- The new law keeps Dubai and DIFC at the forefront of data protection in the region
Dubai, UAE, 30 June 2020: Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region will implement the new Data Protection Law No. 5 of 2020 from 1 July 2020. The law places Dubai and DIFC at the forefront of data protection in the region, enabling the financial hub to enhance the Centre’s data protection practices related to global data, security and privacy best practice.
The new Data Protection Law replaces Data Protection Law DIFC Law No. 1 of 2007, which was already one of the most advanced in the region.
While the new Data Protection Law will be effective from 1 July 2020, businesses to which the law applies will have a grace period of three months, until 1 October 2020, to prepare to comply with it, after which it becomes enforceable.
About Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and a nominal GDP of USD 7.7 trillion.
With a 15-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.
DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of more than 25,600 professionals working across over 2,400 active registered companies – making up the largest and most diverse pool of industry talent in the region.
The Centre’s vision is to drive the future of finance. Today, it offers one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.
Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.