Page 67 - SAMENA Trends - July-August 2022

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

Simmons & Simmons Responds to HMRC’s

Consultation

The scope of the investment manager deploy investment strategies involving • provide clarity on how existing tax
exemption (IME), and the extent to which cryptoassets, where those jurisdictions rules, such as the IME in the UK or
it may encompass certain forms of may provide greater certainty of treatment similar measures such as the “trading
cryptoasset, has been a regular subject for funds and their investors. Therefore, safe harbors” in the US, apply to such
of dialogue in recent years. The IME HMRC’s launch of its consultation is highly activities.
is an important factor in the UK being welcomed, particularly in an environment Simmons & Simmons response to the
an attractive jurisdiction from which to where many tax authorities worldwide in consultation is supportive of the principles
manage alternative investment funds. jurisdictions where fund managers have and purpose of the consultation to include
However, the current lack of clarity traditionally been domiciled are struggling cryptoassets within the scope of the
regarding the treatment of cryptoassets both to: UK’s IME and we consider the proposed
under the IME has caused and is causing • accommodate managers who seek to extension would meet a pressing need
investment managers to consider other invest in digital assets on behalf of their for many new and established alternative
jurisdictions as a location from which to fund and other clients, and investment fund managers.

stc Bahrain Becomes the First Telecom Operator
in the MENA Region to Announce Plans to Develop
the Foundation for 5.5G Network

stc Bahrain has taken a new step in Bahrain as a global telecommunication
achieving its vision of becoming a world- and ICT leader. We are incredibly proud
class digital enabler, after its achievement to be at the forefront of building Bahrain’s
of launching 5G network across the future advanced network connectivity
Kingdom of Bahrain. The telecom operator services, paving the way for innovation, and
announced plans to build the foundation further digital transformation across the
for a 5.5G network, in partnership with Kingdom. He added: . “As more intelligent
Huawei, making it the first company that applications and demands emerge, we
will adapt this network, not just in Bahrain, want the infrastructure to be able to support
but the Middle East region as a whole a thriving digital ecosystem and setting the
The announcement comes as part of stc foundation of 5.5G, is critical to that future.”
Bahrain’s strategy to establish and develop The 5.5G network, is an improvement to the
the infrastructure to power the next version 5G network, which contains features that
of 5G (5.5G) within the next three years, will transform the telecommunications competitiveness, and social contribution.
reflecting stc Bahrain’s commitment to field. According to stc Bahrain CEO, the As part of phase one of the vision, major
invest in the latest technology and keep up 5.5G network speed will be ten times faster network revamp and upgrades have been
with global trends. stc Bahrain’s current 5G than 5G network, and the applications initiated in all network domains including
network covers all areas of the Kingdom and that it will support will achieve more than wireless, Datacom, Transmission, Core,
supports 2CC (two cell carriers), enhancing improved connectivity, it will support the IT and Digital Infrastructure. With the
stc Bahrain’s network performance and “Internet of Things” in a way that has not completion of phase one of the project, the
contributing to the Kingdom’s Vision been done in the past. The 5.5G network stc network will be upgraded and evolved
2030 to build a world-class infrastructure will also create opportunities and pave the to the very latest telecom standards to
that links Bahrain to the global economy. way to use the latest artificial intelligence make the network foundation ready for
The milestone was announced during technology and will improve data storage 5.5G capability (also known as 5G-Advance
the quarterly board meeting, where Eng. capabilities on a global scale in addition to as per 3GPP standard). At the conclusion
Nezar Banabeela, Chief Executive Officer empowering green technology, nurturing of the program, network capability will
of stc Bahrain, presented the company’s the environment and reducing energy increase from 3Gbps to 10Gbps. stc
vision around the evolution of 5G and consumption. stc Bahrain has identified five Bahrain’s implementation of Artificial
its ambitious plans to start building the business capabilities which will be focused Intelligence and digital tools to optimize
foundation of a 5.5G network, commenting: to achieve the ambition of the target network management will position the
“stc Bahrain is committed to investing network: service penetration, efficiency company as a regional innovator and leader
in network infrastructure that positions creativity, resource integration, value in terms of network operations.

67 JULY-AUGUST 2022