Page 507 - 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 to prom…
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 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.

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