Abu Dhabi's financial hub ADGM has amended its data protection regulations, with clearer guidelines on a wider scale to protect sensitive personal data, especially for the most vulnerable.
The changes to Data Protection Guidelines 2021, called Substantial Public Interest Rules, define updated processes for special categories and are particularly aimed at the insurance and education sectors, ADGM's Registration Authority said in a statement on Tuesday.
Substantial public interest rules are among the main pillars of the EU's General Data Protection Regulation to protect personal data.
The new rules say insurance companies must process special categories of personal data for insurance purposes. They also introduce clear definitions of “insurance contract” and “insurance purpose” to ensure consistency across the sector, the authority said.
They also provide measures to “allow the processing of special categories of personal data without consent, when necessary, to protect children or individuals at risk of emotional or physical harm”.
People aged 18 years or more may be considered “at risk” and eligible for protection once the criteria is determined, the authority added.
At-risk people are those who need care and support, are experiencing, or at risk of, neglect or physical, mental or emotional harm, and are unable to protect themself against neglect or harm or the risk of it, according to the amendment.
“These new rules reinforce our commitment to protecting individuals, particularly the most vulnerable, while enabling responsible data use across sectors,” said Rashed Al Blooshi, chief executive of ADGM's Registration Authority. “We remain focused on ensuring our regulations evolve in line with both global standards and local needs."
Data protection has become a leading element in the digital age, where personal and sensitive information is widely shared and available for many purposes. However, with this rise also comes the heightened risks for its misuse.
The UAE's Federal Decree Law No 45 of 2021, regarding the protection of personal data, defines the controls for the processing of personal data and the general obligations of companies that have personal data to secure it and maintain its confidentiality and privacy.
It also prohibits the processing of personal data without the consent of its owner, except for some cases in which the processing is necessary to protect a public interest or to carry out any of the legal procedures and rights.
“These amendments mark a significant step forward in balancing the need for responsible data processing with the imperative to safeguard sensitive personal information,” the Registration Authority said. “By clearly defining the conditions under which special categories of data can be processed, ADGM is further strengthening protections that serve the public interest while supporting critical sectors such as insurance and education.”
ADGM continues to amend its laws to ensure transparency and compliance. In June, it changed its regulatory framework for digital assets to streamline the process through which virtual assets are accepted for use.
The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
On sale: now
UAE currency: the story behind the money in your pockets
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
