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Sheikh Rashid Bin Ahmed Al Maktoum, a member of Dubai’s ruling family, announced that he would offer cooperation opportunities for companies in Central and South Eastern Europe to participate in the national development program called ‘Operation 300 billion’.In March 2021, the UAE launched its 10-year comprehensive strategy to make industry the engine of a sustainable national economy. With this strategy, the Emirates plan to position itself as a global industrial hub by 2031 and to reach 300 billion dirhams (81.7 billion USD) of the gross national product from the current 133 billion dirhams (36.2 billion USD).The SOG Law Firm Will Screen Companies in Country and RegionAs the owner of RAM Investment Ltd. – DXB Holding, Sheikh Rashid Bin Ahmed Al Maktoum hired an international legal consortium of three leading law firms to screen and advise potential companies. That activity will be performed in Serbia and the region by the SOG Law Firm, which in recent years has worked on the most important investment projects in the Balkans, led by the founder Milan Samardžić. Among other things, SOG advised Etihad Airways on a strategic partnership with the Government of Serbia worth 200 million dollars and acquiring a 49% stake in the national airline (Air Serbia).In addition to SOG, two Hungarian law firms are part of the consortium. The law office of Dr. Boros Árpád András, which specializes in the energy, financial, and investment sectors of the Central and Eastern Europe region – leads the Consortium, and CERHA HEMPEL, whose executive partner is Dr. Polauf Tamás – known for its consulting solutions and decades of experience in international commercial transactions and corporate matters.Which Companies Can Apply?The newly established consortium will analyze the applications of innovative companies, primarily in industrial development, IT, transport, pharmaceutical and healthcare industries, which have the power to contribute to a modern, energy-efficient, and sustainable economy in the Emirate of Dubai.The UAE’s ‘Operation 300 Billion’ industrial strategy is open to various sectors. The focus is on information technology, artificial intelligence, and scientific and high-tech sector projects that include biotechnology, microbiology, renewable energy sources, meteorology, and water management. In addition, the strategy provides cooperation with companies from the petrochemical, metallurgical, and space industries. Then the rubber and plastic industries, machinery and equipment, electronic devices, pharmacy, and medical technology.For companies from the ex Yugoslavia region, the program offers exceptional business opportunities to benefit directly from the UAE’s industrial and technological expansion. Technology sector is experiencing significant growth and is one of the most promising. Our market is finally gaining attention on a regional and global scale and will potentially become dominant. Currently, Serbia is already a regional hub in innovation, especially regarding projects based on artificial intelligence. All these factors have contributed to the fact that the UAE has invited innovative companies from the domestic area.One of the examples of companies that have already managed to join the project from Dubai strategically is the leading artificial intelligence ecosystem/studio – <a href="https://www.merantix.com/">Studio Merantix AG</a>. The venture involves conceptualizing <a href="https://www.zawya.com/en/press-release/companies-news/hh-sheikh-rashid-bin-ahmed-al-maktoums-ram-investment-announces-ai-city-dubai-vision-vv3oi8dc">AI City</a>, a unique zone in Dubai that will implement pioneering artificial intelligence solutions. This project will become a global AI hub driven by a smart city infrastructure that connects research institutions and talents with leading domestic and international startups, corporations, and investors. It will house innovation labs, research institutes, and related companies – all together demonstrating the positive impact of artificial intelligence. Another company included in the work at the beginning of the year is the Hungarian <a href="https://genevation.eu/">Genevation Aircraft Kft</a>. This innovative company has started a unique project in the field of drone development.Participation in the UAE industrial strategy ‘Operation 300 billion’ not only provides companies with the opportunity to realize potential earnings and further establish themselves in the provision of services, but they can directly participate in a leading, innovative project that intends to push the boundaries of technology on a global scale.<blockquote>Companies interested in applying for the Dubai economic development program can inquire to office@sog.rs.</blockquote>

Sheikh Rashid Bin Ahmed Al Maktoum, a member of Dubai’s ruling family, announced that he would offer cooperation opportunities for companies in Central and South Eastern Europe to participate in the national development program called ‘Operation 300 billion’. In March 2021, the UAE launched its 10-year comprehensive strategy to make industry the engine of a sustainable national economy. With this strategy, the Emirates plan to position itself as a global industrial hub by 2031 and to reach 300 billion dirhams (81.7 billion USD) of the gross national product from the current 133 billion dirhams (36.2 billion USD).

Call for Innovative Companies to Participate in the Dubai Economic Development Program

Data Protection

The new Personal Data Protection Act (hereinafter: “ZVOP-2”) was adopted by the National Assembly on 15 December 2022, published in the Official Gazette of the Republic of Slovenia on 27 December 2022 and entered into force on 26 January 2023. Slovenia is thus the last EU Member State to adopt national legislation on personal data protection, thereby regulating some of the matters that the General Data Protection Regulation (the “GDPR”) left to the Member States.The ZVOP-2 introduces some important new provisions, the most significant of which is that the Information Commissioner will be able to impose fines that are prescribed in Article 83 in the GDPR. At the same time, ZVOP-2 also made it possible to impose fines on responsible persons at the companies and individuals, which is not provided for in the GDPR. It is also important to note that ZVOP-2 provides in transitional provisions that minor offence proceedings initiated before the Information Commissioner or the courts prior to ZVOP-2 entering into force shall be concluded in accordance with the provisions of ZVOP-1, unless the provisions of ZVOP-2 are more lenient for the perpetrator. Inspection proceedings initiated under ZVOP-1 shall continue in accordance with ZVOP-2.ZVOP-2 also regulates areas that are not covered by the GDPR or not covered in sufficient detail. ZVOP-2 thus introduces the following new features: <ul><li>in the area of video surveillance, the retention period for recordings has changed to a maximum of 1 year and the video surveillance notice will have to contain all the information provisioned in Article 13 of the GDPR (companies will be able to include on the notice a link to a website containing this information, instead of having it on the notice itself);</li><li>data processing logs, are to be kept in case of (i) extensive processing of special categories of personal data, (ii) regular and systematic monitoring of individuals, or (iii) where an impact assessment has identified a risk that can be effectively managed through the keeping of a processing log, or (iv) where the law so provides (the obligation to keep processing logs with the provisions of the ZVOP-2, shall be necessary within 2 years of its entry into force, i.e. by 26 January 2025);</li><li>the individual may seek judicial protection of his or her rights throughout the duration of the infringement, without first exercising rights under other provisions of the ZVOP-2 or resorting to other legal remedies and the decision is taken by an administrative court under the Administrative Dispute Act, where the individual may also include a claim for damages in his or her lawsuit;</li><li>after 20 years from the death of the individual, his or her data will no longer be protected as personal data;</li><li>the list of third countries referred to in Article 66 of ZVOP-1, i.e. the list of countries which the Information Commissioner has found to have an adequate level of protection of personal data or not, either fully or partially has been amended, i.e. it has been repealed with the entry into force of ZVOP-2, which means that another legal basis will have to be found for the export of personal data to countries that have been identified on this list as having an adequate level of protection of personal data;</li></ul> ZVOP-2 also introduces other changes, including in the areas of biometrics, linking filing systems, public registers and research purposes.At this point, it is important to stress that the provisions of GDPR are still applicable and used directly, and ZVOP-2 can be considered as an amendment to the GDPR, as it introduces additional requirements for compliance when processing personal data. Companies that have already been following the provisions under the GDPR and the guidance of the Information Commissioner will be able to adapt their business operations quite quickly and swiftly.

The new Personal Data Protection Act (hereinafter: “ZVOP-2”) was adopted by the National Assembly on 15 December 2022, published in the Official Gazette of the Republic of Slovenia on 27 December 2022 and entered into force on 26 January 2023. Slovenia is thus the last EU Member State to adopt national legislation on personal data protection, thereby regulating some of the matters that the General Data Protection Regulation (the “GDPR”) left to the Member States.

Personal Data Protection Act

Industries

Energy

Ministry of Mining and Energy published on 21st January, long awaited draft of the Amendments to the Renewable Energy Sources Act (RESA) with purpose to push forward further investments in RES sector by creating better legal framework for development of new projects.Initial adoption of the RESA was welcomed by the investors with high enthusiasm, skyrocketing the number of requests for securing connection to the transmission grid to 17,000 MW of new capacities (in comparison total installed capacity of Republic of Serbia at the moment is 8,000 MW) which led in the end to the suspension of all new procedures by EMS.The main argument for this was that number of requests has led to the endangerment of the stability of transmission system of Republic of Serbia, as well position of guarantee producer EPS due to several very controversial solutions of the RESA including obligation of the EPS to bear the balance responsibility in full for all renewable energy producers, and right to priority access to transmission/distribution system for each renewable energy producers.This initiated the discussion between key stakeholders Ministry of Mining and Energy, EMS and EPS which led to the draft of the proposed amendments.The public debate will be opened until 9th February, and all interested parties can provide their suggestions to the Ministry of Mining and Energy on the e-mail <a href="mailto:oie@mre.gov.rs">oie@mre.gov.rs</a>. Most important changes to the RESA include:<ol start="1"><li>EPS (guaranteed supplier) will bear balance responsibility only for the RES power plants with incentives</li></ol>The biggest change introduced by the Amendments to RESA is that EPS will bear balancing responsibility only for the power plants which receives incentives in form of market premium and feed in tariffs. Other producers will have to regulated their balance responsibility in accordance with the Energy Act and operating rules of electricity market.Market Premium users will pay for balancing services to EPS a percentage of the offered price per produced MWh.<ol start="2"><li>Organization of Auctions</li></ol>Ministry of Energy will be now in charge with determining the maximum price for the auctions and feed in tariffs per MWh instead of Energy Agency of the Republic of Serbia. The idea is to centralize the auctions process in one authority instead of two for the sake of efficiency.<ol start="3"><li>Priority Access to Transmission/Distribution/Closed Distribution System compiling a ranking list and filling the quota</li></ol>Priority access to the transmission, distribution and closed distribution system is now limited only for small power plants up to 400 kW for the beginning, and from 1st January 2026 up to 200 kW. This was implemented to harmonize RESA with EU standards for priority access.<ol start="4"><li>Request for additional capacities</li></ol>Most controversial provision of the proposed amendments act is right of the EMS to request from the developers to secure additional capacities on the territory of Republic of Serbia capable to provide system services of regulation of frequencies and power exchange, as precondition for connection of power plant to the transmission system. EMS can request additional capacities in the event if it estimates that connection of the new RES power plant could endanger functioning of electro-energy system of Republic of Serbia, and includes conventional sources, and batteries.<ol start="5"><li>Limitation of prosumers to 10MW of capacity</li></ol>Considering the number of transmission connection requests, the Ministry of Energy and Mining has decided to propose limiting prosumers to the distribution grid exclusively, hence stipulating that maximum installed power of prosumer is 10MW.This text is for informational purposes only and should not be considered legal advice. Should you require any additional information, feel free to contact us.Contact:Nemanja Providžalo, Senior Associate <a href="mailto:milan.samardzic@sog.rs">nemanja.providzalo@sog.rs</a>

Ministry of Mining and Energy published on 21st January, long awaited draft of the Amendments to the Renewable Energy Sources Act (RESA) with purpose to push forward further investments in RES sector by creating better legal framework for development of new projects.
Initial adoption of the RESA was welcomed by the investors with high enthusiasm, skyrocketing the number of requests for securing connection to the transmission grid to 17,000 MW of new capacities (in comparison total installed capacity of Republic of Serbia at the moment is 8,000 MW) which led in the end to the suspension of all new procedures by EMS.

A New Hope for Renewables

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Darko is the founder and managing partner at KM/Konstantinović Miloševski Law firm.He is specialized in corporate and M&amp;A, dispute resolution, data protection, and banking and finance, with over 16 years of professional experience advising leading investors in North Macedonia.  Over the years, Darko has worked on some of the most high-profile transactions representing and advising numerous local and international clients.Darko is fluent in Macedonian, English, Croatian, and Serbian.

DarkoKonstantinović