act (PSA).
The updates can be divided into those that relate to (i) the application process for a new MPI or SPI license or a variation of an existing license under the PSA; and (ii) those that relate to ongoing business conduct.
Over the past year, antitrust regulators in the Middle East have implemented significant changes to the local competition law regimes, with a new competition law coming into effect in the United Arab Emirates and substantial changes being made to the applicable merger control regimes in the Kingdom of Saudi Arabia (KSA) and Egypt. Competition law enforcement has also continued to intensify in the KSA and Egypt, as well as in other key emerging markets in the GCC. During this 2-hour seminar, we will provide an update on the latest key competition law developments and what to expect on the horizon as well as compliance tips and pointers.
Samir Safar-Aly, Financial Regulatory Counsel and the firm’s MENA FinTech & AI Lead, recently spoke with Arabian Business regarding AI and deepfakes.
On Friday, 15 March 2024, the UAE Ministry of Finance (“UAE MoF”) issued a public consultation on the potential framework that the UAE will introduce to implement Pillar 2, the global minimum tax framework. The consultation can be accessed here: https://mof.gov.ae/global-minimum-tax-public-consultation/. The deadline to provide input into the consultation is 10 April 2024.
On 30 December 2023, the Dubai Executive Council issued Decision No. 124 of 2023 to regulate the usage of single-use products in the Emirate of Dubai (“Decision”), in support of the previous Dubai Executive Council Decision No. 52 of 2022, issued on 13 August 2022, which mandated the reduction in the utilization of single-use bags in the Emirate of Dubai.
To future-proof its regulatory system, the UAE cabinet has established the Emirates Drug Corporation (EDC) in September 2023. As a new independent regulator, the EDC will replace the Ministry of Health and Prevention for the regulation of pharmaceuticals and medical devices.
Besides medicines and medical devices the EDC will also be responsible for cosmetics, dietary supplements, GMOs, fertilizers, pesticides, agricultural conditioners and plant growth regulators. The EDC will also take over some competences from the Ministry of Climate Change and Environment in relation to these products.