DIFC solidifies Dubai’s position as global hub for digital economy

Dubai International Financial Centre (DIFC) announced its membership of the Global Cross-Border Privacy Rules Forum (Global CBPR Forum).

The announcement was made at a recent workshop of the Global CBPR Forum held in Philippines. This is a first among countries outside of the Asia-Pacific Economic Cooperation (a forum that promotes free trade among certain countries in the Pacific Rim). As a requirement for Membership, the Centre also joined the Global Cooperation Arrangement for Privacy Enforcement (the Global CAPE).

The move reinforces DIFC’s commitment to advancing interoperable, inclusive, responsive and trusted privacy frameworks in line with the evolving needs of businesses and individuals worldwide. Additionally, it strengthens the Centre’s contribution to building the digital economy globally as well as in Dubai and the UAE, in line with the UAE Digital Economy Strategy.

The membership facilitates further global trade, while safeguarding trust arising out of secure and more transparent cross-border data flows.

Arif Amiri, Chief Executive Officer of DIFC Authority, commented, “Becoming the first jurisdiction in the region to receive Global Cross-Border Privacy Rules membership recognises DIFC’s initiatives to advance data and privacy protection. The digital age, fuelled by global connectivity and technology, means information is ubiquitous and instantly shareable. This results in businesses, particularly in finance, handling unprecedented volumes of individual data electronically and internationally every day. DIFC has established effective laws, regulation and compliance for more than 8,000 registered companies within the Centre, reflecting Dubai’s ongoing commitment to world class standards and its vision to be at the forefront of the digital economy.”

The Cross-Border Privacy Rules (CBPR) System certifies organisations’ compliance with certain programme requirements for the cross-border transfer of personal data. The CBPR System has operated under Asia-Pacific Economic Cooperation (APEC) since its inception.

In 2022, the declaration of the establishment of the Global CBPR Forum - a framework that is not limited to jurisdictions in the APEC region, but open to those all over the world - was published for the purpose of facilitating cross-border transfer of personal data over a wider area and the promotion of interoperability of regulations among jurisdictions.

In 2023, DIFC enacted the ground-breaking Regulation 10 in the MEASA region on the processing of personal data via autonomous and semi-autonomous systems such as artificial intelligence (AI) or generative, machine learning technology. This paved the way for more collaborative, transparent platform for interoperability of the many and varied guidelines and principles issued by sovereign governments and non-governmental organisations. Creating a plug and play space for application of ‘best fit’ principles to AI technology development is fundamental, responsible and ethical processing of personal data in such systems.

Earlier Dubai International Financial Centre (DIFC) continues to solidify its role as a global hub for long-term capital deployment by signing an agreement at the Dubai FinTech Summit with the International Private Equity Market (IPEM), the premier relationship broker for private equity.

IPEM events are the definitive meeting place for decision-makers, innovators, and investors shaping the future of private markets. Dubai will complement the current bi-annual IPEM gatherings held in France. IPEM Future will strive to create an immersive experience that allows attendees to gain insights, develop relationships, and engage with the wider private equity community.

The IPEM partnership reinforces DIFC’s position as a world-class ecosystem and platform for private equity markets. Ranked number one in the region in the latest edition of the Global Financial Centre Index (GFCI) rankings, Dubai is categorised by the GFCI as only one of eight cities in the world to be a global leader with ‘broad and deep’ capabilities across all parts of the finance industry, alongside cities including London, New York and Paris.

Arif Amiri, Chief Executive Officer, DIFC Authority, commented: “The current global economic environment has amplified investor appetite for private capital, often viewed as resilient, long-term, and less susceptible to short-term market risks. The partnership with IPEM spotlights Dubai and DIFC as a global destination for long-term capital deployment and aligns with our vision to drive the future of finance and position Dubai among the world’s leading global financial centres in the world.”

Antoine Colson, CEO, IPEM, said: “Dubai is a global hub for creative and transformative capital — a natural home for ‘IPEM Future’. This new event brings together the boldest LPs and GPs backing breakthroughs in AI, climate tech, longevity, space, and more. It is where private capital does not just perform - it transforms.”

WAM