The wider economy of the United Arab Emirates was served a boost with its delisting from the European Union’s AML risk list.
It coincides with the continued development of the country’s gambling sector as a myriad of B2B licenses have been issued in the country, ahead of the opening of the Wynn Resorts venue in 2027.
Underlining the potential of the market on a recent SBC Digital Day, Joseph Borg, Partner at WH Partners, emphasised that the UAE regulation is a momentous shift and could lead to major expansion.
Borg revealed that current legislation in the country could also allow for a UAE licence to be “passported” to other neighbouring countries that are part of the GCC.
He stated: “Outside of the UAE the law already caters for passporting of the license across GCC countries. I believe that that is in itself, although it means nothing today, it already sheds some light on what the plans are for the future.
“When we talk of GCC, we’re talking about the other countries in the region – Qatar, Bahrain, Saudi Arabia, Kuwait, Oman. Technically, they’re already planning that a license from the UAE could possibly be passported to other GCC countries, and I think that in itself is extremely interesting.”
The 2023 formation of the General Commercial Gaming Regulatory Authority (GCGRA) underlined the appetite of the region’s governance to pursue gaming regulation.
Furthermore, whilst the approval of operator licenses has slowed significantly, the view to appointing a director of licenses somewhat indicates potential for an increasing number of B2C licenses being issued.
In further positive news for the gambling sector, Gibraltar satisfied the EU and the FATF risk assessments.
In a decision that will be celebrated by the wider gambling industry, Gibraltar will no longer be required to apply enhanced due diligence measures within international business relations due to gaining a reduced risk profile, significantly lessening administrative red tape for companies wanting to do business there – including those from the gambling sector.
