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Find out moreWelcome to this edition of Law Update, where we focus on the ever-evolving landscape of financial services regulation across the region. As the financial markets in the region continue to grow and diversify, this issue provides timely insights into the key regulatory developments shaping banking, investment, insolvency, and emerging technologies.
2025 is set to be a game-changer for the MENA region, with legal and regulatory shifts from 2024 continuing to reshape its economic landscape. Saudi Arabia, the UAE, Egypt, Iraq, Qatar, and Bahrain are all implementing groundbreaking reforms in sustainable financing, investment laws, labor regulations, and dispute resolution. As the region positions itself for deeper global integration, businesses must adapt to a rapidly evolving legal environment.
Our Eyes on 2025 publication provides essential insights and practical guidance on the key legal updates shaping the year ahead—equipping you with the knowledge to stay ahead in this dynamic market.
The United Arab Emirates’ (UAE) Artificial Intelligence (AI), Digital Economy and Remote Work Applications office has as of July 2024 released the Charter for the Development and use of AI.
The Charter for development and use of AI provides a guiding framework designed to safeguard the rights of the UAE community in the creation and application of AI technologies and solutions, with the primary aim being to position UAE as a leading nation in AI by 2031.
The Charter seeks to create an environment that upholds the highest standards of safety and privacy by establishing robust principles such as ensuring that all AI developments prioritizes human well- being by fostering a beneficial interaction between AI and humans, ensuring that all AI systems adhere to high safety standards whilst addressing algorithmic bias to promote fairness, inclusivity and equal access to technological benefits enabling diverse and non- discriminatory outcomes.
In consonance with UAE’s data privacy standards, the Charter underscores the vital role of data in fostering innovation while prioritizing community privacy. It emphasizes the need for transparency, governance, and accountability in AI applications. Additionally, the Charter highlights the importance of human oversight to ensure that AI systems adhere to ethical standards and effectively address biases.
Reflecting UAE’s vision for leadership in digital, technological, and scientific fields, the Charter promotes technological excellence in AI to foster innovation and boost competitiveness. It reflects a commitment to the public good, ensuring AI development serves societal interests and upholds fundamental rights for all segments of society.
Lastly, the Charter also highlights the crucial role of adhering to both international treaties and local regulations in the development and deployment of AI technologies.
Click here to read the Charter – https://www.tamimi.com/wp-content/uploads/2024/08/UAEAI-Methaq-Jul-EN.pdf
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