Galadari Alerts: Joint Statement Released on UK and Dubai International Financial Centre Data Bridge.
Joint Statement Released on UK and Dubai International Financial Centre Data Bridge.
With the continuous unprecedented growth of the amount of data created and stored, data protection has become a responsibility and obligation for everyone given the significant role data plays affecting the interests of individuals.
The UK Government and the Dubai International Financial Centre (“DIFC”) have released a statement to confirm their joint commitment to share in the responsibility to protect and enhance the concept of the ethical sharing of data between the UK and the DIFC.
There are more than 5,000 UK companies operating across the UAE and 16 per cent of DIFC’s financial services companies are originally based in the UK.
The two parties intend to establish frameworks that will facilitate the free and secure cross-border flow of personal data. Resolution No. 4 of 2022 issued by DIFC in relation to the sharing of personal data with public authorities defines the obligations of DIFC entities to provide personal data to Public Authorities.
The UK and the DIFC appreciate the importance of collaborating to realise the benefits of the important role trustworthy use of data borders play internationally in trade, invention, and research. The UK Government and the DIFC are also pleased to announce progress on a new memorandum of understating on data. The new memorandum of understanding will undoubtedly encourage more cooperation in relation to data sharing as to achieve the objectives related to growth, trade, and prosperity.