Page 39 - MOE ENGLISH PR REPORT - JULY 2024

Press Release

and encouraging investors and companies in various economic activities to engage in fair
competition. The new legislation

- Establishes a new dynamic in regulating competition in the country as a catalyst for
investment and doing business. The law also contributes to the regulation of the markets –
both physical and virtual - in line with the growth in the volume of trade through modern
technical means in the country. It is aligned with the dimensions of the relevant
international markets, especially since digital markets constitute a significant area of
competition that requires a clear regulatory framework that ensures the interests of
companies and consumers.
- Introduces controls to prevent the abuse of the economic dependency situation so that any
enterprise is prohibited from conducting unjustified actions or actions leading to the abuse
of the economic dependency situation.
- Prohibits the offer or application of very low prices for production, transfer and marketing
when the purpose or consequence of this practice is to exclude an enterprise or one of its
products from the market concerned.
- Covers all economic concentration processes, conditions and control mechanisms, as well
as introduces flexibility in established criteria in the verification of the economic
concentration process, based on the annual sales value of the enterprises concerned and not
only the total share of such enterprises involved in the economic concentration process.
- Enables relevant parties to express their views on the Application for Economic
Concentration project, and to provide any data or information that would help study the
request, in line with global best practices in the field of competition.
- Supports the integration between the federal and local government in enforcing competition
law through the empowerment of local authorities by enhancing their roles for the first time
in addressing anti-competitive practices and applications for economic concentration across
the country.
- Promotes consultation and collaboration among various federal, local, and sectoral
regulatory entities across different issues governed by the law, actively enforcing
competition policy at the national level.

Furthermore, the briefing session focused on the powers and responsibilities assigned to the
Ministry of Economy under the new Law. These include the implementation of the competition
policies in collaboration with federal and local entities in the country and coordinating with
relevant authorities to combat any form of activities or practices in breach of the provisions of
the law. Other responsibilities include the preparation of a registry of notices and complaints,
information collection, and investigation of anti-competitive practices based on complaints or
on its own initiative, thus addressing such practices in cooperation with relevant authorities and
providing recommendations to the Minister of Economy on decisions to be taken in this regard.
The Ministry reiterated its unwavering commitment to working alongside its partners from both
the public and private sectors to achieve these goals. Its primary objective is to foster a
competitive market in the UAE that is built upon principles of fairness, equality, and efficiency.
These include the expansion of activities across various economic sectors in order to improve
the overall business environment within the country. Moreover, the Ministry aims to raise

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