Page 511 - MOE ENGLISH PR REPORT - JULY 2024

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 specialised 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 operationalisation 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

https://wam.ae/en/article/b43weyq-ministry-economy-reviews-new-competition