Page 505 - MOE ENGLISH PR REPORT - JULY 2024

7/16/24, 3:55 PM Ministry Of Economy Reviews New Competition Regulation Law And Its Role In Developing Regulatory & Legislative Frameworks T…
it highlighted that the new Law will enhance the UAE's position in numerous global economic competitiveness indicators. National efforts
are currently underway to develop a more agile and sustainable competitive system, including the launch of more pioneering legislation,
initiatives, and programs, to be implemented with the ultimate objective of establishing the UAE a global hub for the new economy within
the next decade, in line with the objectives outlined in the 'We the UAE 2031' vision.
Competition and Economic Concentration
The new law defines competition as the act of conducting economic activities based on market mechanisms without affecting or
restricting such mechanisms, which could harm trade, development, and consumer interests. The law clarifies that economic
concentration is any act resulting in complete or partial transfer (merger or acquisition) of the ownership or usufruct rights of property,
rights, equity, shares or obligations of an establishment to another, empowering the establishment or a group of establishments to
directly or indirectly control another establishment or group of establishments.
The law specifies a set of conditions to complete economic concentration operations that would affect the level of competition in the
relevant market, and in particular create or strengthen a dominant position. The relevant establishments are required to submit an
application on the form designated for this purpose to the Ministry of Economy at least 90 days prior to the completion thereof and shall
attach the required documents.

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