Schrems webinar shines light on small wins in supervision and enforcement
This article was jointly written by Richard Chudzynski, Data Privacy & Protection Legal Leader, PwC Legal Middle East; and Lori Baker, Vice President Legal and Director of Data Protection, DIFC Authority
Arif Amiri
Published: 31/08/2023
5 min read
On 15 June this year, the UAE / GCC Privacy Professionals group was delighted to host Max Schrems, Founder of NOYB – the European Centre for Digital Rights. Max shared his views with the UAE data privacy community on the development of data privacy laws, the role of the regulator in respect of supervision and enforcement, interoperability, and even a bit on the Meta findings from the Ireland Data Protection Commission (DPC). NOYB conducts a wide variety of public policy and consumer advocacy work, sometimes to the chagrin but often to the delight of privacy professionals that keep the rights and redress afforded to data subjects at the heart of their practice. All advocacy organisations have a philosophy that drives their work and passion. As such, what, you might ask, are the objectives of NOYB projects that bring to life the tenets of a “Schremsian” philosophy? Here is a summary of what he shared with us on that very illuminating day to answer that very question.
Dubai has become the preferred choice for Chinese companies, a feat further illustrated by the shift in the landscape of allocating capital. Today, DIFC is home to the region’s largest cluster of wealth and asset management companies and hedge funds. These companies are setting up operations in the Centre to cater to clients looking for diversified opportunities in high-growth markets and sectors including FinTech and emerging technologies.
DIFC hosts China’s top five banks - Industrial and Commercial Bank of China (ICBC), Bank of China (BOC), Agricultural Bank of China (ABC), China Construction Bank (CCB), and Bank of Communications (BOCOM) - and is now witnessing a second wave of incoming Chinese financial institutions, including investment banks, securities and brokerage firms, and payment and money service providers.
In parallel, generational wealth transfer is taking place, and family businesses are in pursuit of a premium location that supports their needs. Dubai is capturing everyone’s interest, underpinned by the Dubai Economic Agenda (D33) that aims to double the economy by 2033, with significant investment in infrastructure, innovation, and digital transformation. Chinese millionaires are taking advantage of the ease of doing business, robust regulatory frameworks, prime lifestyle, a favourable tax environment and futuristic attitude towards technologies and their adoption into real life applications.
As economic ties continue to deepen between the UAE and China, financial centres in the country are committed to offering a well-developed platform that will help Chinese businesses expand and scale within the MEASA region. Talent from all across the world is attracted to the region, trying to tap into emerging markets and investment corridors that offer high growth opportunities.
China’s AI boom is creating further synergies with the UAE. China’s growing AI industry is valued at over USD 70bn and possesses a dynamic ecosystem of over 4,300 companies. Through this ecosystem, the country showcases how nations can align strategy, innovation, and ecosystem development to harness AI's transformative potential.
This approach mirrors the UAE’s vision to become one of the leading nations in AI by 2031 in alignment with the UAE Centennial 2071, creating new economic, educational, and social opportunities for citizens, governments and businesses and generating up to AED 335bn in extra growth. The Dubai Universal Blueprint for AI seeks to incorporate AI within all strategic sectors and transform Dubai into a global hub for AI governance and legislation, paving the way for more opportunities for collaboration between the two countries. Chinese investors are already supporting some AI startups and projects in the UAE.
Dubai has remained a top destination for Chinese investments, ranking among the top 3 globally for investment value, according to FDI Monitor. The two nations are also exploring further avenues of investment in sustainable ventures. DIFC is home of the only cluster of Chinese banks in the region and they are actively issuing bonds on Nasdaq Dubai, including green bonds, with proceeds being used for renewable energy, seawater desalination, clean energy and transportation projects in the UAE and the wider region.
In conclusion, the deep economic ties between the UAE and China will continue to foster stronger collaboration between both markets. Through active participation in dialogue, knowledge exchange and identification of new collaboration opportunities, DIFC continues to reaffirm Dubai’s strategic role as a gateway for Chinese companies expanding into the region.