"Dubai International Financial" Consolidates Dubai’s position as a global center for the digital economy
Dubai, December 17, 2017 – The Dubai International Financial Center announced today that it has joined the Global Forum on Cross-border Privacy Rules.
The accession came during a workshop held within the “Global Forum on Cross-border Privacy Rules” in the Philippines, which is the first time that it was held between countries outside the Asia-Pacific Economic Cooperation (APEC) forum, “a forum that encourages free trade between some countries in the Pacific Basin.” As a condition for membership, the center also joined the Agreement on International Cooperation for Privacy Enforcement (CAPE).
This step reinforces the DIFC’s commitment to developing compatible, comprehensive, responsive and reliable privacy frameworks, in line with the evolving needs of companies and individuals around the world, and also enhances the Centre’s contribution to building the digital economy globally and in Dubai and the UAE, in line with the National Strategy for the Digital Economy.
This membership contributes to facilitating more global trade, while protecting the trust resulting from secure and more transparent cross-border data flows.
His Excellency Arif Amiri, CEO of the DIFC Authority, said that the DIFC’s membership in the “Global Forum on Cross-Border Privacy Rules” as the first judicial authority in the region comes in recognition of its continuous efforts and initiatives aimed at enhancing data protection and privacy. In the digital age, with its global interconnectedness and tremendous technological development, information has become available everywhere and can be shared immediately.
He added: This forces companies, especially in the financial sector, to deal daily with unprecedented huge amounts of personal data electronically and internationally. The Dubai International Financial Center has established laws and regulations and effective compliance for more than 8,000 companies registered in the centre, which reflects Dubai’s continued commitment to global standards and its vision to be at the forefront of the digital economy.
The Cross-Border Privacy Rules certify organizations’ compliance with the requirements of specific programs for the cross-border transfer of personal data and have operated within the framework of the Asia-Pacific Economic Cooperation Forum since its establishment.
In 2022, the announcement of the establishment of the “Global Cross-border Privacy Rules Forum” was published, which is a framework that is not limited to countries in the Asia-Pacific region, but includes all parts of the world, with the aim of facilitating the transfer of cross-border personal data on a broader scale, and enhancing regulatory compatibility between jurisdictions in those countries.
In 2023, the Dubai International Financial Center issued Regulation No. 10, a pioneer in the Middle East, Africa and South Asia region, relating to the processing of personal data via autonomous and semi-autonomous systems, such as artificial intelligence or generative machine learning technology.
This paved the way for a more collaborative and transparent platform for harmonization of the many and varied principles and guidelines issued by governments and NGOs.
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