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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
awareness on the significance of cultivating a culture of competition among consumers and
private sector, ensuring the sustainability and growth of the national economy for the next 50
years. Furthermore, 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.

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.

Pursuant to the new law, there are two conditions that must be satisfied in order to
successfully complete the process of economic concentration. The first condition indicates
that the total value of annual sales of such establishments in the relevant market, for the last
fiscal year, shall exceed the amount determined by the Cabinet, upon the Minister's proposal.
The second condition states that the total share of such establishments shall exceed the

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