Page 38 - MOE ENGLISH PR REPORT - JULY 2024

Press Release

Ministry of Economy reviews new Competition Regulation law and
its role in developing regulatory & legislative frameworks to
promote competition in the country

New law to combat monopolistic practices by ensuring a stimulating environment
for enterprises

Abu Dhabi, 11 July 2024:

The Ministry of Economy organized a media briefing to review the Federal Decree-Law No. 36
of 2023 on competition regulation, which aims to promote and protect competition in the country,
combat monopolistic practices, counter harmful economic concentration of consumers, support the
growth of economic sectors and boost productivity, thus enhancing the country's attractiveness to
domestic and foreign investments.

H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, said: "The law marks
a new milestone in the UAE’s efforts to develop a leading legislative system for competition in
accordance with global best practices. It provides a comprehensive legal framework to enhance the
role of competition in the growth of the national economy and the business environment in the
country."

He added: "The preparation phase of this legislation saw concerted national efforts. The Ministry
of Economy followed a proactive, flexible and forward-looking approach in its development in
cooperation and coordination with 14 federal and local government entities in the country, in
addition to drawing on international reports and studies specialized in competition. This was to
ensure the development of a modern, comprehensive legislation that supports the country's efforts
to introduce a new framework for competition and create an enabling environment for enhanced
competitiveness. Ensuring consumer protection from anti-competitive practices in the context of
operationalization of new market mechanisms, the promotion of economic efficiency, marketing
and R&D are also key goals.”

He continued: "The new law aims to combat monopolistic practices by ensuring a stimulating
environment for enterprises, contributing to enhancing effectiveness, competitiveness and
protecting consumer interests. It also promotes the market economy and economic activities in line
with the principle of economic freedom and ensures that economic concentration is monitored. Its
articles address all conditions that may undermine, limit, prevent or restrict competition."

The Ministry reviewed the highlights of the new Competition Regulation Act in detail and its role
in promoting competition and providing greater consumer freedom while purchasing commodities

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